On September 17, 2019 the Castle Rock Town Council voted to devote $20 million to the building of the Crystal Valley Parkway/I-25 Interchange. These funds will be raised between 2020 and 2023 through development impact fees on every new house built in Castle Rock (about $4,000 per new home).
From 2004 to 2018 approximately $12 million has been raised in funds dedicated to building the Interchange. These funds were placed in escrow and could only be used for the Interchange project. Since 2004 $8 million has been spent buying up land for the interchange (sometimes on deals done with Douglas County). There is just over $4 million left in that account. The Town’s intention is to spend that $4 million over the next two years buying up remaining property for the right-of-way and creating the detailed design for the Interchange.
In the November 2019 election Douglas County voters approved diverting part of the County sales tax to a “Transportation Fund” with the goal of the County providing $15 million over the next 4 years for the Interchange. This is NOT a new tax, just a vote re how to spend a tax already being paid.
There is a company looking to open their Corporate HQ on the west side of the Interchange. In addition to bringing in 5,000 jobs paying an average of $100 thousand per year over the next ten years, they would kick in $16 million towards building the Interchange.
The Town hopes to win an $11 million Federal Grant from the US Department of Transportation in October 2019.
A developer is wanting to build an office park west of the Interchange for the Corporation mentioned above. They are likely to borrow $30 million and to issue a tax-free bond to be paid back over time.
Presently the total Interchange project price tag is $94 million (which includes the costs for the west side frontage road).
- Town of Castle Rock New Home Development Fees $20 million
- Douglas County sales tax $15 million
- Corporate HQ Company $16 million
- Federal Transportation Grant $11 million
- Developer (office park) $30 million
- Total anticipated $92 million
The west side development will pick up the slack in their financing. This would also include a shortfall in the Federal grant or an increase in the total cost. Given the relatively high level of public financing on the plan now, the ability to finance the rest of the deal in the public bond market is very favorable. Even if revenues exceed current forecasts, the public contribution to this plan is not likely to increase. Any additional costs not foreseen at this time must be handled by the west side development.
The company looking to build their corporate HQ is also looking to roll $900 million into the total project. With that much money on the table, the likelihood of success increases substantially and the cost of the Interchange, although substantial, is a small portion of the overall expense of the entire development.
Depending on the private funding, building of the Interchange could begin in 2021 with a completion date in 2023.
This project is still a work in progress, but the Castle Rock Town Council has proved their determination to get the Interchange built sooner, rather than later.
The only improvements planned for the east side Frontage Road at this time are in the area where the Frontage Road will interface with the Interchange. All else is planned to remain the same. The majority of the Frontage Road in under CDOT Administration and they may have plans they have not shared with the Town.
Map of Planned Interchange
Relocate I-25 West Frontage Road Project
Town Councilman George Teal represents Crystal Valley and has strongly advocated over the last five years for getting the interchange built. He keeps the neighborhood apprised re interchange developments, welcomes questions, and can be contacted at: