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The original item was published from 4/8/2020 4:25:00 PM to 4/22/2020 12:00:00 AM.

News and Announcements

News and Announcements

Posted on: April 8, 2020

[ARCHIVED] April 7 Council update

UPDATE-NEWS

Support programs for small businesses in Castle Rock impacted by the COVID-19 pandemic and a report on the Town’s 2019 year-end financial review were topics on Council’s April 7 meeting agenda.

Here’s a more in-depth look at those agenda items:

  • COVID-19 small business support programs approved – Council finalized a program that will allow the Town to provide one-time grants of up to $5,000 for small businesses impacted by the COVID-19 pandemic. Eligible businesses must have a physical, non-home-based location within the Town, 25 or fewer employees and be operating within Castle Rock for a minimum of one year.

    Funding will be prioritized for storefront retail, restaurants/food shops, and personal care small businesses (barber, hair and nail salons, etc.). Liquor stores, auto- and construction-related businesses, and regional businesses with more than five Colorado locations are not eligible for the program.

    Council also approved a separate program proposed by the Castle Rock EDC that uses Town funds to sponsor loans for qualifying small businesses. The program will provide at least 70 businesses with no-interest loans of up to $25,000 each. The Town will pay the service fees and interest costs. Loans will be provided on a first-come, first-served basis.

    Approximately $600,000 is being allocated for both programs – $200,000 for the grant program, and $400,000 for the loan program. About $300,000 will come from the Town’s Economic Development Fund, and $300,000 will come from the General Fund.

    These programs are in addition to the $200,000 Kiva loan program approved by Council on March 30 and amended at the April 7 meeting. The amendment increases the potential Town loan support amount to $4,000, or 50% of the total loan amount, whichever is less. The program offers crowdsourced loans of up to $15,000. Up to 50 businesses could receive Town support through the program.

    Additional information about the programs, including requirements and eligibility, can be found on the Castle Rock EDC website at castlerockedc.com.

    Watch the Council discussion
  • Update on the preliminary 2019 year-end financial review – Council received an update on the 2019 year-end financial condition of the Town. General Fund revenue was 3% more than budgeted, and expenditures were 6% under budget, in 2019. Additionally, capital expenditures made up 44% of total 2019 Town expenses. Those expenditures finished about 50% under budget, primarily due to the timing of capital projects that will be carried forward to 2020.

    Watch the presentation and Council discussion

Also on the agenda, Town Council approved a resolution to amend the policy for Town Council’s special procedures during a declared disaster. The amendment allows quasi-judicial public hearings to be heard at virtual meetings, with written authorization from the applicant. Town Council also approved procedures to allow some boards and commissions to hold virtual public hearings during this time, upon approval by the Mayor.

Coming up

The next meeting is scheduled for Tuesday, April 21. Visit CRgov.com/CouncilComments between April 16 and 21 to provide written feedback, or to sign up to speak during the virtual meeting. The meeting will be available live via CRgov.com/April21Council.

Questions? Email all Councilmembers at TownCouncil@CRgov.com, or find your Council representative at CRgov.com/Council; sign up for email updates by clicking “Get Email Updates.” Updates include summaries of top Council items, as well as previews to Council meetings.

View Town Council agendas at CRgov.com/Agendas. Watch Council live at CRgov.com/WatchCouncil, or catch a recording there after the meeting. Town Council meetings are also broadcast live and replayed on Comcast Channel 22.

Get Town news straight to your inbox. Sign up online at CRgov.com/NotifyMe, or follow the Town on Facebook (facebook.com/CRgov), Twitter (@CRgov), Instagram (CRGOV) and LinkedIn (search Town of Castle Rock.)

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