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INCENTIVES & FINANCING

The Town of Castle Rock may elect to provide Economic Development Assistance for the retention, expansion or new location of targeted businesses that help the community achieve its stated goals. 

Goals

  • High-quality nonresidential development

  • Creating regional draws that bring revenues to the community

  • Preserving and enhancing Downtown Castle Rock as a central business district

  • Becoming a free-standing, self-sufficient community

Incentives

Incentives valued at $100,000 or less may be approved administratively by the joint signature of the Town Manager and the EDC CEO. Incentives valued more than $100,000 must be approved by Castle Rock Town Council.

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Targeted Businesses Identified in the Policies include:

  • Primary employers creating or retaining high paying jobs that match the skills of the Town's workforce

  • Post high school educational and training facilities

  • Recreation and entertainment facilities

  • Retailers currently under-represented in Castle Rock

Depending upon the Project, a Variety of Assistance is Available including:

  • Expedited development review and approval schedules

  • Waiver or reduction of annexation, rezoning and platting fees

  • Rebates of Building Permit, Utility System Development and Development Impact fees

  • Rebates of Building Use, Sales or Property taxes

  • Assistance with public infrastructure requirements

  • Assistance with applications for Federal, State, County or School District programs

  • Sales tax sharing

  • Colorado Incentives

Colorado's Office of Economic Development and International Trade (OEDIT) provides information on state-level incentives available to qualifying businesses. Some of the current programs include:

  • Aircraft Manufacturer Tax Credits

  • Biotechnology Sales and Use Tax Refund

  • Colorado Economic Development Commission

  • Colorado FIRST and Existing Industry Job Training Assistance

  • Enterprise Zone Tax Credits

  • Local Infrastructure Assistance

  • Local Property Tax Incentives

  • Manufacturing Revenue Bonds

  • Colorado Film Incentives Cash Fund

  • Community Development Block Grants (CDBG)

County Rebates

The State of Colorado allows local taxing units to provide incentive rebates to new or expanding companies. These rebates are negotiated with the local county or municipality and can be as much as 100% of the amount of taxes levied by the county upon the taxable personal property directly attributable to the new business or existing business' expansion. This rebate is allowed for a maximum of 10 years. Note: For certain targeted businesses, other incentives may be available on a case-by-case basis.

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