Castle Rock revenues, housing up

A new LED sign installed outside of town hall will communicate event and emergency messaging with town residents.
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Castle Rock issued a total of 534 single-family housing permits in 2012. But in just the first six months of 2013, that has been surpassed, by a lot: 630 permits have been issued.

Nicole Carner, Castle Rock's budget finance supervisor, who was presenting a mid-year financial report about 2013's first six months to town council Sept. 3, said “issuance of single-family permits is up by about 92 percent over the same period in 2012.”

The positive numbers kept coming as Carner also reported that overall town revenues are up 8 percent in the first six months of 2013.

Sales tax revenue alone is up about 9.2 percent, compared with the same period in 2012.

Total sales tax revenue for the first six months of 2012 was $13.9 million. For the first six months of 2013, the total was $15.2 million.

“On an overall basis, all funds are performing positively,” Carner said.

On the expenditure side, town departments continue to be fiscally responsible, she said.

The general fund, which is budgeted for $38.1 million and funds much of the town's operations, is approximately 10 percent under the year-to-date budget, she said.

“It's always nice to be able to present good news all the way around …,” Mayor Paul Donahue said after her presentation.

Frank Gray, president and CEO of Castle Rock Economic Development Council, said in a Sept. 4 email that he is excited about the pace of growth the community is experiencing and all the business and development opportunities that are associated with a thriving community.

“We have seen tremendous interest in the Castle Rock commercial, industrial and retail markets, and our biggest challenge is that we don't have the commercial inventory to keep up with amount of demand,” he said. “It is a good problem to have, but a difficult issue to solve, given the challenging access to capital.”

Gray explained that banks want to see buildings 80 percent pre-leased before they will fund projects.

“That's fairly close to impossible,” he said.

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