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 (2021 Service Contract)
Body
________________________________________________________________________________
Executive Summary
The Castle Rock Downtown Development Authority has a 3 mill property tax levy, which is estimated to generate $175,858 in 2021. 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 2021, and staff has prepared the attached IGA for Council’s consideration. Funds for the Town to provide the match are included in the 2021 Budget, in the Economic Development fund. 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 2021.
Financial Impact
Funds in the amount of $175,858 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