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PureCycle Corp. announced that the Arapahoe County Board of County Commissioners unanimously approved the development plan for a new master planned community known as Sky Ranch. The Board approval was subsequent to the Arapahoe County Planning Commission's unanimous approval of the Sky Ranch development plan in December of 2003.
In November, PureCycle announced the Sky Ranch Water Service Contract which provides for the company to provide water service to this mixed-use development which will include single-family and multi-family residences as well as up to 1 million square feet of commercial businesses. The project is expected to generate up to $50 million in capital fees as well as generate approximately $2.4 million annually from water sales at build-out. Construction is expected to begin in summer of 2004.
Mark Harding, PureCycle's president, commented "We are extremely pleased with the high degree of support the Company, as well as the developer for the Sky Ranch, has received from the Arapahoe County Planning Commission and the Board of County Commissioners. PureCycle has received strong support for its advanced water management practices to use and conserve this precious and valuable resource in Denver's water-short region."