To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Title
Discussion/Direction: Intergovernmental Agreement Between the Town of Castle Rock and the Castle Rock Downtown Development Authority (2022 Service Contract)
Body
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Executive Summary
The Castle Rock Downtown Development Authority has a 3 mill property tax levy, which is estimated to generate $201,116 in 2022. 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 2022, and staff has prepared the attached IGA for Council’s consideration. Funds for the Town to provide the match are included in the 2022 Budget, in the Economic Development Fund. Actual administration of the funding will occur per Council approval. Please reference the presentation memo on file ID 2021-131 for further details regarding this item.
Discussion
The DDA plans to use the matching funds to provide façade improvement, flowerbox patio and trolley programs; professional services, marketing and public website. These programs are anticipated to increase economic activity, charm and pedestrian activity, and sales in Downtown Castle Rock.
The requested contribution is a match of the revenue generated through the DDA’s 3 mill property tax levy. Other revenues include specific ownership tax and program revenue.
Financial Impact
Funds in the amount of $201,116 would be disbursed from the Economic Development Fund.
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 an Intergovernmental Agreement with the Downtown Development Authority for 2022 as presented and direct staff to execute appropriate agreements.”
“I move to approve an Intergovernmental Agreement with the Downtown Development Authority with the following conditions: (list conditions/changes). I further direct staff to execute appropriate agreements."
“I move to continue this item to the Town Council meeting on (date) to allow additional time to (list information needed).”