Castle Pines Urban Renewal Authority Adopts Two Budgets, Advancing TIF Projects
The Castle Pines Urban Renewal Authority approved its 2025 and 2026 budgets at a December 2 meeting, formalizing funding plans that will guide redevelopment in the Central Business Zone District. The decisions matter to local residents because they set the framework for tax increment financing investments that can shape future commercial development and affect tax revenue flows for local services.
The Castle Pines Urban Renewal Authority voted to adopt its 2025 budget and its 2026 budget during a meeting on December 2. The approvals establish the Authority's spending framework for the remainder of 2025 and for next year, clearing the way for continued use of tax increment financing to support targeted redevelopment in the Central Business Zone District.
The Authority is an 11 member board that includes seven members of the Castle Pines City Council, one member appointed by the mayor and approved by the council, and three additional members representing taxing districts. Those taxing district seats represent the Douglas County School District, South Metro Fire Rescue Fire Protection District, and Douglas County, as required by state law HB 15 1348. Board members serve staggered five year terms and the URA operates under Colorado State Statutes as an entity independent of other budgeting authorities.
The URA's primary implementation strategy is to provide selected property owners, business owners, or developers with financial assistance to spur investment in the Central Business Zone District. The main financing tool is tax increment financing, known as TIF. TIF captures the net new or incremental property taxes created when investment or improvements raise assessed values. The Authority may use those revenues to reimburse allowable expenses for projects, and TIF collections and disbursements can continue for up to 25 years for an individual project.
For residents and local taxpayers the budget adoptions are consequential because TIF projects can accelerate redevelopment while shifting incremental tax revenues toward project financing rather than to general operating budgets for schools and fire services during the TIF period. The presence of taxing district representatives on the board is designed to provide those districts with a voice in decisions that could affect their long term revenue streams.
Residents who want more detail can review the Urban Renewal Authority meeting agenda, and watch the recording of the December 2 meeting on the Authority's meetings webpage. The adopted budgets set the stage for project evaluations and potential agreements with private developers in the coming months, as the URA moves to implement its investment strategy for downtown Castle Pines.
