CASTLE ROCK, Colo. -- The Castle Rock City Council is voting Tuesday night to move forward with a project that will be built on an old landfill.
The area is known to be a turnoff to developers because of the risks and costs to build on the land. The landfill was used up until the early 1980's. The city found a developer who is willing to pay to clean up the landfill. Miller's Landing will be a mixed-use development made up of a hotel, office and retail space.
"The site itself is very challenging," said Frank Gray, president and CEO of the Economic Development Corporation.
The city is voting on a finance agreement between the city and the developer.
"They've done their due diligence on the property. They've gone through the proper process with the state to make sure they've got a voluntary landfill cleanup plan that they've put together to make sure that it gets cleaned up according to the state regulations," said Gray.
The finance agreement would provide 100 percent of new property tax revenue and 60 percent of sales tax revenue generated by the development to be put back to the developer to cover the costs of removing the landfill. It is also earmarked for public improvements.
It is estimated the development will create between 3,000 and 4,000 jobs once the businesses are built.
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