Parker's Urban Renewal Authority Obtains Capital Improvement Loans

Parker, Colo. – On September 4, 2020, Partnering for Parker’s Progress (P3), the Parker Urban Renewal Authority, closed on two loans totaling $21M for eight capital improvement projects in Parker. P3 operates with the goal of improving Parker through key partnerships, programs and investments. These loans will allow P3 to provide capital projects funding for several key infrastructure projects, saving nearly $21M for the Town to utilize for improvements elsewhere in Parker.

Last night, the Parker Town Council approved an $11M project to widen the Cottonwood Bridge in north Parker. This project is a collaboration between P3 and the Town of Parker with P3 providing $8M in funding for the project. The Town will provide the remaining funds and complete the work.

“We are excited to partner with the Town and invest in these key improvement projects,” said Weldy Feazell, Director of P3. “The Cottonwood Bridge has been a project we’ve been planning to invest in for some time. In addition, we are looking to complete seven additional projects in Parker Central.”

The loan that P3 is financing for the Cottonwood Bridge project gives the Town flexibility to divert these same funds to other improvement projects throughout Town. The Cottonwood Bridge project will address an area that sees almost daily congestion due to an outdated two-lane bridge.

In addition to the Cottonwood project, P3 will also invest in seven different Parker Central Urban Renewal Area improvement projects totaling $13M. These projects will address several needed improvements including expanding pedestrian access, improving landscaping, improving traffic circulation and adding much-needed street lighting.  

P3 aims to make Parker the best place for the businesses who operate here, and the residents who call the Town home. These capital improvement projects add value back into Parker, creating a more vibrant aesthetic to two key areas in Town.