Parachute County urges approval for $1.4M mixed-use development and infrastructure project

A significant development project is set to transform a vacant motel in Parachute into a 68-unit affordable housing complex, following a recent meeting of the Garfield Board of County Commissioners. The project, which also includes approximately 3,100 square feet of commercial space, aims to revitalize the area and stimulate future growth.

During the meeting, officials discussed the complexities of the Intergovernmental Agreement (IGA) related to the project, particularly the decision to exclude sales tax from the Tax Increment Financing (TIF) agreement. The focus will now be solely on property tax, with an estimated annual TIF revenue of $12.44 expected to grow over the 25-year lifespan of the agreement. A cap of $45,000 has been set to ensure that any future developments in the area will require further approval before TIF revenues can be collected.

The project has received a boost from a $1 million grant from the Department of Local Affairs, which will help cover the estimated $1.4 million cost of necessary public infrastructure improvements, including streets, sidewalks, and utilities. These upgrades are crucial for supporting the new housing complex and encouraging additional development in the region.

Commissioners expressed strong support for the initiative, highlighting its potential to address local housing needs and enhance the community's appeal. The demolition of the existing structure is expected to begin in the coming weeks, following the completion of asbestos abatement. This project marks a pivotal moment for Parachute, as it represents one of the first mixed-use developments in the area, setting a precedent for future projects.

As the community looks forward to the transformation of the Parachute Inn site, officials remain committed to ensuring that the development aligns with the needs and interests of local residents. The collaboration between county staff and the town of Parachute has been praised, with hopes that this project will serve as a catalyst for further growth and revitalization in the region.