To: Honorable Mayor and Members of Town Council
Through: Bill Detweiler, Director, Development Services
From: Donna Ferguson, Planner II, Development Services
Title
Resolution Approving the Castle Rock Industrial Park Annexation and Development Agreement
Body
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Executive Summary
Polo Properties Holding, LLC is requesting to enter into a Development Agreement (DA), in conjunction with an Annexation application for property known as Castle Rock Industrial Park which resides within an industrial area of Town and is sandwiched between the Union Pacific Railroad and Highway 85 where Liggett Road spurs off of Highway 85 (Figure 1).
The property is currently under consideration for annexation into the Town under a separate Annexation application. If the property is approved for annexation the applicant must subsequently enter in to a Development Agreement with the Town to address the obligations of the property owner and the Town as they relate to the mutual interest in the annexation.
A Development Agreement is a legally binding contract between the property owner and the Town and requires review and approval by Town Council.
Budget Impact
The proposed Development Agreement will generate review fees.
Staff Recommendation
Staff recommends approval of the proposed Castle Rock Industrial Park Development Agreement.
Proposed Motion
I move to approve the Resolution as introduced by title.
Attachments
Attachment A: Resolution
Exhibit 1: Development Agreement