To: Honorable Mayor and Members of Town Council
From: Kristin Zagurski, Senior Management Analyst
Title
Resolution: Approving the Service Contract Between the Town of Castle Rock and the Castle Rock Economic Development Council
Body
________________________________________________________________________________
Executive Summary
Each year, the Town Council reviews requests from service organizations for funding their operations and/or community events and services.
The Castle Rock Economic Development Council requested funding from the Town for the following services:
Attracting developers and primary employers to Castle Rock
Developing and recruiting retail businesses
Growing Castle Rock’s existing businesses
Creating a business/industry-friendly environment
Counseling the Town on economic development agreements
The amount of the request is $180,550, which is included in the 2016 Budget. Actual administration of the contract will occur as per Council approval.
Discussion
Business attraction creates new jobs, which bring new dollars into the community. Business retention programs allow established businesses to thrive. Creating a positive business environment is essential to the economic success of the community.
Town funding would represent about 26.5 percent of the EDC’s projected 2016 revenue, which also includes private investment ($214,000) and Downtown Development Authority/Downtown Merchants Association reimbursements for services ($232,980).
Financial Impact
The $180,550 would be disbursed from the General Fund Town Council budget.
Staff Recommendation
Staff recommends that Council review the EDC’s request and determine the funding and service levels for the annual contract.
Proposed Motions
“I move to approve the resolution that approves the service contract between the Town of Castle Rock and the Castle Rock Economic Development Council as presented.”
OR
“I move to direct staff to work with the Castle Rock Economic Development Council to develop a service contract in the amount of ___ and providing services of ___ and bring that contract back for Council consideration.”
Attachments
Attachment A - Resolution
Attachment B - Service Contract