Town Administrator January 13, 2020Criminal Fraud Update.
The Town’s primary insurance carrier, CIRSA, notified the Town that the loss from the criminal fraud is covered by the Town’s policy with CIRSA covering loses from criminal acts. That policy covers $150,000 of the loss and CIRSA has paid that claim to the Town. The Town also has a secondary policy with AIG, to cover larger losses from criminal acts up to $2 million with a $150,000 deductible. The structure of the two policies is intended to protect the Town against losses up to $2 million in a cost-effective way, with the CIRSA policy covering the deductible of the AIG policy if the loss exceeds the limit of the CIRSA policy. As of this date, and with AIG citing various reasons for the delay mostly unrelated to the Town’s loss claim, AIG has still not issued its determination on the Town’s claim to cover the remainder of the Town’s loss. For a detailed review of the events surrounding the criminal fraud, the Town’s insurance coverage and additional information, please see the information at this link
.Business and Development Incentive Program
The Economic Development Department is developing a Business and Development Incentive Program to further entice and maintain businesses. The recent Community Survey
results identified incentives for businesses as a top funding priority. In partnership with Upstate Colorado and other economic development partners, the goal for the incentive program is to create jobs, expand the tax base, encourage existing businesses to make capital investments, and spur new office, industrial, and retail expansion and development.