HomeMy WebLinkAboutlettertoHunn041204.doc
Vail Reinvestment Authority
75 South Frontage Rd
Vail, Co 81657
April 12, 2004
Mr. Jack Hunn
Vail Associates Holding, Ltd.
PO Box 7
Vail, CO 81657
Re: Acquisition of Lot P-3, Vail Village Fifth Filing
Dear Jack:
As you know, the Vail Reinvestment Authority (“Authority”) has authorized the acquisition of Lot P-3 for redevelopment for a subterranean parking garage, surface parking and public open
space purposed. The Board of the Authority has adopted Resolution No.3, Series of 2004 directing its staff to negotiate for the acquisition of Lot P-3, Vail Village, Fifth Filing (“Lot
P-3”). It is the opinion of the Authority based on the value of the proposed project that the fair market value of Lot P-3 is $3,500,000. The Vail Reinvestment Authority is now extending
you a formal offer to purchase the unencumbered fee interest to Lot P-3 for the sum of $3,500,000. In the event that this offer is rejected, the Authority will pursue acquisition of
the property through eminent domain.
You are hereby authorized to obtain an appraisal by a licensed and qualified appraiser using accepted appraisal standards, and the Vail Reinvestment Authority will pay the expense of
that appraisal pursuant to Section 38-1-121, C.R.S.
I would welcome the opportunity to discuss this offer with you face-to-face at your convenience. Please call me at any time and I will make myself available to discuss this offer with
you directly. If I have not received a response from you, or if we have been unable to reach an agreement on the purchase price for the unencumbered fee interest, by April 15, 2004,
Gorsuch Kirgis LLP, general counsel for the Vail Reinvestment Authority, will initiate a condemnation action.
I look forward to hearing from you.
Sincerely,
Stan Zemler
Executive Director
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