Cities and towns sell or convey property frequently. The main reason for this is to enable the development of land to increase the value of the property and bring in more tax revenue. When a town brings in more tax revenue, it is able to increase the amenities and services it provides to the community, including police officers, public safety workers, park benches, picnic areas and even public transportation.
The Town and Partnering for Parker's Progress (P3), the Town's urban renewal authority, currently have five commercially zoned properties for sale in downtown Parker. It is the Town and P3’s desire to add to the vibrancy, vitality and resiliency of downtown by making the area both economically viable and successful.
The Town and P3 have fielded a multitude of questions about the My Mainstreet Implementation project. One of the most asked questions is what exactly is the process for the Town and P3 to sell these properties. The Town Charter requires that the sale of Town-owned land only be approved by Town Council through an Ordinance in a public hearing. P3 is required to adhere to its Property Disposition Policy, which states that the sale of P3 land be approved at a regular P3 Board of Directors meeting.
The Town and P3 have hired Navpoint Real Estate to sell these properties on the open commercial real estate market. It is Navpoint’s charge to coordinate with developers interested in submitting an offer to purchase a particular property and communicate this information to Town staff. Staff will then present the offer to the Town Council or the P3 Board for a decision to accept or reject the submitted offer. Once an offer is accepted, the Town or P3 will negotiate and enter into a purchase and sale agreement with the developer, which must be approved or denied in a public hearing. If the agreement is approved, the developer has 12 months to submit a site plan or, in the case of the Pine Curve parcel, a minor development plat. The site plan and minor development plat must be approved or denied in a public hearing, as well.
The last step in the process is to transfer ownership of the parcel over to the developer. This step happens only after the site plan and minor development plat are approved, because this allows the Town and P3 to ensure that the proposed development adheres to the Town’s 2035 Master Plan, the Mainstreet Master Plan and the My Mainstreet Strategic Framework. Once the transfer of ownership is complete, the developer will have 12 months to begin construction on the site.
For more information and updates on the sale of the My Mainstreet properties, please visit www.LetsTalkParker.org/MyMainstreet-Implementation.