LOVELAND, Colo. (AP/CBS4) – A Minneapolis developer chosen to create a new Colorado business park to cultivate innovative technology has backed out of the project.
The Colorado Association for Manufacturing and Technology announced Monday that United Properties ended its exclusivity agreement for Aerospace and Clean Energy Manufacturing and Innovation Park at the former Agilent Technologies campus in Loveland.
United Properties President Frank Dutke says the company withdrew from the project over concerns of available credit tenancy and acceptable financing terms.
The goal of the 167-acre business park is to turn NASA-controlled patents into products. The association spearheading the project will continue to develop the park, which they say has significant tenant interest.
“We’re very confident that another partner will come along. We have, throughout the last 60 days and in fact even before then … have developers in tow that we were bringing as a city to the partnership to the relationship with CAMT,” Betsey Hale with Loveland Economic Development said. “We have every reason to believe those developers are still interested.”
Once developed, the association says the park could house up to 70 businesses and create up to 10,000 jobs statewide.
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