How was the Town involved in funding the Promenade?

The Town and Alberta Development Partners (the developer of the Promenade) entered into a financial agreement in 2014. The Town agreed to share new tax revenue generated on the property. No existing Town revenues nor funds were committed to the project. Instead, it is a sharing of tax revenue the Town otherwise would not receive. This revenue helps fund necessary public services such as fire, police, road maintenance and more.


Key aspects of the agreement include: • The Town shares 27.5 percent of new sales tax revenues generated from that property for up to 25 years and will fund up to $4.45 million in development fee reimbursements and an additional $750,000 fee reimbursement tied to achieving 700,000 square feet in commercial development. • The metro district on the development property intends to issue and repay $28.8 million in net bond proceeds for qualifying public improvements. • Alberta intends to acquire the land, develop the property and otherwise fund the $180 million project. • The financial agreements also include restrictions on Alberta relocating certain existing business in Castle Rock to the new development.


View the agreement and learn more at CRgov.com/Promenade.

View the agreement and learn more.

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1. Over two years ago the Town said here in the fact and fiction that more gathering areas and items from the Promenade vision book would be built starting that year and going forward, not one
2. It appears that the Alberta developers site no longer contains any news regarding new tenants coming to the Promenade development, as the website is no longer active. Where can I find these updates?
3. How was the Town involved in funding the Promenade?