To: Honorable Mayor and Members of Town Council
From: Trish Muller, CPA, Finance Director
Title
Resolution Ratifying the 2021 Town of Castle Rock Festival Park Commons General Improvement District Budget
Body
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Executive Summary
Colorado Revised Statute § 29-1-105 requires that the Town of Castle Rock Festival Park Commons General Improvement District (GID) submit its budget to the Town Council by October 15 and file it with the Colorado Department of Local Affairs (DOLA).
The Encore project, wholly within the GID, began in late 2019 with completion anticipated in 2022. Due to the timing of the Encore project, the budget for 2021 is zero. In addition, the Public Finance Agreement between the developer and the Town stipulates that no mill levy will be certified with the County until 2022, resulting in GID tax revenue beginning in 2023.
Proposed Motion
I move to approve the Resolution as introduced by title.
Attachments
Attachment: Resolution
Exhibit 1: 2021 Budget Draft