When voters authorized the formation of the Downtown Development Authority, they did so because they wanted Downtown Castle Rock to change for the better. The DDA recently took a major step to do just that.
“By state statute, a primary purpose of the DDA is to acquire property to inspire and enhance development,” said Rick Stucy, chairman of the DDA. “The DDA took the bold step to purchase 202-212 Wilcox St. and the property adjacent to the east, 207 Perry St.”
The state statute allows for the DDA to purchase, sell, lease or liquidate property. The DDA is scheduled to close on the recently foreclosed property on March 1. The purchase price is $1.375 million. The DDA will provide $127,500 at closing, funds that come from a mix of DDA revenue streams: Tax Increment Financing the DDA receives from the positive incremental property tax revenue that has occurred since the DDA was established in 2008; the 3-mill levy voters approved; and the levy match the Town of Castle Rock committed.
“Developing and redeveloping Downtown Castle Rock is an important tool to improve property values, encourage more retail traffic and increase sales in our downtown businesses,” Stucy said. Better property values and retail sales is good news for property owners and business owners in Downtown, but also incremental increases in property and sales tax revenue can be used by the DDA to reinvest in more improvements in Downtown. A vibrant Downtown is good for the overall economic vitality of Castle Rock.
There are no large-scale changes to the properties planned in the near term. But the DDA believed that this was a unique opportunity to purchase property in a strategic location: near Town Hall, the Wilcox Square county building and Festival Park, where many community events take place. Having several adjacent, strategically located properties under single ownership may allow the DDA to eventually attract impactful redevelopment.
The DDA has met with all current tenants to talk about the property and see if there are issues the new owners – the DDA – could help them overcome. “We’re going to do everything we can to strengthen the business of the current tenants,” Stucy said. Minor exterior and interior work soon will begin to the building on Perry. For more information about DDA programs and projects, contact Judy Woodley, vice president of the Castle Rock Economic Development Council, 303.688.7488.