To: Honorable Mayor and Members of Town Council
From: Bill Detweiler, Executive Director, Castle Rock Urban Renewal Authority
Robert Slentz, Legal Counsel, Castle Rock Urban Renewal Authority
Trish Muller, Treasurer, Castle Rock Urban Renewal Authority
Title
Resolution Approving the Town of Castle Rock/Castle Rock Urban Renewal Authority 2019 Loan Agreement
Body
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Executive Summary
On November 6, 2018 the Castle Rock Urban Renewal Authority (CRURA) Board of Commissioners approved the 2019 CRURA budget and Loan Agreement. The CRURA Executive Director is requesting Council approval of the attached Resolution approving the CRURA 2019 Loan Agreement.
Discussion
Loan from Town and Contributed Services - Both sources of revenue loaned or contributed from the Town will be paid back once the approved Millers Landing URA project is developed and generating Tax Increment Funds (TIF). It is anticipated that TIF will be generated and placed into the Special Fund in 2020 because all TIF funds are accrued, collected, and distributed to the Town by the County Assessor in arrears of any calendar year. The attached Loan Agreement resolution (Attachment A) outlines the amount of annual funds to cover costs associated with managing the URA program until TIF is generated.
Legal and Professional Services - The amounts of $3,000 and $10,000 are for legal services provided by the URA Legal Counsel and third party development consultant.
Staff Recommendation
Staff recommends approval of the 2019 CRURA Loan Agreement as outlined in the attached Resolution.
Proposed Motion
“I move to approve the CRURA 2019 Loan Agreement Resolution, as introduced by title.”
Attachment A: Resolution for Loan Agreement