Miller's Landing

Proposed financial agreement

A new development is proposed near the intersection of Interstate 25 and Plum Creek Parkway. Town Council is considering a finance agreement with the proposed developer, which would help remediate an old landfill on the property and pave the way for new amenities. 

About the proposed development

 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. 

Blighted conditions

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 such areas within Town – recently deemed this areas 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. The agreement does not include allocation of any current Town funds. Instead, the Town would be sharing future revenue generated by a new project. 

Key aspects of the financial agreement include:

  • Issuing bonds: The Miller’s Landing Business Improvement District would be allowed to issue bonds to finance the remediation of the existing landfill, along with construction of necessary public infrastructure on the site
  • Bond repayment: Bonds would be repaid with various incremental revenue the project will generate
  • Property tax: The Town would share 100 percent of property tax generated on the property, which will help repay the bonds
  • Sales tax: The Town would share 60 percent of sales tax generated on the property, once developed, which will help repay the bonds. However, sales tax would not be shared on any grocery store larger than 27,000 square feet nor any large retailer currently in business in Town
  • Development limits: The agreement would limit the amount of retail development to 100,000 square feet until a minimum 150-room full service hotel with 10,000 square feet of meeting space opens. The agreement would further limit retail development to a total 250,000 square feet until at least 150,000 square feet of office space is constructed

Benefits for the Town

  • No existing Town revenues nor funds would be committed to the project – only sales tax earned on the new development. Currently, the Town earns no sales tax on that property, because it is not developed
  • Old landfill would get remediated by private investor at an estimated cost of $11 million
  • Relocation is discouraged, because the proposed agreement states credits may not be collected on relocations of large businesses that already exist in Town
Town Council on Tuesday, March 7 will consider the second reading of an ordinance approving the agreement. View the agenda online. It is typically posted the Thursday prior to the meeting. Watch the meeting live online.