To: Honorable Mayor and Members of Town Council
From: Frank Gray, CEO, Castle Rock Economic Development Council
Title
Resolution Approving an Economic Assistance Agreement with Solaray, LLC
Body
________________________________________________________________________________
Executive Summary
Mayor Green and Town Council attached is the signed agreement from SRP as was unanimously approved by Town Council on October 16th of 2018.
Agreement Overview:
• SRP has agreed to a Job Creation Incentive that supports the expansion of 30-40 new primary jobs in Castle Rock.
• Has a not to exceed total dollar amount of $300,000 and will be solely based on job creation at $7500 per qualifying primary job
• SRP has agreed to waive eligibility for any reimbursement of permit and fees.
• The agreement will automatically expire after 4 years
• Secures a long-term Castle Rock commitment from SRP which must execute one of the following provisions:
1. SRP Companies executes their three-year lease extension ensuring a 5-year commitment.
2. SRP Companies purchase and occupy The Mirage building.
3. SRP builds a campus in Castle Rock.
*If none of the above commitment events take place in the 18 months following the signature of the agreement SRP’s Economic Development agreement and thus all incentives with the Town would be null and void.
Proposed Motion
“I move to approve the Resolution as introduced by title.”
Attachments
Attachment A: Resolution
Exhibit 1: SRP Economic Incentive Agreement