To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Title
Resolution Approving the First Amendment to the Castle Rock Collaborative Campus Development Agreement (Extension of time period for Town/ACC financial incentive for Second Building 4500 Limelight Ave)
Body
________________________________________________________________________________
Executive Summary
The Town has received a request (letter - attached) from the Arapahoe Community College Sturm Collaboration Campus requesting an extension of the Town’s funding commitment for Phase 2 of the Sturm Collaboration Campus from July 30, 2022, to 2025, due to delays caused by the impacts of the COVID-19 pandemic. In 2017, the Town and Arapahoe Community College entered into an agreement to provide a financial incentive for ACC to construct two new buildings for their educational purposes. The agreement provided for a $2 million payment for the first building, and a $1 million payment for the second building, provided the second building was built by July 30, 2022. Frank Gray, EDC, and Diana Doyle, President of ACC, plan to be present at the Council meeting to provide an update on ACC activities in Castle Rock and request the attached extension of the original incentive agreement. Staff is recommending approval of the attached Resolution (Attachment A).
Attachments
Attachment A: Resolution
Exhibit 1: Agreement
Letter: Request from ACC