To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Ordinance Levying General Property Taxes for the Year 2017, for 2018 Collection, for the Castle Rock Downtown Development Authority (Second Reading - Approved on First Reading on September 19, 2017 by a vote of 6-0)
Body
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Ordinance was approved on First Reading on September 19, 2017 with a vote of 6-0 with changes as follows.
Changes to the Ordinance have been made for the Second Reading and include the incorporation of the final assessed valuation information received from the Douglas County Assessor’s Office dated November 20, 2017 (Attachment B).
Executive Summary
Attached is the Ordinance establishing the Mill Levy of the Castle Rock Downtown Development Authority for collection in 2018 (Attachment A). In August, the County Assessor certifies the Total Value of all Personal and Real Property within the Authority. This value is used to calculate the mill levy rate. In December, the County Assessor recertifies the Total Value of Real and Personal Property.
Discussion
The Castle Rock Downtown Development Authority Board of Directors has requested Town Council to certify its respective mill levy of 3.000 mills, which, based on the final assessed valuation provided by the Douglas County Assessor’s Office, which is anticipated to yield approximately $164,590.
Financial Impact
As the final assessed valuation is received and certified in December, the resulting property tax revenue will be reflected in 2018.
Staff Recommendation
Staff recommends that Town Council approve the Ordinance as written.
Proposed Motion
“I move to approve an Ordinance Levying General Property Taxes for the Year 2017, for 2018 Collection, for the Castle Rock Downtown Development Authority, second reading.”
Attachments
Attachment A: Ordinance (First Reading)
Attachment A: Ordinance (Second Reading)
Attachment B: 2017 Certification of Valuation