(Riverton, WY) – The City of Riverton is finalizing a years-long plan to purchase the Riverwalk recreation area along the Wind River south of town.
The property currently belongs to the Riverton Depot Foundation, the nonprofit organization that purchased the 150-acre parcel in the early 2000s after local residents Alan and Terri-Anne Moore “developed a vision to create a recreation area and path” there, city staff said in a memo to the Riverton City Council last week.
The city entered into an agreement with the Depot Foundation in 2009 to secure public access to the land, the memo states, and as part of that agreement, the city said it would pay the Depot Foundation $2,000 per month to help cover the debt payment on the promissory note for the property.
In 2010, the Depot Foundation reaffirmed that it intended to transfer the Riverwalk to the city once the balance of the mortgage on the property was paid in full, staff said.
Since then, the city has made about $362,000 in payments for the promissory note and costs related to holding the property, the memo states.
Now, staff said the current balance on the promissory note sits at about $63,000, with a “prime-plus” interest rate of 7.8 percent.
“In light of this rate, city staff and officers of the Riverton Depot Foundation explored ways to more efficiently pay down the mortgage,” the memo states. “The preferred option is to immediately pay off the balance of the note.”
The city has enough money in its adopted fiscal year 2025 budget to cover the payment, staff said, explaining that $188,700 had been set aside in the general fund to match a potential grant for improvements at Riverton City Park that was not awarded.
“Staff proposes the city council utilize a portion of these funds to pay off the promissory note associated with the Riverwalk,” the memo states.
Once the city pays the balance of the promissory note, staff said the “provisions of the land transfer” still need to be finalized, and “the future, long-term vision associated with the development of the Riverwalk should be considered as part of this transition.”
The property now features a paved pathway, a fire pit and amphitheater, a gazebo, and a dog park, staff said, recommending that “select members of the Riverton Depot Foundation and community serve in an advisory role to city staff and the council to preserve and prolong the vision of the Riverwalk.”
“Staff further recommends the council budget funds in future fiscal years sufficient to continue improvements along the Riverwalk,” the memo states.
During last week’s council meeting, City Administrator Kyle Butterfield said “it may even be valuable to ensure that we hire an entity to do a long-term master plan for that area so we can be very strategic in improving the land.”
He also suggested coordinating with the Fremont County Commission during the property transition process, “because there are still some parcels of land that should be part of the Riverwalk that are currently held by Fremont County.”