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File #: RES 2019-112    Version: 1 Name:
Type: Resolution Status: Passed
File created: 10/29/2019 In control: Town Council
On agenda: 11/5/2019 Final action: 11/5/2019
Title: Resolution Approving the Town of Castle Rock/Castle Rock Urban Renewal Authority 2020 Loan Agreement
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: 2020 Loan Agreement

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 2020 Loan Agreement

Body

________________________________________________________________________________

 

Executive Summary

 

On November 5, 2019, the Castle Rock Urban Renewal Authority (CRURA) Board of Commissioners (BOC) approved the 2020 Town Council / CRURA Loan Agreement. The URA staff is requesting Council action to approve resource funding through the CRURA 2020 Loan Agreement

 

Discussion

 

The proposed 2020 Town Council / CRURA Loan Agreement (see attached) provides funding for URA administration activity before development occurs and Tax Increment Financing (TIF) is generated on the Millers Landing site. The agreement provides a source of revenue loaned or contributed from the Town that will be paid back once the Millers Landing URA project is developed and generating TIF. It is anticipated that TIF will be generated and placed into the Special Fund in 2022 because all TIF funds are accrued, collected and distributed to the Town by the County Assessor in the rears of any calendar year. Funding for the loan agreement is provided through the Economic Development Fund.

 

Recommendation

 

Following discussion and a vote to approve, the CRURA Board of Commissioners recommends approval of the 2020 Town Council / CRURA Loan Agreement as outlined in the attached Resolution.

 

Proposed Motion

 

“I move to approve the Resolution as introduced by title.”

 

Attachments

 

Attachment A:  Resolution