To: Honorable Chair and Members of the Castle Rock Urban Renewal Authority Board of Commissioners
Through: David L. Corliss, Town Manager
From: Michael J. Hyman, Authority Counsel
Pete Mangers, Executive Director
Title
Resolution Approving the Tax Increment Revenue Agreements by and Between the Castle Rock Urban Renewal Authority and Each Taxing Entity Whose Incremental Property Tax Revenues Will be Allocated Under the Proposed Brickyard Urban Renewal Plan
Body
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Executive Summary
The proposed resolution authorizes CRURA to execute Tax Increment Revenue Agreements with Town of Castle Rock, Douglas County, Douglas County School District RE-1, Douglas County Library District, and Cedar Hill Cemetery Association consenting to the utilization of 100% of their respective incremental property tax revenues in accordance with the Brickyard Urban Renewal Plan.
Notification and Outreach Efforts
Over the past several months, CRURA representatives have met with representatives of the Town of Castle Rock, Douglas County, Douglas County School District RE-1, Douglas County Library District, and Cedar Hill Cemetery Association to discuss the designation of the Brickyard Urban Renewal Area and the concurrent adoption of the Brickyard Urban Renewal Plan.
Discussion
The Town of Castle Rock (the “Town”) has been in negotiations with CD-Acme, LLC (the “Developer”), regarding the redevelopment of the former site of the Acme Brick Company at 401 Prairie Hawk Drive (the “Property”). The Developer is proposing a mixed-use development, with a maximum of 583 multi-family dwelling units consisting of townhomes and apartments, 92,000 square feet of non-residential uses including office, retail, and restaurant, a 99,000-square foot, 125 room hotel with a conference center and an outdoor performance venue. In addition, a 145,000-square foot sports development center is planned to be constructed by the Developer for the Town on 10.36 acres of public land to be dedicated by the Owner within the boundaries of the Property.
To facilitate the redevelopment of the Property, the Town is considering the designation of the Brickyard Urban Renewal Area and the approval of the Brickyard Urban Renewal Plan (the “Plan”). The Plan authorizes the utilization of tax increment financing in accordance with the Colorado Urban Renewal Law, Section 31-25-101, et seq., C.R.S., to pay for public improvements undertaken in association with the redevelopment of the Property. In particular, the Plan provides for the allocation of incremental property tax revenues derived from the ad valorem property taxes levied by the Town of Castle Rock, Douglas County, Douglas County School District RE-1, Douglas County Library District, and Cedar Hill Cemetery Association (each, individually, a “Taxing Entity” and, collectively the “Taxing Entities”).
With the passage of House Bill 15-1348 by the Colorado General Assembly, all urban renewal plans adopted after January 1, 2016, require, as a prerequisite to approval, notification of the governing boards of each Taxing Entity. See § 31-25-107(9.5)(a), C.R.S. CRURA representatives are required to meet with each Taxing Entity for the purpose of negotiating an agreement addressing the impacts of the urban renewal plan on the services provided by such Taxing Entity and the sharing of incremental property tax revenue allocated pursuant to the urban renewal plan. After months of negotiation, all Taxing Entities have consented to the utilization of 100% of their respective incremental property tax revenues in accordance with the Brickyard Urban Renewal Plan.
The proposed resolution authorizes CRURA to execute Tax Increment Revenue Agreements with each of the Taxing Entities. This will allow the Castle Rock Town Council to move forward with the designation of the Brickyard Urban Renewal Area and the adoption of the Brickyard Urban Renewal Plan.
Budget Impact
None.
Staff Recommendation
CRURA staff recommends that the CRURA Board adopt the resolution.
Proposed Motion
“I move to approve the as introduced by title.”
Attachments
Attachment A - Resolution
Attachment B - Cedar Hill Cemetery Association TIF Agreement
Attachment C - Douglas County TIF Agreement
Attachment D - Douglas County Library District TIF Agreement
Attachment E - Douglas County School District RE-1 TIF Agreement
Attachment F - Town of Castle Rock TIF Agreement