Letter: Let’s not fool ourselves
Snowmass Village Town Council:
Whether you declare this Snowmass Acquisition Co. application valid or not, the facts “on the ground” are clear that planned-unit development provisions require certain performance by specific dates, which have not been met. The failure of the Related “mothership” to support their previous subsidiary “shell” that could have prevented a foreclosure is evidence of their business plan. When the going gets tough, the tough take a hike.
Attached is a legal opinion that the PUD has died by lack of council approval of the change of ownership. While there never was a bankruptcy of the previous Related “shell,” Base Village owners, associates, etc. lost their assets and has no standing in the town. Related Colorado employees should not be managing the Base Village Homeowners Association. The Base Village HOA was abandoned in the foreclosure. The new “shell,” SAC, owns the land and incomplete buildings, but has no rights under the PUD.
Maybe the town wants to play another “shell” game. We don’t want to get burned twice. The stoppage of construction in 2008 could have been avoided if the “mothership” in New York had provided money to at least complete the two buildings and promised improvements. But, no. The new “shell” did nothing with the old obligations.
Fool me once, it’s your fault. Fool me twice, it’s my fault. Let’s not be “fools.”
Richard C. Goodwin
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