To: Honorable Mayor and Members of Town Council
Through: Bill Detweiler, Development Services Director
From: Julie Kirkpatrick, PLA, ASLA, Long Range Project Manager
Title
Resolution Authorizing the Town of Castle Rock Historic Preservation Board to Act as a Reviewing Entity for the State Income Tax Credit Program for Qualifying Rehabilitation Projects C.R.S. §39-22-514.5, as Amended (Historic Preservation Tax Credit Program Associated With Certified Local Governments, Compliance With HB 18-1190)
Body
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Executive Summary
As a Certified Local Government (CLG), the Town has participated in Colorado’s Historic Preservation Income Tax Credit program. Previous Town Councils designated the Town’s Historic Preservation Board as the reviewing entity for these applications within the Town of Castle Rock. This program was due to expire at the end of 2019. However, this May, the Colorado legislature re-authorized, and Governor Hickenlooper signed, the Colorado Job Creation and Main Street Revitalization Act (HB18-1190), which extends the Historic Preservation Tax Credit through 2029. In order to be in compliance with the re-authorized Act, the Town Council needs to pass a new resolution so that the Historic Preservation Board can continue to review state historic tax credit applications within the Town of Castle Rock.
History of Past Town Council, Boards & Commissions, or Other Discussions
On February 24, 1994, Town Council created the Historic Preservation Board with Ordinance 94-01. Soon after, the Town became a CLG, and Town Council designated the Historic Preservation Board as the reviewing entity for the Town. The Town Council passed yearly resolutions agreeing to have the Historic Preservation Board act as the reviewing entity for the State Historic Preservation Income Tax Credit program, also referred to as rehabilitation tax credits.
As a CLG, Resolution 2010-19 established the Historic Preservation Board as the reviewing entity for rehabilitation tax credit projects for calendar year 2010 and all subsequent years.
Budget Impact
There is no impact to the Town’s budget since the historic preservation income tax credits are towards Colorado state income taxes.
Staff Recommendation
Staff recommends approving the resolution as introduced by title.
Proposed Motion
I move to approve the resolution as introduced by title.
Attachments
Attachment A: Resolution