News
The Eagle County commissioners, stewards of the public money in the county's open space fund, offered the right amount Monday to help protect the scenic Colorado River Ranch from future development.
Open space advocates were displeased, seeing that their challenge to find other contributors soared. But neither they nor the current owners of the ranch seem to get the point.
The 1,019-acre ranch is not worth the $13.2 million appraisal. Frankly, it's probably not worth the $10 million the current owners paid for it in 2007, at the peak of the real estate bubble.
If they think they will sell the land for $13.2 million or $10 million anytime soon, they are dreaming. And one need only note the deader-than-a-doorknob status of golf communities such as Brightwater and Adams Rib, as well as Bobby Ginn's grand plans for Minturn, to understand there's no golf community in the cards for Colorado River Ranch, either.
The Eagle Valley Land Trust and others don't need to raise the difference from the county commissioners' prudent offer. The owners need to quit dreaming it's 2007. This piece is pretty much assured to remain open space for a very long time without the county spending a penny of the public's money set it aside for open space.
So why offer $3 million? Well, there is open space value to the land. And if the current owners should come to their senses, there is a level that would be prudent to invest in an easement. It's not the $5.7 million originally asked of the county. It's not worth the $4.7 million sought now. The land is not worth what it cost in 2007 and neither is the easement. The county's offer is just about right.
We can appreciate that open space advocates feel anxious and would like to lock up this deal. But that course simply would not be wise.
Money is not something to be burned — or spent just because an account is full at the moment — in these times.
Stewards have a duty to be responsible. The commissioners don't owe would-be developers a bailout for their investment mistake.
They do owe the public that fills the open space coffer to promise to use the money wisely. And that's what they are doing with this offer.
Vail Daily Editorial Board
Open space advocates were displeased, seeing that their challenge to find other contributors soared. But neither they nor the current owners of the ranch seem to get the point.
The 1,019-acre ranch is not worth the $13.2 million appraisal. Frankly, it's probably not worth the $10 million the current owners paid for it in 2007, at the peak of the real estate bubble.
If they think they will sell the land for $13.2 million or $10 million anytime soon, they are dreaming. And one need only note the deader-than-a-doorknob status of golf communities such as Brightwater and Adams Rib, as well as Bobby Ginn's grand plans for Minturn, to understand there's no golf community in the cards for Colorado River Ranch, either.
The Eagle Valley Land Trust and others don't need to raise the difference from the county commissioners' prudent offer. The owners need to quit dreaming it's 2007. This piece is pretty much assured to remain open space for a very long time without the county spending a penny of the public's money set it aside for open space.
So why offer $3 million? Well, there is open space value to the land. And if the current owners should come to their senses, there is a level that would be prudent to invest in an easement. It's not the $5.7 million originally asked of the county. It's not worth the $4.7 million sought now. The land is not worth what it cost in 2007 and neither is the easement. The county's offer is just about right.
We can appreciate that open space advocates feel anxious and would like to lock up this deal. But that course simply would not be wise.
Money is not something to be burned — or spent just because an account is full at the moment — in these times.
Stewards have a duty to be responsible. The commissioners don't owe would-be developers a bailout for their investment mistake.
They do owe the public that fills the open space coffer to promise to use the money wisely. And that's what they are doing with this offer.
Vail Daily Editorial Board
