To: Honorable Mayor and Members of Town Council
Thru: David L. Corliss, Town Manager
From: Kevin Tilson, Director, Castle Rock Downtown Alliance
Title
Resolution Approving an Amendment to Section 5.210 of the Castle Rock Downtown Development Authority Bylaws
Body
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Executive Summary
On November 4, 2021, the DDA unanimously approved Resolution 2021-02 (attached) to amend the DDA Bylaws. This change to the bylaws is being presented to the Town Council for their approval on December 7, 2021.
The bylaws previously allowed the DDA to deposit funds with the Town or in a FDIC-insured Castle Rock Bank. The addition of “or as otherwise permitted by law” to the bylaws was approved.
In the paragraph of the DDA Bylaws below, Section 5.210 Deposits is revised to read as follows:
Section 5.210 Deposits. All funds of the Authority will be deposited in the Town of Castle Rock treasury to the credit of the Authority,; or in an FDIC insured bank located in the Town of Castle Rock; or as otherwise permitted by law, as designated by the Board of Directors.
This change, while subtle, would allow the DDA the flexibility to deposit funds in other permissible vehicles as allowed by law. This would give the DDA the same flexibility as the Town of Castle Rock regarding where deposits can be made.
The DDA is specifically looking to place some funds not required for immediate disbursement in in the Colorado Surplus Asset Fund Trust (CSAFE), similar to the Town of Castle Rock.
Many municipalities and special districts in Colorado specifically place funds in CSAFE, or in one of two other similar local government investment pools, as specifically allowed by Colorado Revised Statute. The Town of Castle Rock recommended CSAFE to the DDA and commented that their experience with the trust has been a positive one.
The DDA Board would like to follow the financial practices of the Town and place funds not required for immediate disbursement with CSAFE, until it is required to be used in Downtown Castle Rock. This bylaws amendment would allow this type of deposit and any other statutorily permissible deposit.
The Resolution passed by the DDA Board on November 4, 2021 is attached.
Potential Motions
“I move to approve the resolution as introduced by title.”
“I move to approve the resolution as introduced by title with the following conditions: (list conditions).”
“I move to continue this item to the Town Council meeting on (date) to allow additional time to (list information needed).”
Attachments
Attachment A: Council Resolution
Attachment B: DDA Resolution 2021-02
Exhibit 1: DDA Bylaws as Amended