Council to consider Murdoch’s Public Incentive Agreement
Making sure Castle Rock has a thriving economy is a key cornerstone in the Town’s Comprehensive Master Plan. The vacant former King Sooper’s location at the Milestones Center – off Founders Parkway between Allen Way and Front Street – has led to a decline of business at the shopping center. Due to the loss of traffic, several tenants have followed by closing their doors. Now, Town Council will consider an agreement Tuesday that would help fill the vacant anchor location and bring new life into the shopping center.
Murdoch’s Ranch and Home Supply is asking for an incentive that would help the company offset the significant costs of converting the former grocery store space for second-generation use. If this agreement is approved, Murdoch’s would receive a 25 percent sales tax shareback not to exceed 4 years or $300,000. Based on Murdoch’s projected gross revenue, the Town estimates the store’s sales would equate to approximately $240,000 of net taxable revenue to the Town in the first year.
Sales tax dollars generated from retail locations fund several Town services including police, fire, road improvements and park maintenance. If the resolution is approved, Murdoch’s could help generate a significant amount of revenue for the Town.