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Site History

How a blighted landfill becomes a place to enjoy

This project will deliver many new and improved public infrastructure assets and amenities, including the landfill cleanup, road enhancements, water system upgrades and more, before construction can begin on the places and spaces that will cater to the needs of residents, employers, and tourists.

These are responsibilities that the master developer will assume on this blighted property because the Town of Castle Rock and Douglas County are not in a financial position to fund such an undertaking (most local governments aren’t). In exchange for the landfill remediation and up front private investment, the Town of Castle Rock has implemented two economic tools to help defray those costs and generate redevelopment. To make this successful, Town leadership, stakeholders, and the master developer all worked on a shared vision for Miller’s Landing to benefit the entire community.

In 2015, the first step in realizing the vision was the Town of Castle Rock authorizing an Urban Renewal Plan for the site, which allows a portion of the new property and sales taxes generated on the property to be used to pay back the bonds borrowed by a future developer to help fund the remediation and infrastructure.

Then, in 2017, the Town of Castle Rock worked with P3 (a master developer) who was interested in the property to create a Business Improvement District which would impose an additional property tax on commercial properties within its boundaries to help fund continued maintenance and improvements.

By 2018 all the pieces were in place for P3 to make the initial investment in the property with the Urban Renewal Plan and a Business Improvement District in place to help pay back a portion of the costs. Together, the new tax revenues generated by the private investment within the property through 2039 will be used to offset costs on the following $50 million in public improvements and amenities. Any cost savings must be used for public improvements and projects.   

Removal of trash and comprehensive clean on a
blighted brownfield that included a 9-acre landfill neglected for more than 40 years.
$ 9 Million Estimated Cost
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Contribution and improvement of a 7.2 acres (2.97 acres public, 4.3 acres private) of open space and construction of a 0.5-mile (2936 feet) regional trail.
$ 562,000 Estimated Cost
  •  
Widening of and improvement to W. Plum Creek Parkway with roundabout and realignment of Prairie Hawk drive
$ 9.4 Million Estimated Cost
  •  
Industrial Tributary improvements and water, storm water, and sewer improvements.
$ 8 Million Estimated Cost
  •  
Additional public amenities (such as benches, landscaping, fountains, etc. to be defined during design phase).
$ 584,000 Estimated Cost
  •  

Public
Parking

$ 19 Million Estimated Cost
  •  
Retaining walls and grading
$ 9 Million Estimated Cost
  •  

Additional Information: URA and BID

The Urban Renewal Plan was approved by the Urban Renewal Authority (URA), which is comprised of the Castle Rock Mayor and Town Council.
  • This captures 100% of the new property and sales tax revenues generated on site through 2039 and dedicates that increment to pay for the $50 million in estimated public improvements as stated above.
    • The tax rate does not increase. As the master developer invests private funds in the property, its value increases and generates additional taxes.
  • Douglas County and the other property tax levying entities will continue to receive the same property tax revenues generated by the property as of 2015, as well as the re-appraisal increases that occur every two years.
  • 60% of the new sales tax revenues through 2039 are dedicated to public improvements and 40% goes to the Town.
    • There have been no sales tax generated on the property up to now because it has been a landfill.
The Business Improvement District (BID) submits an annual budget and operating plan to the Town of Castle Rock for approval.
  • An additional 1.25% public improvement fee is in place within the BID, which is dedicated 100% to public improvements.