Parker's urban renewal authority, Partnering for Parker's Progress (P3), has secured two loans for eight capital improvement projects totaling $21 million. Parker Town Council approved an $11 million …
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Parker's urban renewal authority, Partnering for Parker's Progress (P3), has secured two loans for eight capital improvement projects totaling $21 million.
Parker Town Council approved an $11 million project to widen Cottonwood Bridge in north Parker Sept. 8. P3 is contributing $8 million for that project. In addition, P3 closed on a second loan worth $13 million for seven different improvement projects, according to a Sept. 9 news release.
The remaining seven improvement projects will take place in the Parker Central Urban Renewal Area, which encompasses the Mainstreet corridor from Twenty Mile Road to Pine Drive and the Parker Road corridor from Plaza Drive to south of Hilltop Road.
“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 additional projects in Parker Central.”
The loan P3 is financing for the Cottonwood Bridge project gives Parker the ability to divert the same funds to other improvement projects throughout town, according to the release. The Cottonwood Bridge sees almost daily congestion, the release states. The project will address an outdated two-lane bridge.
The additional $13 million will go toward projects in Parker's downtown and Hilltop areas. The projects will include expanding pedestrian access, improving landscaping, improving traffic circulation and adding “much-needed” street lighting, the release states.
For more information, visit P3Parker.com/parker-central.
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