Urban Renewal Authority Obtains Capital Improvement Loans
On Sept. 4, Partnering for Parker’s Progress (P3), the Parker Urban Renewal Authority, closed on two loans totaling $21 million 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 $21 million for the Town to utilize for improvements elsewhere in Parker.
The Parker Town Council approved an $11 million project on Sept. 8 to widen the Cottonwood Bridge in north Parker (more information available below). This project is a collaboration between P3 and the Town of Parker with P3 providing $8 million in funding. 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, P3 Director. "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 other 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 projects throughout Town. The project will address an area that sees almost daily congestion due to an outdated two-lane bridge.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 $13 million. 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 our community.
Cottonwood Drive Widening Project
One of the major projects that will receive partial P3 funding, the long-anticipated Cottonwood Drive Widening Project, is scheduled to begin in October.
This project features the widening of Cottonwood Drive between Cottonwood Way and Jordan Road from the existing two traffic lanes to four lanes. The existing bridge spanning Cherry Creek, built in the 1980s, will be renovated, and a new adjacent bridge will be constructed to accommodate the added lanes of traffic. The project is expected to be under construction through the end of 2021.
For more information about this project, visit www.ParkerOnline.org/CottonwoodWidening.
Jordan Road at Village Center Drive Improvements
Improvements aimed at enhancing traffic safety will be completed in the next month at the intersection of Jordan Road and Village Center Drive, located just south of the Jordan Road/Lincoln Road intersection.
These safety measures include the elimination of east/west cross traffic at Village Center Drive. Vehicles in this area will still be able to make right-in, right-out movements from both the northbound and southbound lanes of Jordan Road, however, a high level of accidents in the area has necessitated the elimination of east/west cross traffic that is allowed at present. Left turns from Village Center Drive onto Jordan Road will no longer be allowed. Northbound motorists on Jordan will still be able to turn west on Village Center. A new median will be crossable by emergency vehicles to preserve public safety.
This intersection was originally identified as an area for future improvement by Douglas County prior to annexation into the Town of Parker in the early 2000s. Increased traffic and accident levels in recent years at the intersection have made the changes necessary moving forward.