Business briefs: Yampa Valley Housing Authority reaches agreement on Elk River Village loan

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— Yampa Valley Housing Authority and First National Bank of the Rockies have reached an agreement on the group’s loan for its Elk River Village property, according to a news release.

The housing authority purchased the property in 2006 for $2.3 million and had a $2 million note from First National Bank of the Rockies. According to the Housing Authority’s counsel, the loan was in violation of the Taxpayer’s Bill of Rights, which would require voter approval for multiyear commitments.

The Housing Authority stopped paying on the note, seeking more favorable terms.

The restructured agreement turns the loan into a lease-purchase agreement. The carrying costs have been reduced by $60,000 as the interest rate has been dropped to 2.46 percent for five years, according to the release. The current value will remain unchanged and be paid during a 25-year term, subject to yearly appropriations by the Housing Authority. If the Housing Authority stopped payments before the term was complete, First National Bank of the Rockies would keep the property.

New business open across Steamboat

In downtown Steamboat, Skull Creek Greek Grab-and-Go and Silver Eagle of Steamboat have opened on Lincoln Avenue. Skull Creek Greek is open late nights on weekends and is located downstairs in Old Town Square. In the former Steamboat Shoe Market building, Silver Eagle sells Native American handmade items, rugs, pottery and other items.

Remember Me — a gift, clothing and memorabilia store — also will be opening soon on Lincoln Avenue.

Stone Source Masonry Supplies recently opened on Downhill Plaza west of downtown. The business sells bricks, stone, landscaping boulders, slabs and veneer options.

Timbers Resorts’ Italian property wins magazine awards

Timbers Resorts’ Castello di Casole in Italy was named twice in Travel + Leisure magazine’s World’s Best Awards 2013.

Timbers Resorts developed and owns One Steamboat Place at the base of Steamboat Ski Area.

Castello di Casole was named the No. 2 hotel in the world and the top resort in Europe.

The hotel opened in July 2012 and sits on 4,200 acres in Tuscany about 30 miles from Florence.

Eileen Allen again earns Premier Advisor designation from Wells Fargo

Wells Fargo Bank adviser Eileen Allen has earned the Premier Advisor designation for the third consecutive year, according to a news release.

Allen is a senior financial adviser with Wells Fargo and lives in Steamboat with her husband, Lon, and has two grown children, according to the release.

She has been an adviser with Wells Fargo for 20 years and has a bachelor's of science in human resources from the University of Delaware.

Garfield County seeks protection if Roan Plateau leases are canceled

If a re-examination of Roan Plateau oil and gas leases results in any being removed, Garfield County wants protection from being forced to repay millions of dollars of federal lease funds that already have been invested.

The Glenwood Springs Post Independent reports Garfield County Commissioner Mike Samson is asking his fellow commissioners to sign a resolution asking the federal government to hold the county harmless for any recovery of funds.

The management plan being revisited by the U.S. Bureau of Land Management resulted in more than 54,600 leases on or near the Roan Plateau northwest of Rifle. Nearly $114 million was generated in lease payments, according to the Post Independent.

Tower hours reduced at Aspen airport

Evening tower hours at Aspen-Pitkin County Airport are being reduced, from 10 p.m. to 8 p.m., by the Federal Aviation Association, according to the Aspen Times.

Pilots approaching the airport during non-tower hours will communicate with an air-traffic controller in Denver.

To reach Michael Schrantz, call 970-871-4206 or email mschrantz@SteamboatToday.com

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Comments

Scott Wedel 1 year, 2 months ago

YVHA, making a decision at a meeting held at a location different than in their legally required meeting notice. Would seem to be an invalid meeting where no decision has legal effect according to Colorado law.

YVHA is so stupid. So interest only payments for a parcel they will never develop is a win? A win for the bank that gets ongoing revenues from a vacant parcel. And, like the Iron Horse, the payments are set up to be cheap in the short term and increase in a few years. Not only will the payments increase to include principle, but the interest rate floats. So YVHA will continue to make interest payments and then face a budget crisis when the amount increases to include principle and the interest rate floats up.

If YVHA was competent then next month they would decide to not authorize making any payments and give the parcel back to FNBR. And call it a win by being able to get out from under the parcel without having to default.

There is simply no realistic scenario in which YVHA develops that parcel. It will always be far too much of a risk that the market could turn during construction and bankrupts YVHA. YVHA is so inept that in 2008 that they would have started that $32M development project if they had been able to get financing.

If YVHA is ever going to acquire more "affordable" housing then it is going to buy existing units with sufficient cash flow that covers their debt payments (or if they decide to follow Tabor, lease to own payments)

But first YVHA is going to have learn the basics of operating a housing authority which is more than holding meetings at the noticed location or eventually being able to post agenda and meeting minutes on their website. Eventually they are going to have to learn that rents are not set to merely cover costs. That competent housing authorities set rent based upon local economic conditions such as a percent of average local income and expect to generate free cash from existing properties.

Instead our stupid YVHA doesn't even charge enough rent to cover ongoing maintenance costs. The water system at Fish Creek Mobile Home Park needs a $1.5M repair project and YVHA has yet to even start a reserve fund. Instead they've hoped for grants or ask if Mt Werner Water wants to take it over which got a "no chance". YVHA has failed for six years to build a reserve for a known maintenance issue.

And YVHA still owns lots in Sierra View which it states that under TABOR it lacks the legal authority to make the payments on those mortgages. YVHA says they can afford to make those payments and so makes them, but refuses to say how they have the legal authority to make those payments.

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