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Do you agree with the city’s decision to give the new owners of the Iron Horse Inn $267,000 from the public improvements escrow account to provide public access to the Yampa River?

Yes. The issue was never specifically raised during Iron Horse purchase negotiations, and river access is an appropriate use for the escrow funds. 108 votes

21.64%

No. It was implied that public river access would be included at no cost to the city when the developers originally pitched the plan. 377 votes

75.55%

Unsure 14 votes

2.81%

499 total votes

Comments

Scott Wedel 3 months, 3 weeks ago

I think the better answer is not even an option. It makes no sense to buy part of a parcel which was just sold. If city wanted this land then it should have been separated out prior to selling the Iron Horse.

This mistake cost the city substantially because the value in the Iron Horse was not in the river access, but the existing buildings. So the City just paid $267,000 for what if not part of the original sale would have had a much smaller impact on that price. So city's incompetence in selling a parcel just reduced the proceeds by $267,000 to the city.

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Scott Wedel 3 months, 3 weeks ago

And it is an unfortunate continuing saga of inept city negotiating contracts. City Council says their objective is to sell the Iron Horse for the largest proceeds and don't care about promises of affordable housing and so on. But then they end up with a contract that includes $500K in "public improvements" which so far has been either general improvements or repairs that would be done by the new buyer regardless and now paying for a strip along the river.

So they negotiated a contract in which the new owners were savvy enough to negotiate a $500,000 reduction in their purchase price by putting money into an escrow account until the city gave them that money back. So the buyers convinced inept city government that it was paying $500,000 more for the property than their actual cost.

If City Council's objective was to sell property for the highest price then why did the sale include a $500K escrow fund in which the buyers, being smarter than city government, were able to basically get returned to them?

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