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Council, urban renewal authority approve Brickyard financing steps; town signs tax‑sharing agreements to fund sports complex
Summary
After multi‑jurisdictional negotiations, the Town Council and its Urban Renewal Authority approved agreements that allocate tax increment and sales‑tax offsets to help pay for a proposed 45,000‑square‑foot recreation center and associated infrastructure at the Brickyard site.
Castle Rock officials and the town‑created Urban Renewal Authority approved a series of agreements and ordinances on May 20 that set the public financing framework for the proposed Brickyard mixed‑use development and a town‑owned recreation center to be built on land provided by the developer.
What the council approved: the Urban Renewal Authority board (the council acting with additional representatives) approved tax increment sharing agreements with the taxing entities that consented to allocate incremental property tax revenues to the Brickyard Urban Renewal Plan. The town council then approved a matching town resolution consenting to the town’s participation in TIF sharing (motion and roll call recorded; vote 6‑0). Later, council approved ordinances authorizing a public finance agreement for the project (Ordinance 2025‑018) and an accompanying sales‑tax credit/offset tied to a developer public improvement fee (Ordinance 2025‑019). All votes recorded at the meeting were unanimous (6‑0).
How the financing works: the developer (CD‑ACME LLC/Confluence Companies) committed to convey roughly 10 acres of land to the town and to construct certain public improvements, including a road (Praxis Street) and grading/utility work. The town will finance an approximately $75 million sports development center and related infrastructure with tax‑exempt certificates of participation (COPs). The funding package combines multiple revenue streams: a share of new sales tax (60% of the town’s 4% sales tax at the site is credited back via the town ordinance and replaced by a public improvement fee collected by the developer), 100% of certain incremental property taxes captured under the URA for up to 25 years, and lodgers taxes from the hotel expected on site.
Why this matters: According to staff, the full recreation center would cost in the low‑hundreds of millions if paid entirely by the town. The public‑private structure shifts substantial initial infrastructure costs to the developer’s metro district and uses incremental tax revenues and sales‑tax sharing to reduce the town’s upfront burden. The developer said it will also provide extensive on‑site private investment — renderings shown to council included residential units, retail, restaurants and a proposed bowling use — and estimated overall infrastructure value of about $31 million contributed by the developer.
Debate and conditions: staff emphasized that the agreements are contingent on issuance of the COPs and completion of financing steps this summer; an urban renewal public finance agreement remains subject to approval by the reconstituted Urban Renewal Authority in June. The town also adopted a temporary waiver of park dedication and park impact fees for the development through Dec. 31, 2035, to aid the project’s financial feasibility. Council members asked about parking, circulation and construction sequencing; the developer described a parking garage and below‑grade parking under the bowling alley to meet projected demand, and said a planned pedestrian trail will link the Brickyard site with Miller Activity Center and other trail segments.
Votes at the meeting: the council and URA recorded unanimous approvals on the URA resolutions and several council ordinances and resolutions enabling the project financing (roll calls recorded as 6‑0 for town actions; URA votes recorded as unanimous).
