HomeMy WebLinkAboutRIVERWALK ANNEXATION & ZONING - 27-09 - MEDIA - CORRESPONDENCE (3)Land purchase is
prudent decision
for city, citizens
0404- d r, ada?
Deal allows city to develop
water storage, enhance gateway
The city of Fort Collins has entered into a
beneficial deal to purchase about half the
land where the Riverwalk project eventual-
ly could be located.
The city will purchase 128 acres of the
land near Harmony Road and Interstate 25
intersection for $5.8 million. The city of
Fort Collins will use about 80 acres for a
gravel pit reservoir for water storage — a
prudent land -management and growth -
management decision. The reservoir will
store up to 2,000 acre feet of water (an acre
foot of water can serve the needs of two to
three single-family homes for a year).
The purchase also allows the city a
greater role in determining the aesthetics
and future of one of its primary gateways
— an enhancement that extends well
beyond the intersection.
The parcel at the southwest corner of the
intersection has been the subject of much
controversy. At one point, Riverwalk devel-
oper Jay Stoner took the project to Timnath
when he believed his plan would not receive
fair consideration in Fort Collins.
Eventually, after some legal maneuvering,
an agreement between the town of Timnath
and city of Fort Collins saw the project
return to Fort Collins' jurisdiction.
Negotiations for the city to purchase the
land for the reservoir had begun before the
conflict arose and were put on hold until
the intergovernmental agreement was
reached.
The development project on the remain-
ing land, about 138 acres, is now likely to
be a scaled -back version of the original
plan for Riverwalk, which was a high -den-
sity, transit -oriented development. If this
project continues, such transit -oriented
development should be encouraged.
In the meantime, Fort Collins has
proved its water storage and secured a
key gateway to the community. Tlus is a
prudent deal for the city of Fort Collins and
its taxpayers.