A proposed 200-acre Castle Rock retail project that would be located next to the Outlets at Castle Rock, and at up to 900,000 square feet, would be twice as large as the outlet mall, is no longer a possibility — for the time being, anyway.
“There's always hope,” said Castle Rock Town Manager Mark Stevens in response to a councilmember's query on whether there is any hope for a future agreement with the developer, the Greenwood Village-based Alberta Development Partners LLC.
But not much hope, currently.
The town staff and attorney recommended tabling the project indefinitely, explaining, among other things, the lack of an agreement after negotiations this summer that centered on such issues as economic incentives for the developer, public improvement fees and metropolitan district issues.
And the council agreed, voting 6-0 to “table indefinitely.” Councilmember Chip Wilson was absent.
The town began negotiating with Alberta — a company that has created various projects in Denver and elsewhere, including The Streets at SouthGlenn in Centennial — after the town Ok'd unanimously, 7-0, in early July to give initial approval to a proposed private/public partnership with Alberta.
The council's July vote approved the conceptual financial structure and preparation of financial agreements.
In that vote, they were approving a conceptual structure in which Alberta “would be responsible for all private costs and financial risk and would be responsible for implementing the project.”
The town, in that conceptual deal, would have shared 27.5 percent of its sales tax revenues for up to 25 years. It was proposed that that revenue as well as fees imposed on retail customers would have been used to pay off a bond issue to be levied on the property's metropolitan district to fund the project's infrastructure costs.
The council at that time also set a special meeting for Aug. 27 to consider final approval.
But that meeting was continued as negotiations continued — and at the Sept. 10 meeting Stevens said that continuing it again, instead of tabling it, could “mislead the public” that something was happening with the project.
One of the sticking points apparently was that the town had a deadline to get the bond issue on the ballot and without an agreement with the developer, who was hard to reach lately, that deadline couldn't be met.
Since the council tabled the issue, instead of continuing it, if Alberta wants to proceed with the project, would be required to start all over again as far as the public notification process and public hearing process, staff explained to the council.