Letter: Let’s not make the same mistake in downtown Basalt
To the mayor and City Council of the town of Basalt:
If further proof of the wisdom of purchasing the Roaring Fork Community Development Corp. parcel is required, you need only look at the suddenness of the stock-market correction of the past several days. Market and economic conditions can change quickly and without warning.
We have seen clear examples of abrupt and disruptive ownership changes of private developments in the valley, including Base Village in Snowmass and, of course, Willits Town Center. Private ownership exposes the town to partners whose economic interests may dictate stalled projects and/or early sales of the property. Once zoning has been established, such volatility could result in forced compromises on just what appears in the center of town.
Please ensure that your independent financial analysis includes an assessment of these risks, and please be cognizant of the motives of all the constituencies that vie for your attention.
Douglas G. MacDonald
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