It's going to be hard for anybody who buys the place. It was barely on the map for a couple years before it shut down, and any press it's gotten since then has only been about the bankruptcy and how bad everything is up there. It will be very hard to find people new real estate investors up there when the place has already shut down once. The only way I can see them making it work is keeping it all about the skiing at first, and gradually building up a customer base who likes the mountain. The challenge will be getting people to give Tamarack a try, and giving up a known quantity in Utah or Colorado or the like. They need to keep the prices way below the other destination resorts if they want to make one of their own. The model of selling real estate to finance a new ski resort hasn't worked for anyone lately (see The Canyons too). You need the skiing first.
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158 replies to this topic
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Posted 13 August 2010 - 11:11 AM
The biggest problem I saw with Tamarack was how it positioned itself in people's mind. It had a very narrow target audience and it will be very expensive to try and rebrand Tamarack.
The focus should be on the skiing aspect no doubt, but a lot of the trails were poorly designed in the initial phase. A lot of the trails featured a double fall line or lengthy transfers to ski only a short run. It's hard to say if Tamarack will ever be successful, but if it wants to be, someone will have to pour a lot of money into it.
The focus should be on the skiing aspect no doubt, but a lot of the trails were poorly designed in the initial phase. A lot of the trails featured a double fall line or lengthy transfers to ski only a short run. It's hard to say if Tamarack will ever be successful, but if it wants to be, someone will have to pour a lot of money into it.
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Posted 15 August 2010 - 08:15 PM
Bankrupt Utah Investor Leading Bid to Buy Idaho's Dormant Tamarack Ski Resort
Donnelly, ID - A 32-year-old Utah investor who filed bankruptcy in 2008 seems an unlikely savior to rescue Idaho's Tamarack ski resort from under a $300 million debt load.
James Thomas "J.T." Bramlette is nonetheless undeterred. He's leading a group of unnamed investors to purchase Tamarack out of bankruptcy.
Bramlette saw his lavish lifestyle, which was financed by debt and included a $5.3 million Gulfstream III private jet and a $450,000 Mercedes-Benz come screeching to a halt in 2008. He still faces a 2008 trial date in a lawsuit filed by investors who say that they were duped by inflated real estate values in another Idaho development, Teton Springs in the town of Victor.
Bramlette emerged from bankruptcy in 2009 and is now leading investors in Salt Lake City-based Pelorus Group, who have entered an undisclosed bid to purchase Tamarack. The group already purchased Tamarack's conference center in July.
Tamarack, which first opened in 2004 as the newest built-from-scratch ski resort in the U.S., ceased operations in 2009 after its owners defaulted on a line of credit extended by numerous lenders, including Credit Suisse. Its base village sits largely unfinished near Donnelly, Idaho.
The Tamarack Municipal Association, a group of homeowners at the resort, is also in discussions with the bankruptcy court and the State of Idaho, seeking approval of their plan to operate the West Mountain portion of the ski area four days a week this winter, as Bank of America's leasing unit is seeking to repossess two chairlifts serving the remainder of the resort.
Nothing is so perfectly amusing as a total change of ideas.
Laurence Sterne
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Posted 16 August 2010 - 04:17 PM
More news..
Firm aiming for Idaho resort may have exaggerated
August 16th, 2010 @ 5:47pm
By John Miller, AP Writer
BOISE, Idaho (AP) -- A Salt Lake City company that has offered to buy Idaho's Tamarack Resort changed its website Monday after being questioned about the accuracy of its information.
The Associated Press scrutinized a passage on the Pelorus Group's website that told potential clients it has been providing services for a dozen years. Utah secretary of state records indicate Pelorus was founded April 23, 2009 -- just after its owner, James T. Bramlette, was discharged from bankruptcy.
The website originally included this statement: "Since 1998, The Pelorus Group has provided clients with quality loan and consulting services across every aspect of their real estate transactions."
After calls and e-mails from the AP, somebody at the company changed the website about noon Monday to read, "Since 1998, the management team of the Pelorus Group has provided clients with quality loan and consulting services across every aspect of their real estate transactions."
The marketing materials on the website could have led clients to believe the company has been operating longer than it really has.
Bramlette, now 32, didn't return phone calls or e-mails Monday.
Bramlette didn't live in Utah a dozen years ago. The son of a southwestern Montana real estate salesman had only recently graduated from Beaverhead County High School in Dillon, Mont.
There, he operated a small Montana business called Big Sky Mortgage & Loans before selling the business and moving to Salt Lake City around 2002, according to a 2008 deposition taken by lawyers for a company suing Bramlette over an unpaid $500,000 loan.
Once in Utah's capital, Bramlette founded about 20 companies, gave real estate seminars and marketed resort properties for developers -- including to plaintiffs now suing in federal court over a project in eastern Idaho where they claim they were misled.
A trial in U.S. District Court is scheduled for October.
Bramlette has said he did nothing inappropriate and that he suffered financially in that project amid the real estate crash. He sought bankruptcy protection in 2008, abandoning his interest in a $5.3 million private jet and a $450,000 Mercedes McLaren sports car he'd acquired with borrowed money.
As Bramlette makes his own business comeback, he told the AP last week he's hoping he and other investors can revive Tamarack's fortunes, too; the ski and golf resort on the Lake Cascade reservoir 90 miles north of Boise shuttered its lifts in March 2009.
It's in federal bankruptcy court over about $300 million in unpaid debts to a syndicate of lenders led by Zurich-based Credit Suisse Group. Bramlette hasn't disclosed the amount of his offer.
Doug Dvorak, a resort homeowner and Tamarack Municipal Association board member, has said Bramlette's bankruptcy is disconcerting but he's still hopeful the offer is from a well-funded investor group capable of resuscitating Tamarack's operations.
Jean-Pierre Boespflug, the resort's majority owner, declined to comment Monday.
Firm aiming for Idaho resort may have exaggerated
August 16th, 2010 @ 5:47pm
By John Miller, AP Writer
BOISE, Idaho (AP) -- A Salt Lake City company that has offered to buy Idaho's Tamarack Resort changed its website Monday after being questioned about the accuracy of its information.
The Associated Press scrutinized a passage on the Pelorus Group's website that told potential clients it has been providing services for a dozen years. Utah secretary of state records indicate Pelorus was founded April 23, 2009 -- just after its owner, James T. Bramlette, was discharged from bankruptcy.
The website originally included this statement: "Since 1998, The Pelorus Group has provided clients with quality loan and consulting services across every aspect of their real estate transactions."
After calls and e-mails from the AP, somebody at the company changed the website about noon Monday to read, "Since 1998, the management team of the Pelorus Group has provided clients with quality loan and consulting services across every aspect of their real estate transactions."
The marketing materials on the website could have led clients to believe the company has been operating longer than it really has.
Bramlette, now 32, didn't return phone calls or e-mails Monday.
Bramlette didn't live in Utah a dozen years ago. The son of a southwestern Montana real estate salesman had only recently graduated from Beaverhead County High School in Dillon, Mont.
There, he operated a small Montana business called Big Sky Mortgage & Loans before selling the business and moving to Salt Lake City around 2002, according to a 2008 deposition taken by lawyers for a company suing Bramlette over an unpaid $500,000 loan.
Once in Utah's capital, Bramlette founded about 20 companies, gave real estate seminars and marketed resort properties for developers -- including to plaintiffs now suing in federal court over a project in eastern Idaho where they claim they were misled.
A trial in U.S. District Court is scheduled for October.
Bramlette has said he did nothing inappropriate and that he suffered financially in that project amid the real estate crash. He sought bankruptcy protection in 2008, abandoning his interest in a $5.3 million private jet and a $450,000 Mercedes McLaren sports car he'd acquired with borrowed money.
As Bramlette makes his own business comeback, he told the AP last week he's hoping he and other investors can revive Tamarack's fortunes, too; the ski and golf resort on the Lake Cascade reservoir 90 miles north of Boise shuttered its lifts in March 2009.
It's in federal bankruptcy court over about $300 million in unpaid debts to a syndicate of lenders led by Zurich-based Credit Suisse Group. Bramlette hasn't disclosed the amount of his offer.
Doug Dvorak, a resort homeowner and Tamarack Municipal Association board member, has said Bramlette's bankruptcy is disconcerting but he's still hopeful the offer is from a well-funded investor group capable of resuscitating Tamarack's operations.
Jean-Pierre Boespflug, the resort's majority owner, declined to comment Monday.
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Posted 25 August 2010 - 10:50 PM
Looks like the Pelorus Group is a scam-flim-flam outfit. Just look at their website. No contact info, no nuthin expect for bragging about how great they are. I'll bet that if you took old Bramlette out to the parking lot and showed him a beer keg, a sheave frame from a 67 Riblet, and a track jack, he might be able to identify the keg. Let alone the difference between an Income Statement and a Cash Flow Statement. Kick the guy to the curb.
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Posted 15 September 2010 - 11:50 AM
TAMARACK HOMEOWNERS LAUNCH OPERATING PLAN
September 15, 2010
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SAM Magazine—Donnelly, Idaho, Sept. 15, 2010—A unanimous executive committee of the Tamarack Municipal Association (TMA) homeowners today moved to launch a marketing campaign to offer a 2010-11 season at Tamarack Resort.
The season is scheduled begin on Dec.20. Snowmaking is set to fire up in early November.
"We need to move now to complete the work that will ensure that skiers and boarders who want to stay and play at Tamarack have a high-quality experience this winter," said Doug Dvorak, a member of the homeowners board. "We are optimistic that stakeholders in the resort's bankruptcy reorganization see all of the asset-protecting value of having a fully functional resort running while legal issues are resolved. We hope they will continue to be supportive."
Tamarack's homeowners have earned consent of Tamarack Resort principals to use resort equipment and amenities to serve guests, but other obstacles remain. The State of Idaho continues to work with owners of Tamarack Resort and their lenders to secure the 2010 lease payment that is currently overdue; the homeowners group previously said it was willing to pay a portion of that as well. The group will also need the approval of the federal bankruptcy judge on the case.
The bankruptcy court is reviewing whether to appoint a "chief restructuring officer" in the case. That court official, if appointed, could consider acceptance of TMA's plan.
TMA plans to conduct a 15-week season from Dec. 20 to April 3. The resort would be open Thursdays through Sundays, with extended days during holidays of Christmas, New Year, Martin Luther King, Jr., President’s Day and spring break.
The resort operations team is in place and this week began preparing for ski operations. Up to 65 jobs will be created or preserved by TMA’s mountain and amenities operations this winter.
The group hopes to operate five lifts, including the lift accessing the 7,700-foot summit of West Mountain. It will conduct snowmaking and grooming operations, maintain a terrain park, rent ski and snowboard gear, and provide food and beverage services via a concessionaire. The Lodge at Osprey Meadows will provide lodging, plus food and beverage operations. The Nordic Center trails will be groomed and open as well.
Adult season and family passes are available; prices begin $199 per person. Daily lift tickets are $46 for adults and $22 for youth. All funds will be held in escrow and are fully refundable if the area is unable to open.
September 15, 2010
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SAM Magazine—Donnelly, Idaho, Sept. 15, 2010—A unanimous executive committee of the Tamarack Municipal Association (TMA) homeowners today moved to launch a marketing campaign to offer a 2010-11 season at Tamarack Resort.
The season is scheduled begin on Dec.20. Snowmaking is set to fire up in early November.
"We need to move now to complete the work that will ensure that skiers and boarders who want to stay and play at Tamarack have a high-quality experience this winter," said Doug Dvorak, a member of the homeowners board. "We are optimistic that stakeholders in the resort's bankruptcy reorganization see all of the asset-protecting value of having a fully functional resort running while legal issues are resolved. We hope they will continue to be supportive."
Tamarack's homeowners have earned consent of Tamarack Resort principals to use resort equipment and amenities to serve guests, but other obstacles remain. The State of Idaho continues to work with owners of Tamarack Resort and their lenders to secure the 2010 lease payment that is currently overdue; the homeowners group previously said it was willing to pay a portion of that as well. The group will also need the approval of the federal bankruptcy judge on the case.
The bankruptcy court is reviewing whether to appoint a "chief restructuring officer" in the case. That court official, if appointed, could consider acceptance of TMA's plan.
TMA plans to conduct a 15-week season from Dec. 20 to April 3. The resort would be open Thursdays through Sundays, with extended days during holidays of Christmas, New Year, Martin Luther King, Jr., President’s Day and spring break.
The resort operations team is in place and this week began preparing for ski operations. Up to 65 jobs will be created or preserved by TMA’s mountain and amenities operations this winter.
The group hopes to operate five lifts, including the lift accessing the 7,700-foot summit of West Mountain. It will conduct snowmaking and grooming operations, maintain a terrain park, rent ski and snowboard gear, and provide food and beverage services via a concessionaire. The Lodge at Osprey Meadows will provide lodging, plus food and beverage operations. The Nordic Center trails will be groomed and open as well.
Adult season and family passes are available; prices begin $199 per person. Daily lift tickets are $46 for adults and $22 for youth. All funds will be held in escrow and are fully refundable if the area is unable to open.
- Peter<br />
Liftblog.com
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Posted 07 November 2010 - 01:47 PM
Lender Seeks to Liquidate Tamarack
A hearing on Credit Suisse’s request to sellthe business in pieces is set for Dec. 6 in Boise
BY MICHAEL WELLS - THE STAR-NEWS
Published: 11/06/10
The Swiss bank that leads a lender group owed $300 million by Tamarack Resort says liquidating the central Idaho vacation getaway is the best way to recoup a fraction of their investment.
Credit Suisse Group asked U.S. Bankruptcy Judge Terry Myers this week to set the stage for the final sale of Tamarack assets, either under a U.S. trustee or a state court judge's supervision.
Tamarack owner Jean-Pierre Boespflug, trying desperately to arrange a sale, said Wednesday he plans to oppose the motion.
CB Richard Ellis, based in Los Angeles, the world's largest commercial real estate firm, is marketing Tamarack, the Valley County ski and golf resort's bankruptcy lawyer, Randy French of Boise, said Wednesday.
"We've had some significant interest," French said. "We just don't have a written offer. In spite of the assurances of those buying prospects that they're very interested, no matter how interested they are, unless and until we get the written offer we don't have something to proceed with."
Meanwhile, Valley County has discussed a sheriff's sale of Tamarack Resort LLC's furniture, fixtures and equipment to satisfy $83,000 due in personal property taxes, penalties and interest for 2008 and 2009. Tamarack also owes $270,000 in taxes on land and buildings.
Idaho officials said a Credit Suisse Group-led lender consortium is among those working on a plan to pay Tamarack Resort's tardy lease to use state land, as jockeying continues over the failed ski area's future.
Tamarack's lease is for 2,100 acres of state land where most of its ski lifts and its golf course are located, but it missed a payment last January and is now in danger of losing the lease.
There's no final agreement yet, but a payment could cover the $250,000 lease, plus interest of $40,000. A separate $125,000 payment is part of discussions, to cover the first six months of 2011, according to details obtained by The Associated Press.
Since converting its bankruptcy case from liquidation to reorganization last April, the resort “has squandered cash, mismanaged its estate and operated at a substantial and continuing loss,” a Tuesday court filing by Credit Suisse said.
Tamarack owner Jean-Pierre Boespflug couldn't immediately be reached this week by the Associated Press.
According to the filing:
Æ There is “no hope” for Tamarack Resort to reorganize and sell as a whole, so the resort should be sold off in pieces.
Æ Tamarack allowed two-thirds of its liability insurance to lapse Aug. 1, leaving the resort with only $1 million in liability coverage.
Æ The resort allowed its $3 million environmental liabilities insurance to lapse entirely.
Æ Four other insurance policies are set to expire in December and January “with no funding for renewal.”
Æ The resort has lost $112,000 since April.
Æ The resort owes Valley County $269,000 in unpaid real estate taxes and $79,000 in unpaid personal property taxes. It also owes North Lake Recreational Sewer and Water District $1.8 million.
“(Tamarack Resort) has failed in every attempt to sell or reorganize its business, including its most recent failure to obtain financing by failing to satisfy the procedural and substantive requirements of the Bankruptcy Code,” the bank said.
“(Tamarack Resort) has not provided evidence of any viable business or realistic sale and has succeeded only in depleting the limited assets available to satisfy creditors.”
The filing follows Tamarack’s failed bid to gain approval from U.S. Bankruptcy Judge Terry Myers for a $2 million loan administered by Credit Suisse Bank.
Read more: http://www.idahostat...l#ixzz14dSTJPWU
A hearing on Credit Suisse’s request to sellthe business in pieces is set for Dec. 6 in Boise
BY MICHAEL WELLS - THE STAR-NEWS
Published: 11/06/10
The Swiss bank that leads a lender group owed $300 million by Tamarack Resort says liquidating the central Idaho vacation getaway is the best way to recoup a fraction of their investment.
Credit Suisse Group asked U.S. Bankruptcy Judge Terry Myers this week to set the stage for the final sale of Tamarack assets, either under a U.S. trustee or a state court judge's supervision.
Tamarack owner Jean-Pierre Boespflug, trying desperately to arrange a sale, said Wednesday he plans to oppose the motion.
CB Richard Ellis, based in Los Angeles, the world's largest commercial real estate firm, is marketing Tamarack, the Valley County ski and golf resort's bankruptcy lawyer, Randy French of Boise, said Wednesday.
"We've had some significant interest," French said. "We just don't have a written offer. In spite of the assurances of those buying prospects that they're very interested, no matter how interested they are, unless and until we get the written offer we don't have something to proceed with."
Meanwhile, Valley County has discussed a sheriff's sale of Tamarack Resort LLC's furniture, fixtures and equipment to satisfy $83,000 due in personal property taxes, penalties and interest for 2008 and 2009. Tamarack also owes $270,000 in taxes on land and buildings.
Idaho officials said a Credit Suisse Group-led lender consortium is among those working on a plan to pay Tamarack Resort's tardy lease to use state land, as jockeying continues over the failed ski area's future.
Tamarack's lease is for 2,100 acres of state land where most of its ski lifts and its golf course are located, but it missed a payment last January and is now in danger of losing the lease.
There's no final agreement yet, but a payment could cover the $250,000 lease, plus interest of $40,000. A separate $125,000 payment is part of discussions, to cover the first six months of 2011, according to details obtained by The Associated Press.
Since converting its bankruptcy case from liquidation to reorganization last April, the resort “has squandered cash, mismanaged its estate and operated at a substantial and continuing loss,” a Tuesday court filing by Credit Suisse said.
Tamarack owner Jean-Pierre Boespflug couldn't immediately be reached this week by the Associated Press.
According to the filing:
Æ There is “no hope” for Tamarack Resort to reorganize and sell as a whole, so the resort should be sold off in pieces.
Æ Tamarack allowed two-thirds of its liability insurance to lapse Aug. 1, leaving the resort with only $1 million in liability coverage.
Æ The resort allowed its $3 million environmental liabilities insurance to lapse entirely.
Æ Four other insurance policies are set to expire in December and January “with no funding for renewal.”
Æ The resort has lost $112,000 since April.
Æ The resort owes Valley County $269,000 in unpaid real estate taxes and $79,000 in unpaid personal property taxes. It also owes North Lake Recreational Sewer and Water District $1.8 million.
“(Tamarack Resort) has failed in every attempt to sell or reorganize its business, including its most recent failure to obtain financing by failing to satisfy the procedural and substantive requirements of the Bankruptcy Code,” the bank said.
“(Tamarack Resort) has not provided evidence of any viable business or realistic sale and has succeeded only in depleting the limited assets available to satisfy creditors.”
The filing follows Tamarack’s failed bid to gain approval from U.S. Bankruptcy Judge Terry Myers for a $2 million loan administered by Credit Suisse Bank.
Read more: http://www.idahostat...l#ixzz14dSTJPWU
- Peter<br />
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#108
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Posted 07 November 2010 - 04:05 PM
- Cameron
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Posted 08 November 2010 - 07:58 AM
SkiBachelor, on 07 November 2010 - 04:05 PM, said:
i like how the map still show chairs that were planed (overlook, homestead & canoe) yet they are not planing on operating what they have (wildwood & buttercup)
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Posted 21 November 2010 - 04:36 PM
Green Valley Holdings, LLC to announce intent to purchase Tamarack on Monday: http://www.idahostat...-intent-to.html
- Peter<br />
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Posted 13 December 2010 - 05:06 PM
Quote
Tamarack Counts Down To Resurrection Dec. 20
Onthesnow.com
Idaho's Tamarack Resort is on the countdown to its resurrection Dec. 20 when the lifts are scheduled to turn for the first time in 21 months. Re-opening the resort brings employment to a town sunk in recession and reduced lift ticket rates in a price conscious time.
"There's such a huge vibe up there," Doug Dvorak, board member for Tamarack Municipal Association (TMA), told OnTheSnow. TMA is the group of property owners that pushed ahead to re-open the ski area this winter while the ski area owner wrestles with the bankruptcy court. "Homeowners have come together to get this to happen. It's such a monumental undertaking," he added. "We started three months ago with no one else doing anything."
The group vaulted over one big hurdle to re-opening with the state land board. TMA and Credit Suisse, the company that foreclosed on the resort, paid around $480,000 for the lease to cover running the ski area through 2011.
The last hurdle awaiting the group before opening day is getting the okay from the judge to run the resort. "I'd say we have a 95 percent chance of a positive decision by then," said Dvorak.
TMA is operating the resort in the interim until a buyer can take over. In late November, Green Valley Holdings, a local group from Boise 90 miles south of the resort, made a $40 million offer to buy the resort. The Pelorus Group based in Salt Lake City also made an offer in August to purchase the resort for $42 million. Several other potential buyers have also made offers, but the decision to sell rests with majority owner J.P. Boespflug as he faces the U.S. Bankruptcy Court. "As the debtor in possession, he is in control of the sale process while in Chapter 11," said Dvorak. "If the process moves to Chapter 7, the court can decide the sale."
Meanwhile, the homeowners hired staff to operate the resort with the lifts scheduled to run Thursdays through Sundays, plus holidays. "We're creating 65 jobs in a valley of 8,000 people with 30 percent unemployment," said Dvorak. TMA plans to run five of the seven lifts, including one to the summit, and operate two restaurant-style bars.
The countdown is on for opening day. "The safety and lift inspections are done, and the snow is unbelievable," said Dvorak. "Everybody's excited to ski by the price point in a recession, and the local hotel and restaurant industries that will be supported." Tamarack, like most of Idaho, has seen a boon of early season snow. Season passes are selling for $199 and fully-refundable if the resort cannot open. Daily lift tickets cost $46 for adults and $22 for youth. Both are available for purchase online.
Onthesnow.com
Idaho's Tamarack Resort is on the countdown to its resurrection Dec. 20 when the lifts are scheduled to turn for the first time in 21 months. Re-opening the resort brings employment to a town sunk in recession and reduced lift ticket rates in a price conscious time.
"There's such a huge vibe up there," Doug Dvorak, board member for Tamarack Municipal Association (TMA), told OnTheSnow. TMA is the group of property owners that pushed ahead to re-open the ski area this winter while the ski area owner wrestles with the bankruptcy court. "Homeowners have come together to get this to happen. It's such a monumental undertaking," he added. "We started three months ago with no one else doing anything."
The group vaulted over one big hurdle to re-opening with the state land board. TMA and Credit Suisse, the company that foreclosed on the resort, paid around $480,000 for the lease to cover running the ski area through 2011.
The last hurdle awaiting the group before opening day is getting the okay from the judge to run the resort. "I'd say we have a 95 percent chance of a positive decision by then," said Dvorak.
TMA is operating the resort in the interim until a buyer can take over. In late November, Green Valley Holdings, a local group from Boise 90 miles south of the resort, made a $40 million offer to buy the resort. The Pelorus Group based in Salt Lake City also made an offer in August to purchase the resort for $42 million. Several other potential buyers have also made offers, but the decision to sell rests with majority owner J.P. Boespflug as he faces the U.S. Bankruptcy Court. "As the debtor in possession, he is in control of the sale process while in Chapter 11," said Dvorak. "If the process moves to Chapter 7, the court can decide the sale."
Meanwhile, the homeowners hired staff to operate the resort with the lifts scheduled to run Thursdays through Sundays, plus holidays. "We're creating 65 jobs in a valley of 8,000 people with 30 percent unemployment," said Dvorak. TMA plans to run five of the seven lifts, including one to the summit, and operate two restaurant-style bars.
The countdown is on for opening day. "The safety and lift inspections are done, and the snow is unbelievable," said Dvorak. "Everybody's excited to ski by the price point in a recession, and the local hotel and restaurant industries that will be supported." Tamarack, like most of Idaho, has seen a boon of early season snow. Season passes are selling for $199 and fully-refundable if the resort cannot open. Daily lift tickets cost $46 for adults and $22 for youth. Both are available for purchase online.
- Peter<br />
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Posted 19 December 2010 - 03:36 PM
Tamarack reopens tomorrow morning. All lifts except the 2 now owned by Bank of America will be running. This is great news for the region. Hopefully this time it's for good!
- Peter<br />
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Posted 24 December 2010 - 06:39 PM
4 potential buyers, including the owner of Alpine Meadows, Red Lodge, and Homewood.
Quote
TAMARACK NAMES PROSPECTIVE BUYER
December 24, 2010
SAM Magazine—Donnelly, Idaho, Dec. 24, 2010—Tamarack Resort owner Jean-Pierre Boespflug has proposed Green Valley Holdings as buyer of Tamarack. The Idaho-based investor group has bid $40 million for the resort. Green Valley is headed Larry Givens, an Idaho construction company owner, Matthew Hutcheson, a pension fund consultant.
Other bidders, according to the Associated Press, were Pelorus Group of Salt Lake City and JMA Ventures. JMA already owns Homewood and Alpine Meadows, Calif., and Red Lodge, Mont. Pelorus bought Tamarack's conference center last summer, and was the first to place a bid on the entire resort, back in August.
Boespflug plans to submit the Green Valley bid to U.S. bankruptcy judge Terry Myers in mid-January, the AP said. Tamarack has debts totaling more than $350 million, including $300 million to a lender group led by Credit Suisse, and Myers must approve any sale. His approval would allow other groups to submit new bids as well.
The Green Valley bid does not include two lifts financed by Bank of America or the Osprey Meadows golf course, both of which are involved in separate litigation.
While the area’s long-term future remains unsettled, the Tamarack Municipal Association, a homeowners’ group, is running operations this winter. An estimated 900 skiers were on hand on Monday, the area’s opening day. The resort had sold 500 season’s passes prior to opening. Members of the homeowners’ group receive free passes in return for putting up $80,000 to help pay for the land lease and funding and managing mountain operations.
December 24, 2010
SAM Magazine—Donnelly, Idaho, Dec. 24, 2010—Tamarack Resort owner Jean-Pierre Boespflug has proposed Green Valley Holdings as buyer of Tamarack. The Idaho-based investor group has bid $40 million for the resort. Green Valley is headed Larry Givens, an Idaho construction company owner, Matthew Hutcheson, a pension fund consultant.
Other bidders, according to the Associated Press, were Pelorus Group of Salt Lake City and JMA Ventures. JMA already owns Homewood and Alpine Meadows, Calif., and Red Lodge, Mont. Pelorus bought Tamarack's conference center last summer, and was the first to place a bid on the entire resort, back in August.
Boespflug plans to submit the Green Valley bid to U.S. bankruptcy judge Terry Myers in mid-January, the AP said. Tamarack has debts totaling more than $350 million, including $300 million to a lender group led by Credit Suisse, and Myers must approve any sale. His approval would allow other groups to submit new bids as well.
The Green Valley bid does not include two lifts financed by Bank of America or the Osprey Meadows golf course, both of which are involved in separate litigation.
While the area’s long-term future remains unsettled, the Tamarack Municipal Association, a homeowners’ group, is running operations this winter. An estimated 900 skiers were on hand on Monday, the area’s opening day. The resort had sold 500 season’s passes prior to opening. Members of the homeowners’ group receive free passes in return for putting up $80,000 to help pay for the land lease and funding and managing mountain operations.
- Peter<br />
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Posted 05 July 2011 - 07:42 PM
http://www.forbes.co...ts_8548904.html
Quote
Bank of America wants to remove Tamarack ski lifts
By JOHN MILLER
BOISE, Idaho -- The nation's biggest bank is planning to tear out two Tamarack Resort ski lifts, creating a troubling scenario for resort homeowners who hope the failed Idaho vacation development will be preserved intact for a potential buyer.
Bank of America's leasing division is filing paperwork with the state to remove the transports after the resort defaulted on payments.
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The lifts, located partly on state land, weren't used during last winter's ski season. One is largely a transport lift for homeowners, while the second provides high-speed access to intermediate and advanced terrain on the resort's northern boundary.
Their removal would be a blow to any potential Tamarack buyer, adding to the expense of resurrecting the resort following its financial collapse in 2008.
The Idaho State Department of Lands is processing documentation from bankers and must sign off on the removal because a portion of the lifts are on state endowment land, said Kurt Houston, operations chief for the agency's southern offices.
"They want to try to finish things as soon as possible."
According to the proposal by the bank, the bolts securing the lift towers to their foundations would be protected, so new lifts could be installed, Houston said.
But homeowners in the Tamarack Municipal Association are fighting to keep the lifts.
Last month, they helped scuttle a plan by a Canadian ski resort company to buy the lifts from Bank of America and remove them. And the group has secured an appeal on July 14 in Valley County as they try to force a public hearing on Bank of America's latest plans.
Steve Lord, the homeowners' lawyer, says he'll be vigilant to make sure Bank of America doesn't remove the transports without proper local and federal permits.
"Anybody who otherwise has an ownership interest in property at Tamarack would have to go through an extensive permitting process to engage in any other construction or demolition of this scale," Lord said. "It offends the homeowners to think that they would have to undertake an extensive permitting process for a project like this, but that someone who has no other ownership stake in the resort is allowed to avoid those permitting processes."
The lifts are among the most contentious elements of Tamarack, which defaulted on a separate $250 million loan from lenders led by Credit Suisse Group ( CS - news - people ) in 2008, putting its future into uncertainty.
Resort majority owner Jean-Pierre Boespflug is on the run from justice and racking up court fines of $5,000 a day after failing to appear last month before an Idaho judge to answer questions about his responsibility to pay for the lifts. That's after Bank of America won a multi-million dollar judgment against Boespflug.
Boespflug's whereabouts weren't immediately available and he didn't return a phone call from The Associated Press seeking comment.
A potential removal project also would face a potential delay from nature.
Idaho still must inspect the ground and roads beneath the lifts, to make sure they are suitably dry and stable to allow heavy machinery to use them. That's as Valley County is coming off a near-record winter of snow.
"A lot of this is weather dependent, because we wouldn't want them in there when things are really soft," Houston said.
Brad Goergen, an attorney for Bank of America in Seattle, didn't return phone messages seeking comment on the case.
An Idaho man who has been working since last year to purchase Tamarack Resort and reviving its fortunes said he would prefer the lifts remain in place, but that he's committed to replacing them if they're torn out.
Matthew Hutcheson of Eagle, who made a $40 million offer for the resort last year while it was before a U.S. Bankruptcy Court judge, says he recently attempted to negotiate a deal on the lifts with Bank of America, to no avail.
"The negotiation did not result in an agreement," Hutcheson told the AP. "We would prefer the lifts not be removed, and we would be open to negotiate with Bank of America Leasing if they were to approach us again."
By JOHN MILLER
BOISE, Idaho -- The nation's biggest bank is planning to tear out two Tamarack Resort ski lifts, creating a troubling scenario for resort homeowners who hope the failed Idaho vacation development will be preserved intact for a potential buyer.
Bank of America's leasing division is filing paperwork with the state to remove the transports after the resort defaulted on payments.
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The lifts, located partly on state land, weren't used during last winter's ski season. One is largely a transport lift for homeowners, while the second provides high-speed access to intermediate and advanced terrain on the resort's northern boundary.
Their removal would be a blow to any potential Tamarack buyer, adding to the expense of resurrecting the resort following its financial collapse in 2008.
The Idaho State Department of Lands is processing documentation from bankers and must sign off on the removal because a portion of the lifts are on state endowment land, said Kurt Houston, operations chief for the agency's southern offices.
"They want to try to finish things as soon as possible."
According to the proposal by the bank, the bolts securing the lift towers to their foundations would be protected, so new lifts could be installed, Houston said.
But homeowners in the Tamarack Municipal Association are fighting to keep the lifts.
Last month, they helped scuttle a plan by a Canadian ski resort company to buy the lifts from Bank of America and remove them. And the group has secured an appeal on July 14 in Valley County as they try to force a public hearing on Bank of America's latest plans.
Steve Lord, the homeowners' lawyer, says he'll be vigilant to make sure Bank of America doesn't remove the transports without proper local and federal permits.
"Anybody who otherwise has an ownership interest in property at Tamarack would have to go through an extensive permitting process to engage in any other construction or demolition of this scale," Lord said. "It offends the homeowners to think that they would have to undertake an extensive permitting process for a project like this, but that someone who has no other ownership stake in the resort is allowed to avoid those permitting processes."
The lifts are among the most contentious elements of Tamarack, which defaulted on a separate $250 million loan from lenders led by Credit Suisse Group ( CS - news - people ) in 2008, putting its future into uncertainty.
Resort majority owner Jean-Pierre Boespflug is on the run from justice and racking up court fines of $5,000 a day after failing to appear last month before an Idaho judge to answer questions about his responsibility to pay for the lifts. That's after Bank of America won a multi-million dollar judgment against Boespflug.
Boespflug's whereabouts weren't immediately available and he didn't return a phone call from The Associated Press seeking comment.
A potential removal project also would face a potential delay from nature.
Idaho still must inspect the ground and roads beneath the lifts, to make sure they are suitably dry and stable to allow heavy machinery to use them. That's as Valley County is coming off a near-record winter of snow.
"A lot of this is weather dependent, because we wouldn't want them in there when things are really soft," Houston said.
Brad Goergen, an attorney for Bank of America in Seattle, didn't return phone messages seeking comment on the case.
An Idaho man who has been working since last year to purchase Tamarack Resort and reviving its fortunes said he would prefer the lifts remain in place, but that he's committed to replacing them if they're torn out.
Matthew Hutcheson of Eagle, who made a $40 million offer for the resort last year while it was before a U.S. Bankruptcy Court judge, says he recently attempted to negotiate a deal on the lifts with Bank of America, to no avail.
"The negotiation did not result in an agreement," Hutcheson told the AP. "We would prefer the lifts not be removed, and we would be open to negotiate with Bank of America Leasing if they were to approach us again."
- Peter<br />
Liftblog.com
Liftblog.com
#115
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- Industry II
- 745 Posts:
Lift Maint. Manager
- Interests:Flatlander heckling
Posted 26 July 2011 - 06:00 AM
Idaho resort founder sues Swiss bank for fraud
Betsy Z. Russell
The Spokesman-Review
Tags:Credit SuisseTamarack ResortYellowstone Club
More Online
Read the Miguel/Blixseth brief here, detailing their charges against
Credit Suisse.
BOISE - Alfredo Miguel, founder and former board chairman of the failed
Tamarack Resort in Idaho, and Tim Blixseth, founder and former manager
and developer of the Yellowstone Club in Montana, have filed to
intervene in a pending lawsuit against Credit Suisse, charging the Swiss
bank with racketeering, fraud, conspiracy and more, in a scheme they
charge directly contributed to the financial failure of both resorts.
The existing lawsuit, originally filed in January of 2010 by a group of
property owners from four failed luxury resorts, charged the
second-largest bank in Switzerland with engaging in a "predatory"
lending scheme designed to force all four resorts into foreclosure, and
acquire the pricey properties for pennies on the dollar while raking in
"enormous" fees. In addition to Tamarack and the Yellowstone Club, the
2010 federal lawsuit covers two other failed luxury resorts: Lake Las
Vegas in Nevada, and Ginn Sur Mer resort in the Bahamas.
The filings from Miguel and Blixseth charge that the two resorts
suffered "defaults and foreclosures caused directly by shoddy,
deceitful, misleading and fraudulent appraisals deliberately inflated by
appraisers and lenders resulting in catastrophe for lending
institutions, innocent borrowers and other parties collaterally affected
by defaulting loans secured by property such as vendors, contractors,
subcontractors, material suppliers, title insurance companies and
purchasers of real estate."
The scheme, according to the legal filings, involved a "new and exotic
real estate loan product" that Credit Suisse developed in 2004,
targeting owners of high-end real real estate resort developments with
the pitch that they could enjoy all the future profits and equity from
their developments, just as, at the time, homeowners were tapping into
their fast-rising home equities through loans. There were differences,
though: Little to no risk to Credit Suisse, potential huge profits for
the bank when the loans failed, and the bigger the loans, the higher
fees the bank made.
Plus, appraisal values for the properties were vastly inflated using a
new methodology. As a result, the Yellowstone Club was appraised at $420
million in September of 2004, but in July of 2005, it was appraised at
$1.165 billion. Tamarack was appraised at $284 million in December of
2005, but one month later Credit Suisse told Miguel it was worth $1.5
billion.
The Swiss bank ran the huge loans through its Cayman Islands branch,
which the new filings charge "consisted of a lonely PO box and no office
personnel whatsoever," stating, "The Cayman Island Branch of CSFB was an
outright sham and subterfuge."
Steven Vames, vice president for corporate communications for the bank,
said, "Credit Suisse rejects Mr. Blixseth's and Mr. Miguel's entirely
meritless allegations and their attempt to latch onto an existing suit
which has already seen many of the plaintiffs' claims dismissed. For Mr.
Blixseth in particular, this is simply the latest attempt to shift blame
to others and away from his own conduct."
The original lawsuit seeks $8 billion in actual damages and $16 billion
in punitive damages, including $150 million each for the four
communities impacted by the failed resort projects.
The new filings include an allegation that Credit Suisse and Highland
Capital called Miguel to a meeting in Dallas in March of 2010, told him
not to bring his lawyers, and leaned on him for $1.2 million saying that
Highland Capital had a party who was "close to the FBI and was prepared
to use 'unorthodox methods' to collect on the guaranty."
Betsy Z. Russell
The Spokesman-Review
Tags:Credit SuisseTamarack ResortYellowstone Club
More Online
Read the Miguel/Blixseth brief here, detailing their charges against
Credit Suisse.
BOISE - Alfredo Miguel, founder and former board chairman of the failed
Tamarack Resort in Idaho, and Tim Blixseth, founder and former manager
and developer of the Yellowstone Club in Montana, have filed to
intervene in a pending lawsuit against Credit Suisse, charging the Swiss
bank with racketeering, fraud, conspiracy and more, in a scheme they
charge directly contributed to the financial failure of both resorts.
The existing lawsuit, originally filed in January of 2010 by a group of
property owners from four failed luxury resorts, charged the
second-largest bank in Switzerland with engaging in a "predatory"
lending scheme designed to force all four resorts into foreclosure, and
acquire the pricey properties for pennies on the dollar while raking in
"enormous" fees. In addition to Tamarack and the Yellowstone Club, the
2010 federal lawsuit covers two other failed luxury resorts: Lake Las
Vegas in Nevada, and Ginn Sur Mer resort in the Bahamas.
The filings from Miguel and Blixseth charge that the two resorts
suffered "defaults and foreclosures caused directly by shoddy,
deceitful, misleading and fraudulent appraisals deliberately inflated by
appraisers and lenders resulting in catastrophe for lending
institutions, innocent borrowers and other parties collaterally affected
by defaulting loans secured by property such as vendors, contractors,
subcontractors, material suppliers, title insurance companies and
purchasers of real estate."
The scheme, according to the legal filings, involved a "new and exotic
real estate loan product" that Credit Suisse developed in 2004,
targeting owners of high-end real real estate resort developments with
the pitch that they could enjoy all the future profits and equity from
their developments, just as, at the time, homeowners were tapping into
their fast-rising home equities through loans. There were differences,
though: Little to no risk to Credit Suisse, potential huge profits for
the bank when the loans failed, and the bigger the loans, the higher
fees the bank made.
Plus, appraisal values for the properties were vastly inflated using a
new methodology. As a result, the Yellowstone Club was appraised at $420
million in September of 2004, but in July of 2005, it was appraised at
$1.165 billion. Tamarack was appraised at $284 million in December of
2005, but one month later Credit Suisse told Miguel it was worth $1.5
billion.
The Swiss bank ran the huge loans through its Cayman Islands branch,
which the new filings charge "consisted of a lonely PO box and no office
personnel whatsoever," stating, "The Cayman Island Branch of CSFB was an
outright sham and subterfuge."
Steven Vames, vice president for corporate communications for the bank,
said, "Credit Suisse rejects Mr. Blixseth's and Mr. Miguel's entirely
meritless allegations and their attempt to latch onto an existing suit
which has already seen many of the plaintiffs' claims dismissed. For Mr.
Blixseth in particular, this is simply the latest attempt to shift blame
to others and away from his own conduct."
The original lawsuit seeks $8 billion in actual damages and $16 billion
in punitive damages, including $150 million each for the four
communities impacted by the failed resort projects.
The new filings include an allegation that Credit Suisse and Highland
Capital called Miguel to a meeting in Dallas in March of 2010, told him
not to bring his lawyers, and leaned on him for $1.2 million saying that
Highland Capital had a party who was "close to the FBI and was prepared
to use 'unorthodox methods' to collect on the guaranty."
"Maybe there is no Heaven. Or maybe this is all pure gibberish—a product of the demented imagination of a lazy drunken hillbilly with a heart full of hate who has found a way to live out where the real winds blow—to sleep late, have fun, get wild, drink whisky, and drive fast on empty streets with nothing in mind except falling in love and not getting arrested . . . Res ipsa loquitur (it speaks for it self). Let the good times roll." HT
#117
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- Member
- 93 Posts:
Established User
Posted 10 August 2011 - 03:36 PM
That's strange. For the life of me, I can't seem to find any articles mentioning how upset Blixseth and Co. were at the stratospheric valuations their properties were given? How is it that those same irresponsibly high valuations on the collateral assets, which were the key to Blixseth and Co. receiving massive loans that were subsequently diverted for personal use, somehow escaped scrutiny when they were provided? I guess we need to hold a bake sale for Mr. Blixseth, seeing as how he is just an unsophisitcated billionaire who could never afford adequate representation to properly review and assess the risks of the relevant transactions.
- iceberg210 and trooper1556 like this
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#118
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- Member
- 4,314 Posts:
Established User
Posted 12 October 2011 - 07:15 AM
Quote
Tamarack Municipal Association
Wildwood / Buttercup
Lift Purchase Proposal – Updated Information
October 3rd, 2011
To: All Tamarack Homeowners and Other Interested Parties
From: TMA Executive Committee
Subject: Buttercup & Wildwood Lifts
Banc of America Leasing (BALC) has recently reached out to the Tamarack Municipal Association and its Members to offer the Buttercup Lift for a sales price of $300,000.00 to the $350,000.00. Subsequent to that conversation, the discussion with BALC was expanded to additionally include the possible purchase of Wildwood Lift. Although no specific number for the Wildwood lift was quoted by BALC, it was indicated that the lift could be acquired for offers for approximately 10 times the amount of the Buttercup Lift. This puts the offering sales prices at $300,000.00 for the Buttercup Lift and $3,000,000.00 for the Wildwood Lift. In addition, BALC indicated that they might also be open to BALC financing the acquisition of the lifts under specific terms if the TMA is involved.
BALC is currently in the process of scheduling the start of lift removal for the middle of October 2011, a couple of short weeks away.
This memo is crafted to initiate a discussion to gauge the interest of Tamarack Homeowners and other interested parities to possibly acquire the lifts from BALC.
The following three general scenarios are presented for Homeowner reaction and feedback and to gauge the level of interest in pursuing the acquisition of these lifts.
Offer BALC $300,000.00 for the Buttercup Lift and $3,000,000.00 for the Wildwood Lift and fund the purchase through the sales of shares. The proposed offering would be for 300 shares at $1,000.00 per share for the Buttercup Lift and 1000 shares at $3,000.00 per share for the Wildwood to raise the full purchase price.
See attached spreadsheet “Tamarack Lift Corporation/LLC Scenarios”
Once the lifts are purchased they will need to be maintained on an annual basis. There would be an annual maintenance cost per share and a reserve fund that would need to be created for the 5 year lift inspections that each shareholder would need to agree to commit to.
There is no guarantee that the lifts have any value to a future Owner of the Tamarack LLC assets. Ideally when Tamarack is purchased, the new Owner would desire to acquire the Lifts in order to control as much of the Tamarack assets and recreational amenities as possible and would be willing to purchase the lifts from a for Profit LLC. In this ideal world the investors break even or make a profit from the sale of the lift to the new Tamarack Owners. The formation of a Corporation or LLC would still allow each individual member or shareholder to write off his or her investment. Check with your tax advisor. This proposal is not intended to be tax advice nor is it a solicitation or prospectus for a security in any interest in an entity that may require state or federal securities registration.
There are approximately 100 lots in Whitewater that are directly affected by the removal of the Buttercup Lift. Since BALC is willing to discuss financing the Buttercup lift, a Benefitted Unit Assessment (BUA) could be formed in order to finance the lift acquisition.
The general terms proposed by BALC would be 10% down, a 10-year amortization and a 5-year term. For each of the 100 property Owners there would be a one-time assessment of $300.00 to fund the down payment and then an additional BUA assessment amount of approximately $155.23 per quarter for 5 years. The attachment spreadsheet “Buttercup Lift BUA” summarizes the commitment and be reviewed and downloaded from the TMA website.
Once the BUA is set up, the lifts will need to be maintained on an annual basis. There would be an annual maintenance cost per lot or unit and a reserve fund that would be created for the 5 year lift inspections that each stakeholder would need to agree and commit to.
1. Create a Special Resort Lift Assessment for the Buttercup Lift and the Wildwood Lift for all Tamarack Property Owners.
There are approximately 389 properties at Tamarack. Since BALC is also willing to discuss financing the Wildwood lift in addition to the Buttercup lift, a Special Lift Assessment could be formed in order to finance the acquisition of the Wildwood or Buttercup Lifts or both.
If the same general terms proposed by BALC were applied would be (10% down, a 10 year amortization and a 5 year term), then for each of the 389 property Owners there would see a one-time assessment of about $850.00 to fund the down payment and then an additional assessment amount of approximately $440.00 per quarter for 5 years. The attached spreadsheet “Buttercup Lift BUA” summarizes the commitment.
Once the Special Lift Assessment process is set up, the lifts will need to be maintained on an annual basis. There would be an annual maintenance cost per lot or unit and a reserve fund that would be created for the 5 year lift inspections that each stakeholder would need to agree commit to.
This is a time sensitive issue so at your earliest convenience please review the three proposals that are posted on the TMA website homepage at www.tmaidaho.com.
You may send your reply and indicate if you are interested in pursuing any or all of these options as well as any questions you may have to info@tmaidaho.com.
Regards,
Tamarack Municipal Association
Wildwood / Buttercup
Lift Purchase Proposal – Updated Information
October 3rd, 2011
To: All Tamarack Homeowners and Other Interested Parties
From: TMA Executive Committee
Subject: Buttercup & Wildwood Lifts
Banc of America Leasing (BALC) has recently reached out to the Tamarack Municipal Association and its Members to offer the Buttercup Lift for a sales price of $300,000.00 to the $350,000.00. Subsequent to that conversation, the discussion with BALC was expanded to additionally include the possible purchase of Wildwood Lift. Although no specific number for the Wildwood lift was quoted by BALC, it was indicated that the lift could be acquired for offers for approximately 10 times the amount of the Buttercup Lift. This puts the offering sales prices at $300,000.00 for the Buttercup Lift and $3,000,000.00 for the Wildwood Lift. In addition, BALC indicated that they might also be open to BALC financing the acquisition of the lifts under specific terms if the TMA is involved.
BALC is currently in the process of scheduling the start of lift removal for the middle of October 2011, a couple of short weeks away.
This memo is crafted to initiate a discussion to gauge the interest of Tamarack Homeowners and other interested parities to possibly acquire the lifts from BALC.
The following three general scenarios are presented for Homeowner reaction and feedback and to gauge the level of interest in pursuing the acquisition of these lifts.
- Form Corporation/LLC(s) to Acquire Either or Both of the Lifts
Offer BALC $300,000.00 for the Buttercup Lift and $3,000,000.00 for the Wildwood Lift and fund the purchase through the sales of shares. The proposed offering would be for 300 shares at $1,000.00 per share for the Buttercup Lift and 1000 shares at $3,000.00 per share for the Wildwood to raise the full purchase price.
See attached spreadsheet “Tamarack Lift Corporation/LLC Scenarios”
Once the lifts are purchased they will need to be maintained on an annual basis. There would be an annual maintenance cost per share and a reserve fund that would need to be created for the 5 year lift inspections that each shareholder would need to agree to commit to.
There is no guarantee that the lifts have any value to a future Owner of the Tamarack LLC assets. Ideally when Tamarack is purchased, the new Owner would desire to acquire the Lifts in order to control as much of the Tamarack assets and recreational amenities as possible and would be willing to purchase the lifts from a for Profit LLC. In this ideal world the investors break even or make a profit from the sale of the lift to the new Tamarack Owners. The formation of a Corporation or LLC would still allow each individual member or shareholder to write off his or her investment. Check with your tax advisor. This proposal is not intended to be tax advice nor is it a solicitation or prospectus for a security in any interest in an entity that may require state or federal securities registration.
- Create a Benefitted Unit Assessment for the Buttercup Lift
There are approximately 100 lots in Whitewater that are directly affected by the removal of the Buttercup Lift. Since BALC is willing to discuss financing the Buttercup lift, a Benefitted Unit Assessment (BUA) could be formed in order to finance the lift acquisition.
The general terms proposed by BALC would be 10% down, a 10-year amortization and a 5-year term. For each of the 100 property Owners there would be a one-time assessment of $300.00 to fund the down payment and then an additional BUA assessment amount of approximately $155.23 per quarter for 5 years. The attachment spreadsheet “Buttercup Lift BUA” summarizes the commitment and be reviewed and downloaded from the TMA website.
Once the BUA is set up, the lifts will need to be maintained on an annual basis. There would be an annual maintenance cost per lot or unit and a reserve fund that would be created for the 5 year lift inspections that each stakeholder would need to agree and commit to.
1. Create a Special Resort Lift Assessment for the Buttercup Lift and the Wildwood Lift for all Tamarack Property Owners.
There are approximately 389 properties at Tamarack. Since BALC is also willing to discuss financing the Wildwood lift in addition to the Buttercup lift, a Special Lift Assessment could be formed in order to finance the acquisition of the Wildwood or Buttercup Lifts or both.
If the same general terms proposed by BALC were applied would be (10% down, a 10 year amortization and a 5 year term), then for each of the 389 property Owners there would see a one-time assessment of about $850.00 to fund the down payment and then an additional assessment amount of approximately $440.00 per quarter for 5 years. The attached spreadsheet “Buttercup Lift BUA” summarizes the commitment.
Once the Special Lift Assessment process is set up, the lifts will need to be maintained on an annual basis. There would be an annual maintenance cost per lot or unit and a reserve fund that would be created for the 5 year lift inspections that each stakeholder would need to agree commit to.
This is a time sensitive issue so at your earliest convenience please review the three proposals that are posted on the TMA website homepage at www.tmaidaho.com.
You may send your reply and indicate if you are interested in pursuing any or all of these options as well as any questions you may have to info@tmaidaho.com.
Regards,
Tamarack Municipal Association
- Peter<br />
Liftblog.com
Liftblog.com
#119
-
- Industry II
- 745 Posts:
Lift Maint. Manager
- Interests:Flatlander heckling
Posted 23 October 2011 - 06:58 AM
Something I heard from Valley County Idaho.......
"There is a crew on site for removal.(Tamarack, Wildwood Lift) Expect to see Wildwood removal begin next week. It is not a bluff. Current events show us banks have a short term perspective not a long term. They want the bad assets off the books. Wall Street mentality."
"There is a crew on site for removal.(Tamarack, Wildwood Lift) Expect to see Wildwood removal begin next week. It is not a bluff. Current events show us banks have a short term perspective not a long term. They want the bad assets off the books. Wall Street mentality."
"Maybe there is no Heaven. Or maybe this is all pure gibberish—a product of the demented imagination of a lazy drunken hillbilly with a heart full of hate who has found a way to live out where the real winds blow—to sleep late, have fun, get wild, drink whisky, and drive fast on empty streets with nothing in mind except falling in love and not getting arrested . . . Res ipsa loquitur (it speaks for it self). Let the good times roll." HT
#120
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- Administrator II
- 1,080 Posts:
Bald Eagle Lifts: Defying Gravity
- Interests:42
Posted 23 October 2011 - 10:28 AM
I wonder where those lifts are going, I know there was a sealed bid auction of sorts for them a little while back, should be interesting to see if they do another one or if they go with those bids...
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