An economic assistant agreement to bring 160,000 square feet of industrial space and more than 40 new well-paying jobs to Castle Rock was a topic on Town Council’s March 1 meeting agenda.
Here is a closer look:
- Economic assistance agreement – Town Council approved an economic assistance agreement with Saunders Commercial Development Co., Colorado Powerline Inc. and Lakewood Electric Co. that’s expected to bring 160,000 square feet of industrial space and up to 42 jobs to Castle Rock.
Under the pay-for-performance agreement, Saunders would construct two 80,000-square-foot industrial buildings north of the roundabout on North Meadows Drive, just west of U.S. Highway 85. The Town would rebate up to $420,000 in Town fees related to the construction to incent the project.
Colorado Powerline would relocate its corporate headquarters to one of the buildings. The company employs nearly 150 people, 30 of whom would work full-time from the building. The Town would incent the addition of each job that pays above the Douglas County average wage, paying up to $90,000 in total incentives.
Lakewood Electric would also relocate to the building. That company has 80 employees, of whom 12 would work full-time from Castle Rock. The Town would incent above-average-paying jobs for that firm also, paying up to $36,000 in incentives.
Together, the two firms would occupy about 40,000 square feet of the buildings’ space. The remaining 120,000 square feet would be marketed to other primary employers. Attraction of primary jobs has long been one of the Town’s economic development goals. The jobs being incented for relocation to Town are in the professional services, engineering and manufacturing industries.
The up to $546,000 in incentives would be paid out of the Town’s Economic Development Fund, which is funded by a tax on commercial construction.
Watch the presentation and Council discussion: https://castlerock-co.granicus.com/player/clip/1334?meta_id=165424
Also on the agenda, Council received a report regarding 2021 new building and infrastructure activity. As a reminder, about 90% of residential development rights in Town were approved before 2000. While residential construction remains strong in Castle Rock, nonresidential construction activity in 2021 was at its lowest level in the last five years. Only about 12,500 square feet of industrial space has been added in Town over that period, underscoring the value of the industrial space incented under the agreement to the community’s overall mix of available nonresidential space. A high-level look at recent construction activity levels is available online at CRgov.com/DevelopmentActivity.
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