Council, URA approve Brickyard urban renewal steps, town to finance recreation center with public-private package

Town council and the Castle Rock Urban Renewal Authority used separate votes during the May 20 meeting to move the Brickyard redevelopment forward, approving tax-increment revenue agreements, a public-finance agreement and a temporary sales-tax credit tied to a public improvement fee.

The Brickyard project is a public–private redevelopment of the former Acme Brick site. Confluence Companies (the developer) is providing land, access and public improvements while the town plans to finance a roughly $72–75 million recreation and sports development center on the site through tax-exempt certificates of participation (COPs). The developer and its metro district will fund a portion of the public infrastructure; the proposed financing blends tax increment revenue, a share of sales tax at the site and developer contributions.

Actions taken at the meeting included: the Castle Rock Urban Renewal Authority approved tax-increment revenue agreements with the five affected taxing entities; the URA designated its public posting place and approved routine minutes; the town approved a tax-increment revenue agreement that commits 100% of incremental property taxes from certain taxing jurisdictions to the Brickyard URA for up to 25 years; and the council adopted an ordinance authorizing the public-finance agreement that will allow issuance of COPs to fund the recreation center. Council separately adopted a local sales-tax code amendment establishing a 2.4% credit of the town’s 4% sales tax within the Brickyard area (a 60% credit) to be offset by a public-improvement fee collected at the site. The credit and associated public-improvement fee are temporary; the sales tax credit is scheduled to continue through 2050 under the recorded ordinance and the COPs structure.

Town staff and the developer told council the overall package is necessary to make the large mixed-use development and the 45,000-square-foot recreation center financially feasible. The developer showed updated site plans — including a proposed bowling entertainment anchor — and said it has letters of intent for several tenants and a hotel with conference facilities the developer aims to deliver by Dec. 31, 2032.

The Castle Rock Water Commission reviewed related cost-recovery elements tied to the project. The town will waive park-dedication and park-impact fees for the Brickyard through Dec. 31, 2035 to support project feasibility; in turn the site will generate new sales tax and property tax increment for the town once built.

Council and URA votes were unanimous at the meeting. The URA voted to approve minutes and a resolution supporting the public-place-of-notice posting; the URA also approved resolution 2025-002 (tax increment revenue agreements). Town council approved the town-level tax-increment revenue agreement and ordinances authorizing the public-finance agreement and the sales-tax credit (ord. 2025-018 and ord. 2025-019). The town will return with COP issuance documents and contract awards for the recreation-center construction as financing is finalized.

Ending: Council framed the approvals as necessary steps to attract private investment for a project the town said would not be locally feasible without coordinated public participation. Council members noted oversight and multi-step approvals will continue as the URA, the metro district and the town finalize financing and construction contracts.