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File #: RES 2020-100    Version: 1 Name:
Type: Resolution Status: Passed
File created: 9/15/2020 In control: Town Council
On agenda: 10/6/2020 Final action: 10/6/2020
Title: Resolution Ratifying the 2021 Town of Castle Rock Festival Park Commons General Improvement District Budget
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: 2021 Budget Draft, 3. Presentation

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

________________________________________________________________________________

 

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