The agenda for the December 2 Urban Renewal Authority meeting is now available. The meeting will begin at 5 p.m.
Urban Renewal Authority meetings are held as hybrid meetings, with both virtual and in-person attendance options available. Meetings are held at the Castle Pines Library Event Hall (360 Village Square Lane). Register to attend the December 2 meeting virtually.
About the Castle Pines Urban Renewal Authority
The Castle Pines Urban Renewal Authority (URA) is an 11-member board. Seven members are the Castle Pines City Council. One member is appointed by the Mayor of Castle Pines and approved by the Castle Pines City Council. There are also three additional board members representing the taxing districts (Douglas County School District, South Metro Fire Rescue Fire Protection District, and Douglas County) as required by HB 15-1348. There is a staggered five-year term for each member. The URA is governed by Colorado State Statutes and is independent of any budgeting entity other than its own.
The primary implementation strategy of the URA is to provide selected property owners, business owners, or developers with the financial assistance necessary to allow for investment into the Central Business Zone District. When the URA partners with the private sector and provides assistance to help support investment in a property, the main tool it uses is called tax increment financing (TIF). TIF is a mechanism to capture the net new or incremental property taxes that are created when there is increased investment or improvements to a property. The URA uses those revenues to reinvest in the area and help finance the project. TIF can be collected and disbursed as reimbursement for allowable expenses for a maximum of 25 years.
For more information about the Castle Pines Urban Renewal Authority, visit the Authority's webpage.