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Council approves downtown Casto redevelopment zoning, development agreement and school compensation; TIF, CRA and revenue split explained
Summary
Lakewood council voted to approve a three‑part package for a 5.7‑acre mixed‑use downtown redevelopment by Casto: zoning to Planned Development, a development agreement with construction/permitting timelines, and a school compensation agreement that allocates TIF/CRA and income‑tax sharing across city, schools and developer.
Lakewood council approved a three‑part legislative package on Dec. 16 to clear the way for a large downtown redevelopment by Casto Incorporated that will remake roughly 5.7 acres in the city's core.
City staff described the project as a mixed‑use redevelopment that includes renovation of the Curtis Block, ~25,000 square feet of retail, a public plaza, a parking garage and 298 apartments plus seven townhomes. The developer committed that 20% of the apartments will be affordable under the city's CRA No. 1 requirements, and the plan preserves public access to the plaza and park space via recorded easements and a forthcoming declaration.
Key financial and timing terms in the development agreement and school compensation agreement include: - Construction sequencing and permit deadlines: a 3‑month due‑diligence period (extendable by 3 months), then approximately 4 months to satisfy listed conditions before conveyance; a requirement to apply for commercial building permits by March 15, 2025 and…
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