A timeline of the Loveland ACE project

It has been well over a year since the Colorado Association of Manufacturing and Technology announced its desire to create the Aerospace Clean Energy Manufacturing and Innovation Park, sparking a race between municipalities to win the rights to an economic powerhouse with the capacity to create as many as 10,000 jobs. Here, we provide a look back at the progression of the ACE Park, from the beginning to the present:

December 2010 – ACE project announced.

Jan. 14, 2011 – Eleven sites are in the running for the location of the ACE Park, including Longmont, Loveland, Greeley and Windsor. CAMT expects to choose a site by March 15.

Feb. 16 – City of Loveland issues a request for proposal for Agilent Technologies campus after learning that CAMT did not want to specify a developer as part of the bidding process.

March 3 – Seven developers respond to Loveland’s RFP, including Loveland Commercial, McWhinney and Next Generation Holdings of Loveland and Neenan Co. of Fort Collins.

April 6 – Loveland and CAMT enter negotiations involving Agilent campus.

May 10 – Loveland City Council agrees to appropriate $5.8 million for the purchase of the Agilent property. The funds are to come from five different sources, with the majority of the money, $4.5 million, coming from the city’s raw water fund, to be repaid upon the sale of the property to a developer. The city ultimately paid $5.5 million for the property.

June 9 – United Properties, based in Minnesota, is announced as the developer of the ACE Park, officially confirming the Agilent campus and the City of Loveland as the site of the park.

Aug. 5 – CAMT and UP officials visit NASA’s Research Park in Silicon Valley to anticipate challenges they may face in developing ACE.

Aug. 22 – United Properties drops out of the project, saying that “credit tenancy and acceptable financing terms do not appear to be achievable within the required timeframe.”

Aug. 30 – The City of Loveland issues another request for proposal for the development of the Agilent property.

Oct. 5 – Loveland selects Bowling Green, Ky.-based Cumberland and Western to develop the property. Cumberland and Western’s bid included an offer to pay $5 million in cash for the Agilent campus.

Oct. 26 – Cumberland and Western purchases the Agilent campus from Loveland for $5 million.

Dec. 21 – Cumberland and Western’s purchase of the Agilent campus is final, and the developer renames the site the Rocky Mountain Center for Innovation and Technology.

Jan. 27, 2012 – The Business Report reports that CAMT has dedicated 12 full-time staffers to the support of the project.

Feb. 14 – The Business Report reports that the number of jobs that can realistically be expected at the park is 4,500, a significant departure from initial estimates of between 7,000 and 10,000.

March 8 – CAMT withdraws from the project. Loveland officials cite a disagreement over how many tenants should fill the space. The City of Loveland launches a Technology Acceleration Program, first developed in December 2011, in conjunction with Cumberland and Western and Longmont-based consultant DA2 to attract companies to the park.

Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR

RSS

Advertising

Social Network

 
Facebook Icon
Twitter Icon
LinkedIn Icon