To: Honorable Mayor and Members of Town Council
From: Pete Mangers, Executive Director, Castle Rock Urban Renewal Authority
Michael J. Hyman, Legal Counsel, Castle Rock Urban Renewal Authority
Trish Muller, CPA, Treasurer, Castle Rock Urban Renewal Authority
Title
Resolution Approving a Loan Agreement between the Town of Castle Rock and the Castle Rock Urban Renewal Authority
Body
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Executive Summary
On October 6, 2020 the Castle Rock Urban Renewal Authority (CRURA) Board of Commissioners approved the 2021 Loan Agreement with the Town. The CRURA Executive Director requests that Council approve the attached Loan Agreement.
Discussion
In 2020, CRURA started to generate property tax Tax Increment Financing (TIF) that will be used to pay the balance of the existing loan from the Town, approximately $54,000. CRURA wishes to enter into the 2021 loan agreement with the Town, as needed, to provide operational cash flow for CRURA until sufficient TIF is generated.
Staff Recommendation
Staff recommends approval of the 2021 CRURA Loan Agreement as outlined in the attached Resolution.
Proposed Motion
I move to approve a Resolution Approving a Loan Agreement between the Town of Castle Rock and Castle Rock Urban Renewal Authority.
Attachments
Attachment A: Resolution
Exhibit 1: 2021 Loan Agreement