To: Honorable Mayor and Members of Town Council
From: Kristin Zagurski, Assistant to the Town Manager
Title
Resolution Approving the Intergovernmental Agreement Between the Town of Castle Rock and the Downtown Development Authority
Body
________________________________________________________________________________
Executive Summary
The Castle Rock Downtown Development Authority has a 3 mill property tax levy, which is estimated to generate $140,549 in 2017. Since the DDA was formed, Council has allocated funds each year to match the amount the mill levy generates, through an Intergovernmental Agreement (IGA) with the DDA.
The DDA has requested the Town to continue the match for 2017, and staff has prepared the attached IGA for Council’s consideration. Funds for the Town to provide the match are included in the 2017 Budget, in the DDA IGA line item in the Town Council budget. Actual administration of the funding will occur as per Council approval.
The DDA Board of Directors approved the IGA at its November 3, 2016 meeting.
Discussion
The DDA plans to use the matching funds to provide façade improvement, flowerbox patio and trolley programs; professional services, marketing and public website; and Rink at the Rock. These programs are anticipated to increase economic activity, charm and pedestrian activity, and sales and traffic in Downtown Castle Rock.
The requested contribution is a match of the revenue generated through the DDA’s
3 mill property tax levy. Sales ($85,000) and sponsorships ($25,000) for Rink at the Rock are other major sources of revenue expected in 2017.
Financial Impact
Funds in the amount of $140,549 would be disbursed from the General Fund Town Council budget.
Staff Recommendation
Staff recommends that Council review the DDA’s request and determine the funding and service levels for the IGA.
Proposed Motion
“I move to approve the resolution that approves the intergovernmental agreement between the Town of Castle Rock and the Castle Rock Downtown Development Authority.”
Attachments
Attachment A - Resolution
Attachment B - Intergovernmental Agreement
Attachment C - Service Contract Funding Application