Urban Renewal In Parker
The Town of Parker established the Parker Authority for Reinvestment (PAR)June 19, 2006 to foster development and redevelopment that maintains our community's quality of life and our public spaces through alleviating and preventing blight.
The mission of the PAR is to encourage investment and reinvestment within targeted areas of the community in an effort to enhance and preserve the Town's vitality through:
- Development of balanced, sustainable environments where people live, work and come together as a community.
- Facilitation of private investment to stimulate quality revitalization, redevelopment and infill development. Safeguard and prudently expend the Authority's funds.
Urban Renewal Areas
- Cottonwood Commercial Urban Renewal Area Map
- Parker Central Urban Renewal Area Map
- Parker Road Urban Renewal Area Map
The PAR administers the implementation of three urban renewal plan areas:
- Cottonwood Commercial Area Urban Renewal Plan - approved Feb 18, 2014
- Parker Central Area Reinvestment Plan - approved May 18, 2009
- Parker Road Urban Renewal Plan - approved May 5, 2014
PAR’s Urban Renewal Tools
Tax Increment Financing (TIF) is a statutory authorization that enables PAR to collect the net new property and/or municipal sales tax revenues generated within a designated urban renewal area to help finance future improvements. TIF is not an additional tax. It is the new sales and property tax revenues that would not be available but for urban renewal projects.
When a redevelopment project is being planned, PAR will analyze how much additional property and/or sales taxes may be generated once the redevelopment is completed.
The additional property and sales taxes or “tax increment,” can then be used by PAR as revenue for the repayment of bonds or as reimbursement to fill a financial gap.
In either case, PAR must determine the need for financial assistance and the new tax revenue that is created must be used for improvements that have a public benefit and that support the redevelopment effort, such as site clearance, streets, utilities, parks, the removal of hazardous materials or conditions, or site acquisition.
PAR Board Information- The Parker Town Council also acts as the PAR Authority Board as established in the bylaws establishing the Authority on June 19, 2006.
- Advisory Committee Information
- The Authority Board created the Parker Authority for Reinvestment Advisory Committee (PARAC) for the purpose of facilitating public input on projects and activities of the Authority to provide recommendations to the Authority.
- The Authority adopted Bylaws for the Advisory Committee, establishing a membership of between 5 and 7 regular members.
- PAR Authority Board meetings are held as needed on the first and third Monday of the month immediately following Town Council Meetings. Town Council meetings begin at 7 p.m. On occasion, the PAR Authority Board may convene Study Session on the 2nd and 4th Monday.
- The PAR Advisory Committee meetings are held at 7 p.m. on the 4th Wednesday of each month at Town Hall, 20120 E. Mainstreet.
- View agendas and meeting minutes for PAR Authority Board and PAR Advisory Committee