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A new development is proposed near the intersection of Interstate 25 and Plum Creek Parkway. On Tuesday, March 7, Town Council will consider on second reading a finance agreement with the proposed developer, which would help remediate an old landfill on the property and pave the way for new amenities.
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 such 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.
Key aspects of the financial agreement include:
Benefits for the Town:
Town Council on Tuesday will consider the second reading of an ordinance approving the agreement. The first reading of the agreement was during the Feb. 21 Town Council meeting. The meeting will include time for public comment, specifically on this topic.
View the documents and learn more at CRgov.com/MillersLanding. In addition, the developer has created a video to describe the project: https://vimeo.com/202215947.
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