DENVER – Denver will buy the 155-acre Park Hill Golf Course property and work with Clayton Early Learning to develop a master plan for the area in an agreement expected to be presented to the city council next month.
As terms of the agreement, the city of Denver will immediately spend $10 million on the property as a down payment, then will pay $350,000 each year for the next 30 in a lease-to-own agreement.
That agreement will come with an early buyout provision. If all the payments are made, Denver could end up paying the trust $10.5 million on top of the initial $10 million payment, which would result in $20.5 million being spent on the land.
Between 20 and 25 acres are expected to be set aside for golfing, open space or park space as part of the Platte to Park Hill storm-water program tentatively approved by the city council in mid-August.
What exactly will happen with the rest of the land remains up in the air.
Clayton Early Learning says the community will be able to have more input on what will be put into the rest of the land, and that the city will consider different options that could include retail, residential, recreational, parks or open space use.
The city council will still have to approve the agreement and determine what its role in future development and planning will be.
The tentative proposed agreement has been ongoing since last year, when the George W. Clayton Trust, announced it was considering other options with the land.
Denver was the initial trustee of the George W. Clayton Trust, which was established in 1899.