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File #: RES 2020-102    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 Approving a Loan Agreement between the Town of Castle Rock and the Castle Rock Urban Renewal Authority
Attachments: 1. Attachment A: Resolution, 2. Exhibit 1: 2021 Loan Agreement, 3. Presentation

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

________________________________________________________________________________

 

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