Parker is one step closer to developing five parcels in its downtown after the town council approved on first reading a sale agreement of the land on Aug. 15.
After second reading, the town council will still need to approve the development agreement for the land from the buyer, Confluence Companies, according to the plan.
The first reading of the sale agreement was approved in the consent agenda during the council meeting and therefore was not discussed. The final approval is scheduled for Sept. 6, when there will be a public hearing.
Within about three weeks after the sale agreement is approved in its second reading, Confluence will be required to provide the terms of the development agreement to the town. The agreement will then be negotiated between the two parties. If they do not reach an agreement by Nov. 7, the sale agreement will be terminated.
Confluence Companies, which developed parts of downtown Golden and Castle Rock, presented a plan of a variety of mixed-use developments including added restaurants, retail space, plazas and residential units for the downtown corridor in April.
The company’s proposal would take up to 10 years and would be a commitment of about $300 million of development for the downtown area. The Urban Renewal Authority, or P3, entered into a 90-day exclusive negotiation agreement with Confluence Companies in January and decided to extend the agreement another 90 days in April.
During the April meeting, Confluence Companies said they would return with more firm plans and financial modeling in their next meeting with the town council.
The five parcels, including Pine Curve and the space in front of the PACE Center, will be sold for a total of $16 million, according to the agreement.
The town has held several executive sessions regarding the project in the past few months.
Council member Cheryl Poage voted against the approval of the consent agenda.
The parcels are:
Editor's Note: This story has been updated to clarify that the purchase agreement still needs to be approved on second reading.
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