Seller accepts Basalt’s offer of $2.9M for land | AspenTimes.com

Seller accepts Basalt’s offer of $2.9M for land

Staff report

Roaring Fork Community Development Corp. has accepted the town of Basalt’s offer of $2.9 million for the potential purchase of 2.3 acres of land near downtown.

The development corporation, a nonprofit entity, originally sought $3 million for the property along Two River Road. An appraisal established the value at $2.9 million.

“We have had to consult with our lenders, all of whom are local nonprofits and philanthropists, about the proposed offer because it is more than $100,000 short of the amount needed to return all of the money that the (Community Development Corp.) owes to those lenders,” Michael McVoy, board president of Community Development Corp., wrote in a letter to the town.

“We also understand your commitment to pay no more than the appraised value,” McVoy added.

The purchase is contingent on voter approval in the November election. Basalt voters will be asked to provide $3 million in funding for the purchase as well as about $4 million for park improvements. The town already owns property along the Roaring Fork River, abutting the Community Development Corp.’s 2.3 acres.

McVoy said in his letter that the Community Development Corp. hopes voters will approve the purchase of the “iconic” property and that the community creates “an extraordinary downtown gathering place no matter what mixture of development and riverfront park the community and its elected leaders ultimately decide upon.”


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