Fact or Fiction
My Mainstreet General
- Finance the issuance of bonds
- Reimburse developers for a portion of their project costs
- Acquire property
- Make public improvements to support redevelopment efforts
- Rebates on permit fees and/or construction use tax
- Rebates on incremental sales tax
Are there any approved plans for the development of the My Mainstreet parcels?
Currently, we do not have any final approved plans for the My Mainstreet parcels. The concept plans submitted by Confluence are not final approved plans.
What is the development process?
Click here to review the development process information.
What can be built in Downtown Parker?
In 2016 did the Town decide they would not develop Pine Curve?
No. In 2016, the Town was working on rezoning the property in preparation for developing the site. At that time Town Council voted to withdraw and postpone the rezoning proposal. The decision to postpone the rezoning was based on public concern that there was limited involvement from the public during the process. This is one of the reasons for the My Mainstreet project so that we can conduct a robust public engagement process before development.
How was the My Mainstreet information gathered in 2018 used?
The input received during the My Mainstreet process resulted in the My Mainstreet Strategic Framework: A Blueprint to Community Supported Development. The Parker Town Council and the P3 Authority Board adopted the Strategic Framework in November 2018. Any future development is expected to fit within this framework.
Can you explain the conceptual site plans and associated parking provided on the conceptual site plans for PACE Lot 2?
The conceptual site plans provided by Confluence will remove the parking lot in front of PACE and replace the parking with a Public Parking Garage next to PACE. The proposed public parking garage will have more parking stalls than the current surface lots.
There will be underground parking for the new buildings added to the PACE site to accommodate the new development as required by code.
The downtown parking regulations can be found in section 13.06.050(External link) of the Town’s municipal code.
Why wasn’t parks or open space considered for PACE Lot 2 and Pine Curve for the My Mainstreet Project?
After extensive community engagement, the Town of Parker adopted the Parker 2035 Master Plan in 2012 and the Mainstreet Master Plan in 2015. Each of these plans identifies the community vision for the PACE Lot and Pine Curve sites as follows:
PACE Lot 2 as part of the downtown core and Mixed-Use/Active Ground Floor Overlay Area that functions as a “. . . mixed-use neighborhood that includes uses such as higher density residential, office, government, arts, and cultural venues, restaurants, retail, personal services, as well as parks and other gathering places for community events. Provisions for these uses are promoted within vertically mixed-use developments that include housing and/or offices located above ground-floor retail and services.”
Pine Curve Property as part of the East Downtown Gateway and Mixed-Use Area that functions as a “mixed-use neighborhood that includes uses such as higher density residential, office, government, arts, and cultural venues, restaurants, retail, personal services, as well as parks, open space, and other public gathering places.”
The uses survey conducted as part of the My Mainstreet Project reflected the uses included with the community vision and the zoning for the sites. Since open space was not identified in the Town’s adopted Master Plans as the community vision, it was not provided as an option.
Additionally, the Parks, Recreation, and Open Space Department has not identified either the PACE Lot or Pine Curve sites as viable candidates for open space in the Parks and Recreation Master Plan.
Why is the parking in front of PACE all included in the sale of PACE Lot 2?
building on the lot. PACE Lot 2A is made up of the large parking lot and PACE Lot 2B, vacant land, and PACE Center signage.
When the Town listed PACE Lot 2 for sale, the entire lot was included in the listing, as the lot can be reconfigured from its current layout to accommodate new development. The new development will have to follow the Town regulations for parking and accommodate the new development and the PACE Center. Regardless of what future development may be approved for PACE Lot 2A and 2B, the number of current parking spaces would be retained and in all likelihood, increased, whether through surface parking or a potential parking garage.
Are you incorporating the public feedback from the My Mainstreet process into the future development plans for these sites?
Staff is working closely with all interested development partners to ensure they are aware of the My Mainstreet Strategic Framework, understand the plan's details, and have been made aware of the community feedback we received and the market analysis. As development opportunities move through the public approval process, any proposed development projects will have to meet or exceed the current Town of Parker plans, regulations, and the My Mainstreet Framework. If proposed developments do not meet these requirements, they will have to be identified, and a legitimate explanation for the deficiency must be provided. The Town Council or P3 Board will have to determine if the deficiency and explanation are acceptable.
What is the process for the Town and P3 to sell the My Mainstreet Properties?
Selling publicly owned land requires a public process. The Town and P3 have had these properties listed on the commercial real estate market since February 2019. Any developers interested in submitting an offer to purchase the property for development will provide an offer to staff. Staff will present the offer to Town Council or the P3 Board for a decision to accept or reject the offer.
Should an offer be accepted, the Town or P3 will enter into a purchase and sale agreement with the developer, after which the purchase and sale agreement will be approved or denied in a public hearing.
If the purchase and sale agreement is approved, the developer will enter into a Development Agreement with the Town and P3. The Development agreement will outline the phasing of the project, project requirements, incentive requests, and claw back provisions for the incentives. The Development Agreement will have to be approved before closing the property and transferring the land to the developer. Site Plan approval and construction will occur after the developer has gone through the same Site Plan process as any Town development is required.
Will residents be able to provide input on development proposals?
There has been extensive public engagement for the My Mainstreet Project. The public engagement component has concluded. As the project progresses toward development, It is anticipated that there will be public open houses with the developer as the properties go through the site plan process.
I want to develop this area as a park/open space, but I’ve heard that this isn’t an option. Explain why.
Why would the Town of Parker or P3 Parker provide incentives to developers and what are the benefits?
Development incentives are an important tool available to the Town and P3 Parker , however, each entity has different tools that they can use. In either case the incentives come in the form of a reimbursement of sales tax dollars (Town of Parker) and/or property tax dollars (P3 Parker). Incentives are utilizing dollars that we will not otherwise have but for the new development. All sales tax and/ or property incentives are reimbursed to the developer over time and are not given at the banging of a project. A specific percentage is reimbursed based on actual sales tax or property tax generated.
The Market analysis conducted during the 2018 My Mainstreet effort discussed incentives on page 84 of the report and is quoted below:
"Establish strong public private partnerships and development incentives for desired uses. Public private partnerships will be important for the success of a number of desired uses, including professional office development and denser, multifamily or mixed-use housing products. It also may be necessary to offer incentives for these development types to be feasible. As an example, according to developers interviewed, the primary challenges of building new office space are two-fold. First, it is difficult to pre-lease sufficient space from small users to obtain construction financing. Second, these smaller tenants are often unwilling or unable to pay the lease rates needed to support new construction. It will therefore take a partnership with an owner/developer interested in building additional speculative space. The development partnership and unique financing incentives for The Move Office Building in Castle Rock is an example of the creative approach needed to overcome the market and financial challenges for develop office space in the current market context.
For the retail and restaurant complex, the Town should consider meeting with experienced
developers of the comparable projects listed to understand the market and financial
requirements needed for this type of project to be built. It will require a public private
partnership with an experienced developer who can recruit the unique mix of tenants needed
for a successful project."
What is Tax Increment Financing (TIF)?
TIF is a tool that is available to P3 Parker and not the Town of Parker. The use of TIF is governed by state law. It enables URAs, like P3, to collect the new property and/or sales tax revenues generated within a designated urban renewal area to help finance further improvements. TIF is not a separate tax. The increase in property and sales tax revenues would not otherwise be available "but for" the redevelopment project. A URA can capture these incremental revenues for a period of up to 25 years.
What is the Tax and Fee Incentive Program (TAP)?
The Town offers economic development assistance tools for businesses looking to relocate or expand in Parker. Understanding that each business may vary in the type of assistance needed and each situation may differ; staff customizes all economic development assistance to the needs of the company and/or situation. TAP includes:
The Town of Parker believes economic development assistance to be significant in remaining competitive in attracting and retaining quality businesses and development to the Town. Using TAP, Parker can remain competitive, while safeguarding the funds used to assist companies in their location decision, resulting in an economically viable and sustainable community.Town of Parker Economic Development Website
What is a market analysis?
A market analysis is specific research that is done to discover what kind of development is possible in downtown Parker based on the economy, expected expansion and demand.