To: Honorable Mayor and Members of Town Council
Through: David L. Corliss, Town Manager
From: Kevin Tilson, Director, Castle Rock Downtown Alliance
Title
Discussion/Direction: Proposed Downtown Enhancement Grant Program to be administered by the Downtown Development Authority (DDA)
Body
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Executive Summary
Based on the direction from the DDA Board and Town Council to support small scale development, staff has researched ways that other communities support small scale development, and ways that Castle Rock could support small scale development.
Staff is proposing the Downton Enhancement Program to complement the existing Façade Grant Program that will remain as is. The proposed Downton Enhancement Program is designed to enhance the environment and public experience in Downtown Castle Rock by encouraging and supporting investment in small scale development projects including façade improvements, expansions, additions, alleyway and adaptive reuse projects, and by providing incentive for those projects to start within a timely manner. Often smaller scale development projects contribute to the preservation of character and history with the reuse and/or expansion of buildings. This program would operate through the Downtown Special Fund, matching private sector investment up to an amount equal to 2.5% of project costs with a maximum eligible grant amount of $50,000. Project eligibility, application process and a table with examples of eligible grant amounts is include in the Fact Sheet attached.
Staff is presenting this program to the DDA and Town Council for approval, with the policy to present specific project applications to the DDA for approval.
Recommended Motions
“I move to approve the Downtown Enhancement Program and Fact Sheet as presented.”
“I move to approve the Downtown Enhancement Program and Fact Sheet with the following changes: (list changes.”
“I move to continue this item to (meeting date) to allow time for (list additional information needed).”