Castle Rock creates fund to attract new business

6/17/2011

Castle Rock has five million reasons for business to consider opening their doors in town.

Castle Rock Town Council took a monumental step May 17, approving the framework for a $5 million Economic Development Fund to be used to bring desired primary employers and retailers to Castle Rock.

"This incentivizes a lot of the right actions, what we're looking for in the community, in particular in regards to jobs and new businesses coming here," Mayor Paul Donahue said during the Town Council meeting .

The framework includes incentives for new primary employers (a primary employer is one in which a minimum of 50 percent of goods and services must be exported outside of Douglas County) to create jobs in Castle Rock.  The framework also offers primary employers assistance with capital needs and fee relief. Existing primary employers in Castle Rock also could benefit from the fund if they want to expand by adding employees or space and equipment.  Incentives also will be available for desired retail, target industries and projects of significance such as higher education, hospitals and others. The policy will remain flexible so that incentives can be designed to best fit the needs of the prospective business.

The proposal Town Council approved is the direct result of the Castle Rock Economic Partnership. The Partnership includes the Town, the Castle Rock Economic Development Council, Castle Rock Chamber of Commerce and the Downtown Alliance. The leadership and staff of these organizations meet regularly to collaborate on how to improve the economic climate in Castle Rock. The Partnership wrote the Economic Development Fund framework and will be a part of creating the ordinances, applications and other documents needed to implement the fund.

The Economic Development Fund is a significant reason for a business to consider Castle Rock, but it's not the only one. In the past year, the Town dropped its surety rates (the amount of money developers legally are required to set aside to guarantee infrastructure that is dedicated to the Town). This lessens the burden on developers, making it easier to build in Castle Rock. The Development Roundtable also formed, which bring public and private sectors together to work through and revise such regulations as signage and the steps to make the development process in Castle Rock quicker and more predictable (working on issues such as water, landscaping, Public Works, drainage/grading, erosion and sediment control).

For more information, contact the Castle Rock Economic Development Council, 303.688.7488.