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Minneapolis Developer Backs Out Of NASA Park

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LOVELAND, Colo. (AP) – 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.

Once developed, the association says the park could house up to 70 businesses and create up to 10,000 jobs statewide.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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