Colorado Real Estate Journal -
Castle Rock Economic Development Council(Castle Rock EDC) is a full-service, member-driven economic development organization serving Castle Rock’s 2,500 businesses and 50,000-plus residents. Ideally situated between two major metro markets – Denver and Colorado Springs – Castle Rock EDC and its members are dedicated to playing a leadership role in aggressively driving economic vitality and supporting business development in the region. Castle Rock prides itself in doing what no other community is doing to attract and support business. Those living in Castle Rock often choose to do so because of its small-town charm, good schools, tremendous recreational amenities and proximity to everything Colorado offers. But Castle Rock also is quickly building a reputation for being good for business, and has earned the award for Colorado’s Large Community of the Year by the Economic Development Council of Colorado (EDCC). This honor has been bestowed on Castle Rock for the second time in three years (previous win in 2009). “It’s a great honor to be recognized by the EDCC,” said Mayor Paul Donahue. “I chose to live in Castle Rock because it’s a great place for my family, but it’s also a place where businesses can find a proactive government and EDC that work creatively to support existing and prospective companies.” One of the unique foundations to Castle Rock’s success is the Castle Rock Economic Partnership (CREP). CREP is a community organization with representatives from the Town, Castle Rock Economic Development Council, Castle Rock Chamber of Commerce and Castle Rock Downtown Alliance (Downtown Merchants Association and Downtown Development Authority). The partnership meets weekly and works together to aggressively pursue business opportunities for the Town. CREP has had numerous significant accomplishments during the last year: • $5 Million Performance Fund created by Castle Rock Town Council to be used to attract desired businesses to Castle Rock and help existing businesses grow. • 10 Days or It’s Free program where the Town’s building division reviews tenant finish applications within 10 days or the permit is free. • Development Roundtable created where Town officials and staff work directly with the development community to streamline processes and write regulations. • Architectural design contest and façade improvement grant program in downtown Castle Rock. • Attracted higher education to Castle Rock: Arapahoe Community College and Webster University. • Attracted a new retail center to include Panera Bread, Noodles & Company, Five Guys Burgers and Fries, Smart Cow Yogurt Bar, Complete Nutrition and others. • Mid-block crosswalks in downtown Castle Rock to enhance the pedestrian experience. • 23 visits to existing businesses, resulting in 115 requests for service and direct working relationships with expanding businesses such as Commnet, Maxfire, Airship Printing, Sunset Stone and mywedding.com. Castle Rock residents have asked for amenities that the town has worked hard to attract and make a reality. In September 2011 the much-anticipated phase one of Centura Health’s Castle Rock Adventist Health Campus opened. This first phase of the health campus boasts a 23,000-square foot emergency department that is open 24 hours every day, and includes state-of-the-art medical imaging and laboratory services. Under construction now is phase two, which includes a recently approved 212,240- sf, four-story hospital with 50 licensed beds, including intensive care, medical/surgical, obstetrics and neonatal intensive care, along with a full complement of hospital services such as three operating rooms, two dedicated cesarean-section operating suites and a cardiac catheterization lab. The $128 million hospital is financed by Adventist Health Systems. The hospital is expected to open in the summer of 2013. Additional growth on the hospital campus includes a 40,000-sf medical office building and extensive site development, expected to open as soon as summer 2012. Last year also marked the opening of Kaiser Permanente, open to all Kaiser Permanente members in the Denver/Boulder and southern Colorado service areas. The medical office building consists of two floors and will provide a variety of services in one convenient location. The facility will offer primary care (family medicine, internal medicine and pediatrics), dermatology, laboratory, pharmacy and radiology services. With the economic climate of the last few years, it’s been more challenging than ever nationwide to construct new business or development. But Castle Rock has taken huge, groundbreaking steps to make it easier. The performance surety a developer must pay to the Town for public and private improvements (such as streets, curb/ gutter, lighting, etc.) related to the project has been dramatically reduced. This reduction comes after months of the Town and Castle Rock Economic Development Council working together with developers. Performance surety amount has been reduced from 115 percent of project amount to 100 percent (if being paid through a bond); 75 percent (if being paid through a letter of credit); or as low as 65 percent (if paid through cash/escrow). There also have been changes to warranty sureties. The warranty surety amount has been increased from 15 percent of the actual project cost to 25 percent. Warranty surety amounts may be reduced one time from 25 percent to 10 percent when certain requirements are met. For more information about development and business opportunities in Castle Rock, contact the Castle Rock EDC, (303) 688- 7488, or visit www.castlerockedc.com.