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File #: FPC RESO 2024-002    Version: 1 Name:
Type: FPC GID Resolution Status: Passed
File created: 1/2/2024 In control: Town Council
On agenda: 10/15/2024 Final action: 10/15/2024
Title: Resolution Levying General Property Taxes for the Town of Castle Rock Festival Park Commons General Improvement District for the Year 2024, to be Collected in 2025
Attachments: 1. Attachment A: Resolution

To:                     Honorable Mayor and Members of Town Council

 

Through: David L. Corliss, Town Manager

 

From:                     Trish Muller, CPA, Finance Director

 

Title

Resolution Levying General Property Taxes for the Town of Castle Rock Festival Park Commons General Improvement District for the Year 2024, to be Collected in 2025

Body

________________________________________________________________________________

 

Executive Summary

 

Colorado Revised Statute 29-1-105 requires General Improvement District to file its budget with the Colorado Department of Local Affairs (DOLA).

 

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 2025 is $266,313. 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 2024, resulting in GID property tax revenue beginning in 2024.

 

Staff Recommendation

 

Staff recommends that the Board of Directors approve both resolutions as written.

 

Proposed Motion

 

“I move to approve Resolution as introduced by title.”

 

 

 

 

Alternative Motions

 

“I move to approve the resolutions as introduced by title, with the following conditions: (list conditions).”

 

“I move to continue these items to the next meeting on _____ date to allow additional time to (list information needed).”

 

Attachments

 

Attachment A:                     Resolution