Money Matters, Simplified.
Home owners oppose BoA's plans to sell Tamarack ski lifts
by Anter Prakash Singh - July 5, 2011 - comments
The Bank of America has initiated the process of obtaining permission from the state to remove these lifts.
The homeowners at Tamarack Resort at Idaho are a worried lot. The Bank of America has applied for the removal of two lifts installed there after the resort defaulted in paying to the bank.
The homeowners fear that the removal of these lifts may act as a deterrent for any potential buyer as the cost of the revival of the resort would go up significantly.
Home owners oppose
The home owners in the Tamarack Municipal Association are opposing the removal of these lifts. Just last week they foiled an attempt by a Canada ski resort company to purchase these lifts from the Bank of America and remove them.
The lawyers of the home owners, Steve Lord, said that the Bank of America does not remove transports without obtaining permissions from the local and federal authorities, and they will ensure that the Bank does the same this time also.
“Anybody who otherwise has an ownership interest in property at tamarack would have to go through an extensive permitting process to engage in any other construction or demolition of this scale,” said Steve.
One of these lifts is primarily for the use of the homeowners and the second one is intended to provide quick transport to the intermediate and advanced terrain located on the northern side of the resort.
“It offends the homeowners to think that they would have to undertake an extensive permitting process for a project like this, but that someone who has no other ownership stake in the ski resort is allowed to avoid those permitting process,” he added.
Bank wants to sell these lifts
The Bank of America has initiated the process of obtaining permission from the state to remove these lifts.
One of these lifts is primarily for the use of the homeowners and the second one is intended to provide quick transport to the intermediate and advanced terrain located on the northern side of the resort.
The Idaho State Department of Lands is looking into the documents filed by the bank, as the lifts are partly on the state endowment land.
The bank said that it would leave the bolts holding the lift towers to their foundation intact so that new lifts can be installed later.
The resort which faced a financial collapse in 2008 has also defaulted on $250 million loan taken from a group of lenders led by Credit Suisse Group.
Its majority owner Jean-Pierre Boespflug has been fined $5,000 per day after he failed to appear before an Idaho court.