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Council approves City Hotel redevelopment; DDA to share up to $1 million in new sales tax
Summary
After extensive public discussion about parking, traffic and historic preservation, Castle Rock Town Council approved a redevelopment and financing agreement to restore the 1872 City Hotel, add a 33-room boutique hotel, dining and rooftop space, and provide DDA financial support capped at $1 million.
Castle Rock Town Council voted 4-3 to approve a redevelopment and financing agreement that will restore the historic City Hotel and add a 33-room boutique hotel, new restaurant space and a rooftop venue on the north end of downtown.
The Downtown Development Authority (DDA) will share 50% of the net new sales tax generated by the project with the developer, White Development LLC, for up to 10 years with a maximum share-back cap of $1,000,000. The DDA also would provide a $750,000 low-interest short-term loan from its downtown special fund; loan disbursement is contingent on project completion and does not precede construction.
The proposal centers on full rehabilitation of the existing 1872 structure and construction of an adjacent four-story addition set back and terraced so it…
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