Castle Rock to consider Miller’s Landing plan with 65.204-mill tax levy

Castle Rock Town Council is scheduled to consider Miller’s Landing Business Improvement District’s proposed 2027 operating plan and budget on Oct. 6. The plan proposes a 65.204-mill property-tax levy and future borrowing intended to provide up to $65 million in net proceeds for public improvements, the district’s proposed plan says.

The budget projects $1.38 million in expenditures, including $842,339 for debt service and $500,000 for capital projects. Listed improvements include design and engineering, grading and retaining walls, water and sewer, stormwater and street work. The plan says improvements must qualify as public improvements and be owned, leased or supported by property rights held by specified public entities.

The proposed borrowing is measured by net proceeds after issuance costs, not by a stated face-value bond limit. Proceeds could cover planning, engineering, land acquisition, construction and related financing costs. Any debt issuance would require Town approval of a Plan of Finance under the Public Finance Agreement. The district also has $21.25 million in revenue bonds issued in 2018; the plan identifies property taxes, urban-renewal tax increment and a Public Improvement Fee as potential repayment sources, and says developer advances have backstopped payments on outstanding debt.

The proposed levy includes 9.435 mills for operations and 55.769 mills for debt service. A mill is a property-tax rate applied to assessed value. The plan says the debt-service portion, because it exceeds 50 mills, requires Town approval. The budget estimates $31,081 in property-tax revenue.

The plan also proposes a Public Improvement Fee on sales and lodging rentals within the district to help repay debt; it does not state the fee rates. The Oct. 6 Council agenda lists the proposed plan and budget as Resolution 2026-107 for consideration.