County approves Parachute revitalization plan
Redevelopment includes 68 apartment units, 3,100 square feet of commercial retail
PRESS RELEASE
December 17, 2024
Garfield County has approved a Parachute Urban Renewal Authority (URA) plan that aims to redevelop land between County Road 215 and Green Street to bolster commercial retail offerings in town. Located at the old Parachute Inn site, the project also includes an affordable housing component and would help revitalize commerce in the area.
Travis Elliott, Parachute town manager, told the Board of County Commissioners that the project is “transformative” and located at the gateway of the town’s commercial core.
“This is an exciting opportunity,” he told the board. “We’re requesting a Garfield County representative to participate in the URA process and we’ve been grateful for Commissioner (Mike) Samson’s participation in the URA meetings and his insight. … We’re excited about the potential and the project.”
Parachute Community and Economic Development Director Vinnie Tomasulo told the board that the Mountain View Plaza redevelopment is being affectionately called the “Parachute in” project. He noted that Headwaters Development purchased the property a couple years ago and has worked with the community and Colorado Division of Housing to secure funding for the project.
“It has an affordable housing component to it, in addition to roughly 3,100 square feet of commercial property, which they will be turning into condominiums and selling,” he told the board. “They did submit a site plan, and we went through that process very diligently for a good bit of time. We did approve that plan recently after going through the Board of Adjustment process.”
Tomasulo added that the existing Parachute Inn foundation will be utilized but the rest of the building is being razed. Demolition is slated for late January with construction beginning in spring as soon as weather allows.
“The result will be 68 apartment units, primarily one bedroom and studio, eight two-bedroom units, and 3,100 square feet of commercial that they’ll be selling,” he said. “They have submitted a building permit and a demolition permit. We met last week with their general contractor and everyone’s super excited.”
The town is planning new infrastructure around the development that is estimated at $1.3 million. The town has applied for a Department of Local Affairs (DOLA) More Housing Now and Land Use Initiative grant.
According to DOLA, the grants can be used for “publicly owned infrastructure and streetscape improvements: water, sewer, stormwater, publicly owned utility infrastructure, sidewalks, and streetscape or placemaking improvements, including high-efficiency streetlights, accessibility improvements, public electric vehicle (EV) charging stations, and bike or other multimodal improvements associated with an affordable housing project.”
“The net result is that grant will cover 75 percent of that $1.3 million,” Tomasulo said. “The remaining amount that the Town of Parachute would need to cover is about $170,000. That is what we’re looking for the URA to fund on behalf of the town.”
He said it’s feasible that county tax increment financing (TIF) funds could be used to pay for the town’s share of the cost. TIF funds are a method for financing new infrastructure and are sourced from existing taxes on the increased revenues created by the project it financed.
The infrastructure would service an adjacent four-acre property to the west that could also be home to future development.
“We’re hoping it has a catalytic effect and makes something happen there as well,” Tomasulo told the board. “Based on that, we think there may be more tax revenue generated in the future with the increased value of that property and the potential sales tax. … Somewhere between six and 25 years is the payback for that $170,000.”
The board approved the plan and the impact report unanimously, 3-0. Parachute (URA) will return to the BOCC with an intergovernmental agreement (IGA) in the coming months concerning the TIF.
“It’s been a pleasure to work with the Town of Parachute and the other entities that are on board,” said Commissioner Mike Samson. “I find the people down there are very friendly and very helpful to me in learning the process and I think I’ve been able to add a lot in the way of input to them from the county level.
“What we are planning to do will be a great benefit for the Town of Parachute, as well as Battlement Mesa and the surrounding area,” he added. “I see the Town of Parachute growing.”
More information is available on the Town of Parachute’s Urban Renewal Partnership webpage.