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Public Private Partnership - Element of a Vibrant, Vital and Resilient Downtown



What are public-private partnerships?

A public-private partnership is a contractual agreement between a private party and a government entity, for providing a public asset or service, in which the project responsibility is shared. These partnerships can be used to finance, build and operate a specific project. A public-private partnership may include significant infrastructure improvements such as roadway, pedestrian, storm water drainage and beautification to the overall site. Governments have used a mix of public and private undertakings throughout history.

Why is this element important?

There are 3 reasons why these partnerships are so vital to a towns economic stability: availability of private-sector technology and innovation, the ability to finance projects that would not have been completed otherwise, and both entities share the risks and rewards.

What are the current assets?

Has Parker ever entered into a public-private partnership? Absolutely. Events such as the Farmers Market and Parker Days are public-private partnerships. Additionally, in Parker development projects including Parker Flats, King Soopers Marketplace in Cottonwood and the Morningstar Assisted Living facility. These partnerships have led to true success stories for Parker.

Where are opportunities for improvement?

These partnerships help to ensure that the necessary investments are endowed to the public sector and that the project is managed in an effective and timely manner using advanced technology. A market analysis completed for downtown Parker concluded that a public-private partnership is needed for the success of office, housing and mixed use projects in downtown. Additionally, these partnerships are key in making capital infrastructure improvements, which greatly benefit the public.

How does developing the My Mainstreet parcels improve current conditions?

The development of the My Mainstreet parcels will help offset the costs of adding necessary infrastructure to downtown. Additionally, there are multiple vacant parcels in downtown that once developed will satisfy the gaps in downtown contributing to a more aesthetic and well-balanced appearance.


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