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File #: RES 2019-122    Version: 1 Name:
Type: Resolution Status: Passed
File created: 9/16/2019 In control: Town Council
On agenda: 12/3/2019 Final action: 12/3/2019
Title: Resolution Approving an Intergovernmental Agreement Between the Town of Castle Rock and the Downtown Development Authority (2020 Service Contract)
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: Intergovernmental Agreement, 3. IGA Exhibit 1: DDA Assessed Valuation, 4. IGA Exhibit 2: Service Contract Funding Application

To:                     Honorable Mayor and Members of Town Council

 

From:                     David L. Corliss, Town Manager

 

Title

Resolution Approving an Intergovernmental Agreement Between the Town of Castle Rock and the Downtown Development Authority (2020 Service Contract)

Body

________________________________________________________________________________

 

Executive Summary

 

The Castle Rock Downtown Development Authority has a 3 mill property tax levy, which is estimated to generate $178,226 in 2020. Since the DDA was formed, Council has allocated funds each year to match the amount the mill levy generates, through an Intergovernmental Agreement (IGA) with the DDA.

 

The DDA has requested the Town to continue the match for 2020, and staff has prepared the attached IGA for Council’s consideration. Funds for the Town to provide the match are included in the 2020 Budget, in the DDA IGA line item in the Town Council budget. Actual administration of the funding will occur per Council approval.

 

Discussion

 

The DDA plans to use the matching funds to provide façade improvement, flowerbox patio and trolley programs; professional services, marketing and public website; and Rink at the Rock. These programs are anticipated to increase economic activity, charm and pedestrian activity, and sales in Downtown Castle Rock.

 

The requested contribution is a match of the revenue generated through the DDA’s 3 mill property tax levy. Sales ($135,000) and sponsorships ($25,000) for Rink at the Rock are other major sources of revenue expected in 2020.

 

Financial Impact

 

Funds in the amount of $178,226 would be disbursed from the General Fund Town Council budget.

 

Staff Recommendation

 

Staff recommends that Council review the DDA’s request and determine the funding and service levels for the IGA.

 

Proposed Motion

 

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

 

Attachments

 

Attachment A:  Resolution

Exhibit 1:  Intergovernmental Agreement

IGA Exhibit 1:  DDA Assessed Valuation

IGA Exhibit 2:  Service Contract Funding Application