To: Honorable Mayor and Members of Town Council
Thru: David L. Corliss, Town Manager
From: Trish Muller, CPA, Finance Director
Title
Resolution Ratifying the 2022 Fiscal Year Budget and Mill Levy for the Town of Castle Rock Festival Park Commons General Improvement District [Parking Garage Adjacent to Encore]
Body
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Executive Summary
The Town of Castle Rock Festival Park Commons General Improvement District (GID) submit its budget to the Town Council for ratification.
CD-Festival Commons, LLC (“CDFC”) redeveloped a parcel within the core area of downtown Castle Rock into a mixed use (retail/office/residential) center and parking garage that will accommodate 601 vehicles, 308 of which will be public parking spaces owned by the Town constructed on existing Town property and the adjacent private property owned by CDFC. CDFC voted to enact a General Improvement District (GID) to tax themselves to assist paying for this project. This project pays back the Town Certificates of Participation (COP’s) for the 308 Town owned spaces using GID property tax TIF, sales tax TIF, property tax TIF and a Public Improvement Fee (PIF). The project is projected to pay off the COP’s by 2038 assuming current economic conditions. But for the project, the 308 Town owned spaces would need another revenue stream to satisfy the COP’s annual payments.
The Encore project, wholly within the GID, began in late 2019 with completion anticipated this year. The proposed budget for 2022 is $60,467. In addition, the Public Finance Agreement between the developer and the Town stipulates a mill levy of 45 mills, which will be certified with the County in 2021, resulting in GID property tax revenue beginning in 2022.
Staff Recommendation
I move to approve the Resolution as introduced by title.
Proposed Motion
“I move to approve a resolution Ratifying the 2022 Town of Castle Rock Festival Park Commons General Improvement District Budget and Mill Levy.”
Alternative Motions
I move to approve the resolution as introduced by title, with the following conditions: (list
conditions).
I move to continue this item to the Town Council meeting on _____ date to allow additional time to (list information needed).
Attachments
Attachment A: Resolution
Attachment B: GID RESO 2021-001
Exhibit 1: 2022 Town of Castle Rock Festival Park Commons GID Budget
Attachment C: GID RESO 2021-002