Agenda Date: 09/15/2026
Subject:
Title
Resolution 64-2026: Approving a second amendment to the Economic Partnership Incentive Agreement Between the City of Littleton and RIG Mineral LLC for Retail Sales Tax Share Back
Body
From: James L. Becklenberg, City Manager Prepared by: Rachel King, Economic Development Director Presentations: Rachel King, Economic Development Director
PURPOSE:
To consider the approval of a second amendment to the Economic Partnership Incentive Agreement (“Agreement”) between the City of Littleton and RIG Mineral LLC.
LONG-TERM OUTCOME(S) SERVED:
Robust and Resilient Economy
DISCUSSION:
This is a request to amend the Agreement between RIG Mineral LLC and the city to reduce the sales tax share back that is currently capped at $29,500,000. The revised value is derived from an analysis performed by EPS to determine a fair market value considering the change in retailers in the development and the corresponding sales volume that was used to determine the original feasibility gap in 2024. The new value of $25,000,000 will be in effect starting with the first sales taxes generated being remitted to the city and will end with the maximum share back reached, or ten years, whichever occurs first. While all other aspects of the Agreement remain valid and unchanged, this substantive part of the contract does not require any up-front funding by the city. The terms remain performance-based and place the risk on the Applicant to perform, meaning it is entirely in the best interest of the Applicant to sell or lease properties for immediate development of retail and commercial users as quickly as possible. Additionally, it is also in their best interest to develop the Project with retail users that have higher sales per square foot volume, which is also beneficial to the city.
BACKGROUND:
In 2024, the city entered an Agreement with RIG Mineral LLC for the proposed redevelopment of the Lumen Technology site located at 700 West Mineral Avenue ...
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