The city of Denver is preparing to purchase the 155-acre Park Hill Golf Club, which sits on land controlled by the nonprofit Clayton Early Learning in northeastern Denver.
The proposed deal, which would require the approval of the Denver City Council, would have Denver pay $20.5 million over the course of 30 years for the property.
It’s also a rare opportunity for the city to guide what happens on a huge swath of open land in central Denver, he said.
Denver would only commit to paying $20.5 million over 30 years under this arrangement, not $24 million, but Clayton also would get up to $3.5 million more if the land is resold to developers or others.
The city has been talking about using part of the land for flood control for about six years, according to Brantley.
If the city’s elected leaders approve, Denver would buy 80 acres of the land near Park Hill early in 2019 for $10 million.
The city would also begin to lease the remaining 75 acres for $350,000 a year; after 30 years, the 75 acres would officially belong to the city government.
The nonprofit agreed back in the 1990s that it would not develop the land; in exchange, the city paid the nonprofit $2 million.
While affordable housing is in hot demand, the council already has heard demands that the land be preserved as open space and this deal makes no promises about what will become of the Park Hill Golf Club.