Dancing Bear owners go before Aspen council
September 27, 2010
ASPEN – The owners of the Dancing Bear, an Aspen housing facility that has been plagued with financial issue throughout the first phase of its development, are applying for an extension of the rights to continue the project. The application will go before City Council for discussion Monday.
The Dancing Bear’s construction is currently halted because it was pushed into financial receivership by several investors who said they have not been paid by the owner, DB Capital Holdings, LLC.
The city staff that has reviewed the application is recommending to the City Council that it approve the extension with more than a dozen conditions, including that the owner connects the property’s utilities to the city’s system within 60 days.
It also asks that the owner develop a new construction management plan.
Five creditors, in June, said the owner owes them nearly $750,000.
The owner had filed for Chapter 11 bankruptcy earlier that month.
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Legal disputes that have shrouded the project in Aspen’s thick criticism have ended up in state court after bankruptcy judge denied a reorganization of the project in late June.
Weston Capital Corp., the receiver of the property, also file an application for the extension of vested rights with the City Council.