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Economic development is a top priority for Town Council. As such, there are several measures Town Council will be considering that could pave the way for two high-profile projects – Miller’s Landing and Riverwalk.
The Miller’s Landing development is proposed near the intersection of Interstate 25 and Plum Creek Parkway. On Tuesday, April 18, Town Council will again consider a finance agreement with the proposed developer, which would help remediate an old landfill on the property and pave the way for new amenities. Additionally, Council will consider several agreements related to the Riverwalk Downtown development project.
Citadel Development LLC proposes a new 65-acre development on an area known as Miller’s Landing – located on the northwest corner of I-25 and Plum Creek Parkway, near Philip S. Miller Park. Citadel’s development plan includes office, retail, a hotel and more.
While zoned for commercial use, the land area has traditionally been undesirable to developers due to the necessary remediation of the old dump. Castle Rock Urban Renewal Authority – an entity that exists to facilitate investment and redevelopment in challenging areas within Town – recently deemed this area as blighted, which allows for additional tax-sharing to clean up the property and foster economic development.
That’s why Town Council is considering a financial agreement that includes sharing back 60 percent of the sales and 100 percent of the property tax generated from new amenities on the property for a specified amount of time. The agreement does not include allocation of any current Town funds. Instead, the Town would be sharing future revenue generated by a new project.
The Town has commissioned a study of the Miller’s Landing project by Economic & Planning Systems, Inc. to determine the need for the proposed public financial agreement. A short fact sheet describing the proposed project and financial agreement is also available. Get both the study and fact sheet at CRgov.com/MillersLanding.
Also on Tuesday, Town Council will be considering several measures related to the Riverwalk project currently under construction near Wilcox and Second streets, near Town Hall.
On the agenda for approval will be several aspects related to the project including the development agreement and possible sales tax credits to cover the cost of utility relocations and other financial incentives. An intergovernmental agreement with Douglas County regarding the land for the northern portion of the project will also be on the agenda.
Find the entire April 18 Town Council agenda at CRgov.com/agendas.
Get more information on the Riverwalk project at CRgov.com/DowntownConstruction. Plus, learn more about the Miller’s Landing project at CRgov.com/MillersLanding.
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