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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.
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gathering area has been built during this time and it being a walkable shopping center is very much lacking. Plus Alberta still hasn’t update their website in two years and will not answer one email regarding this project. Why does the Town keep ignoring how far from what was presented to get the project approved to what it has become? Are there avenues to take away the tax incentives that Alberta gets since they haven’t kept up their end on a high class walkable shopping experience among a laundry list of other broken promises?
The Promenade has built several public gathering spaces. The first is the fire pit and seating area near Mod Pizza and Smashburger, at the corner of Factory Shops Boulevard and Meadows Parkway. The second was constructed near TJ Maxx and Verizon – on the southwest area of the parking lot. The remaining development in that area has been slow to proceed, and this area has not been in use much. Alberta is looking to relocate it to the block to the west as they plan for its development, as they feel they can provide a more useful public gathering area overlooking the parcels to the west. Whole Foods has also put in outdoor seating and a fire pit. Additional seating areas are scattered throughout the development – one is east of Sam’s Club, and one is southeast of the King Soopers parking lot. Regarding their public financing agreement, Alberta has met the contractual requirements outlined in their agreements with the Town. The site plan that was presented to the Town has also been consistent throughout the project, and the market has determined what business tenants are in the center.
Alberta is working to get its website working again. Meanwhile, they ask that those seeking updates contact them at 303-771-4004 or firstname.lastname@example.org.