Richmark Companies gets green light for new $60 million park project, Wake Park and Recreation District

By Kelly Ragan

Richmark Companies, a local real estate development and oil and gas investment firm owned by the Richardson family, has set its sights on creating another parks and recreation district in Greeley. 

This is the second park and recreation district put forward by Richmark Companies. Council approved Ash Park, the first proposal, in 2022 – a 470-acre chunk of land on the city’s eastern edge. The move is similar to creating metro districts, which have a dubious reputation in Colorado. 

This new project, dubbed the Wake Park and Recreation district, involves about 99 acres of land near U.S. 85 and 6th Avenue in east Greeley. Some of the features include ATV and mountain bike trails, open space, a white water park, volleyball courts, pickleball courts, tennis courts and more. 

“These are some of the outdoor amenities that so many people love in this town,” said Adam Frazier of Richmark Companies. 

Plans call for a 75,000 square-foot recreation building, 36,400 square-foot equipment rental building, 1.92 miles of ATV trails, 0.46 miles of mountain bike trails and more. 

Richmark intends to spend about $60 million improving the property with park and recreation uses, Frazier said. 

Council approved a resolution to form a new park and recreation district called the Wake Park and Recreation district 6-1. Councilmember Tommy Butler was the lone no-vote on creating a recreation district. He was the lone no-vote with the last project proposal as well. 

The resolution approved a proposed $30 million debt cap – funded by a mill levy within the recreation district. The proposal noted that properties outside the district boundary would not be included in the taxing district. 

As it stands, that means Richmark will essentially be taxing itself — what would have been oil and gas revenue taxed by the state would instead be oil and gas revenue taxed by the parks and rec district.

Richmark plans to borrow $30 million to fund about half the project, then use the taxes generated on site to carry out the project. 

“We’re only proposing Richmark owned properties in the district,” said Frazier. “If we ever want to grow the district, we have to do it with council approval.” 

Richmark Companies did not request that the city allow them to use debt to fund the Ash Park project – and it shows. 

During the city council meeting, Deb DeBoutez pointed out Richmark hasn’t yet started any of the improvements promised in the Ash Park proposal. 

“You’re having to build up the cash in order to make the improvements, do I understand that right?” DeBoutez asked. 

“Yes ma’am, that’s right,” Frazier said, in addition to hashing out an agreement with the Greeley Urban Renewal Authority. 

At the meeting, Butler asked Frazier why create a new parks and rec district now, when Richmark hasn’t made more moves with Ash Park.

Frazier said that most of their current revenue from the property comes from existing oil and gas wells, but those wells are depleting in productivity. 

“There’s a serious dollar missing if we don’t get this approved this year,” Frazier said.  

Don Tripp, Greeley’s new deputy city manager, said the city’s Culture, Parks and Recreation Department will always view nonprofit privatization efforts as complimentary to the work it’s doing.