Castle Pines Urban Renewal Authority

INFORMATION SESSIONS

Were you unable to attend a fall 2024 information session? You can watch a recording of the meeting to learn more about how business owners in Parker are leveraging urban renewal funds from P3 Parker to help pay for projects in their community. This short video can help jumpstart some ideas that may benefit your business in Castle Pines.

WATCH THE RECORDING

PROJECT INVESTMENT APPLICATION

Applications are now available for project investments through the Castle Pines Urban Renewal Authority. View the Castle Pines Urban Renewal Authority information handout for more information.

Questions? Contact Community Development Donna Ferguson at donna.ferguson@castlepinesco.gov.

SUBMIT AN APPLICATION

CASTLE PINES URBAN RENEWAL AUTHORITY (CPURA) PURPOSE

Investment. Partnership. Renewal.

  • Create intentional and responsible development and redevelopment through transformative projects large and small that inspire a sense of place and a vital community.
  • Protect and maintain infrastructure for a reliable and safe commercial area.
  • Engage the community’s existing and new businesses with collaboration and support for their vision.
  • Educate and communicate broadly to ensure a solid understanding of our strategies and financing mechanisms.
  • Maintain open lines of communication with business and property owners.

INVESTING IN CASTLE PINES 

You might be wondering how redevelopment can help you or why the area’s redevelopment is so vital to the economic health of your community. The CPURA’s mission is to stabilize, enhance, and support economic vitality through community-driven development projects. The CPURA is here to inform, educate, and communicate toward a better understanding of their strategies and financing mechanisms.

HERE ARE SOME BENEFITS YOU MIGHT SEE AS A RESULT OF INVESTMENT

  • Engage and collaborate with business and property owners
  • Stimulated private investment
  • New jobs
  • Improved public infrastructure and amenities
  • Boosted property values
  • Reduced blight and vacancies
  • Provide financial resiliency and vitality for the city
  • New sources of tax revenue
  • Updated and revitalized structures and environment
  • Revitalized retail, bringing new restaurants, salons, clothing, etc.

HOW URBAN RENEWAL WORKS

CPURA efforts are targeted in the City’s business district to support improvements to infrastructure, intentional and responsible development, and attract a variety of top-tier commercial options to the city. CPURA works within a very specific geographical area adopted by City Council and guided by an improvement plan for the area.

The CPURA is an 11-member board. Seven members are the Castle Pines City Council. One member is appointed by the Mayor of Castle Pines and approved by the Castle Pines City Council. There are also three additional board members representing the taxing districts (Douglas County School District, South Metro Fire Rescue Fire Protection District, and Douglas County) as required by HB 15-1348. There is a staggered five-year term for each member. CPURA is governed by Colorado State Statutes and is independent of any budgeting entity other than its own.

The primary implementation strategy of the URA is to provide selected property owners, business owners, or developers with the financial assistance necessary to allow for investment into the Central Business Zone District. When the URA partners with the private sector and provides assistance to help support investment in a property, the main tool it uses is called tax increment financing (TIF). TIF is a mechanism to capture the net new or incremental property taxes that are created when there is increased investment or improvements to a property. The URA uses those revenues to reinvest in the area and help finance the project. TIF can be collected and disbursed as reimbursement for allowable expenses for a maximum of 25 years.

URBAN RENEWAL DEVELOPMENT TOOLS

The State of Colorado provides urban renewal authorities with two unique and significant tools.

The first is the ability to assemble land and offer to the development community a contiguous piece of property for redevelopment.

Second, urban renewal allows tax increment financing (TIF), which is a vehicle where sales and property taxes may be leveraged to help finance projects such as infrastructure and environmental clean up or provide the public improvements necessary for the development to occur.

CPURA Meetings

Visit the Castle Pines Urban Renewal Authority meeting webpage for information about past and upcoming meetings.