Castle Rock has reached a deal with an Emmy-award winning production company to relocate its headquarters to town.
The town council on Feb. 5 approved an economic assistance agreement with Dorsey Pictures. Councilmembers George Teal and Jess Loban were absent for the 5-0 vote. The company is currently located in south Jefferson County but plans to relocate its headquarters to 4700 Castleton Way and lease an 11,266-square-foot space.
Dorsey is a media production company known for shows on networks like HGTV and National Geographic. It will bring with it 98 full-time employees to work and possibly live in Castle Rock and plans to hire 10 to 15 employees in the next two years.
Under the deal, Dorsey Pictures will receive between $2,000 and $3,000 for each job it creates or brings to town on a pay-for-performance basis, meaning it must provide the town information on job creation over the next two years before receiving incentive dollars. The agreement becomes effective on April 1 and is capped at $330,000.
“This is a really exciting day for economic development,” said Frank Gray, Castle Rock Economic Development Council president.
Dorsey originally looked into space at the Riverwalk development located near town hall and Festival Park. That mixed-use development project is slated to partially open this spring.
Gray said Dorsey's board grew interested in the space at 4700 Castleton Way because it offered more square footage for the expanding company at a comparable price. He expects the company will relocate within the second quarter of 2019.
Councilmember Jason Bower said relocating Dorsey into the Riverwalk — which aims to fill the downtown core with people who live and work in the area — would have been a “home run” but the location it found is still a good move for the town.
Gray and Vice President Marcus Notheisen told council Dorsey qualifies for the town's incentive program because it fits into a target industry as an IT or media company and is a primary employer. The town estimates 80 percent of residents commute outside of Castle Rock for work. The EDC has a goal of creating more jobs that keep people inside town borders.
“It's so hard for us to compete with the Tech Center and these other areas that have office space,” said Councilmember James Townsend.
The EDC reports Castle Rock has a lower percent of per capita office space than that of similar communities, including Longmont, Parker and Golden. As part of the agreement, Dorsey will produce four promotional videos for the town.
“I look forward to seeing,” said Councilmember Kevin Bracken, “great work come out of Castle Rock.”
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