Eagle County still evaluating Lake Creek sale
Eagle County, CO Colorado
EAGLE COUNTY, Colorado ” County officials are still trying to determine when the best time to sell the Lake Creek Village apartments in Edwards is.
The commissioners approved a letter of intent to sell the county-owned affordable rentals in October. The agreement, which is nonbinding, said the county intended to exclusively negotiate with Corum Real Estate Group.
Officials looked at closing the sale before the end of the year, but the poor economy caused both Corum and the county to agree to delay the sale.
“I don’t think anything has changed,” said Alex Potente, the county’s housing director. “We’ve finished drafting contract documents and are evaluating the market.”
It’s uncertain when the sale will happen, Potente said.
“We have to evaluate the value of holding the property versus selling it,” he said. “We’re optimistic that we can get a deal done.”
One of the many factors that goes into deciding whether to sell the property is what opportunities exist to reinvest the money, Potente said.
That’s a discussion the commissioners haven’t had as a group, said Commissioner Jon Stavney.
“It looked like something that was going to come together quickly,” Stavney said. “Right now it looks like we might not get as much of a return as we though and that’s cooled things a little.”
It makes sense to keep monitoring the options for the sale, Stavney said.
“If we’re in no sort of hurry, lets keep monitoring it,” he said. “Lets look at other options. Is the land increasing in value? What about holding onto it?”
Stavney said he’d like to have the money to energize the county’s housing program.
“Ideally I’d like to see that money become a revolving fund of how we can get projects off the ground,” he said.
Officials from Corum could not be reached for comment.
Staff Writer Chris Outcalt can be reached at 970-748-2931 or firstname.lastname@example.org.
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