Its’ getting worse.
Any chance the Settlement of the current lawsuit between Avon developer Traer Creek and the Town of Avon had – is getting worse by the minute.
For their part the two (soon to be term-limited) female Councilmembers have left a litigious mess of biblical proportions for someone else to clean up. These two are gone this November 2012. Thank Goodness.
Now consider the possible/likely outcomes currently in play in Avon during this – Traer Creek multi-year litigation.
1 – Settlement Fails – this now seems highly likely with the ECT folks giving Settlement a 1 in 3 chance of succeeding.
2 – The Wild Card. The current Bonds may be “called” if Settlement fails. The ECT folks have been advised by one of the parties involved that if this happens it will be something like 2 decades before those Bonds are retired (at a much higher Bond interest rate – since they were called) and that – per the 1998 Annexation/Original agreement Avon is legally required to pay for (supply Traer Creek) with Police and Snow removal – with ZERO sales tax money coming into Avon for ~20+ years.
ECT Factoid: To date the existing Bonds that Traer Creek has – have been 100% performing since the day they were issued years ago.
3 – Confirmed this week: The District Court Judge has already scheduled the first week in January 2013 for the Lawsuit trial – should Settlement fail.
4 – Lose, Lose. Some Avon Town Council members don’t like the original 1998 Annexation Agreement (plus legal amendments) up to the point litigation started. They also don’t like the terms of what the (currently proposed) Settlement agreement – has been recently Amended to include. No matter what the Avon Council agrees to or NOT Avon folks are going to be very, very unhappy.
5 – What happens to Avon Taxpayers and Property owners if/when the lawsuit goes back to the District Court Judge – and developer Traer Creek – starts filing for Damages – due to years of Development delays and refused/rejected plans to expand and continue development “agreed to” under the original 1998 Annexation (read: legally binding contract) agreement? (See Mammoth Lakes, CA. story below)
6 – Possible “de-Annexation” of Traer Creek’s land from the Town of Avon? Yes, the original 1998 Annexation Agreement contains verbiage that allows Traer Creek to petition to “de-Annex” from Avon. Then what? A new Town with a new Zip Code? The land goes back into Eagle County? Who says what gets built/approved then, Tamra?
ECT Factoid: Current and new County Commissioner Candidates have their campaign election signs posted along I-70 in Avon – on land owned by (non-partisan?) developer Traer Creek. Now what does that tell you? Someone covering their (political) bets going forward?
7 – Don’t think that (Town Bankruptcy – Due to legal Judgments against a Town) can’t happen in Avon, Colorado? It already has in a California Ski Resort Town – known as Mammoth Lakes, California (Click Here).
8 – Whatever the future holds for the Town of Avon – the ECT is certain it’s not going to be a very pretty one…Your Avon City Council – Avon Property owners and Taxpayers – is failing you miserably…
See below Avon Taxpayers and Avon Property owners – last sentence….