Board to meet Oct. 31 on Dillard's value
Last Updated: 16:43 October 10, 2013
The board is made up of William R. Gray, a lawyer at Purvis, Gray LLP in Boulder; J. Marcus Painter, a lawyer at Holland & Hart LLP in Boulder; and B. Scott Smith, a real estate broker at Colorado Group Inc. in Boulder, according to court documents.
The meeting is slated to be held in a courtroom at the Boulder Justice Center. A three-person board, a jury or a judge can decide the legal value of a building in an eminent-domain case. Eminent domain is the legal right for a public entity - in this case, Longmont city officials - to take a property after compensating the owner.
A Dillard's Inc. (NYSE: DDS) appraisal released this week indicates that the land and store at the Twin Peaks Mall in Longmont is worth $6.3 million. That's close to double the amount of the $3.03 million appraisal commissioned by the city of Longmont in November 2012.
The 94,000-square-foot store and seven acres of land, and what it is worth, stand in the way of a planned $80 million to $85 million redevelopment of Twin Peaks Mall that will be renamed Village at the Peaks.
Longmont city officials offered to purchase the Dillard's property for $3.6 million earlier this year, but Dillard's requested $5 million.
Even though the three-person board is expected to set the initial legal value of the store, a jury may set the final value. No court date has been set for a jury trial.
The Longmont Urban Renewal Authority was given the right to take title to the Longmont store following an eminent-domain court case in an Aug. 26 ruling from Boulder District Court Judge D.D. Mallard. Attorneys for Dillard's Inc. (NYSE: DDS) appealed the ruling with the Colorado Court of Appeals and the Colorado Supreme Court. No decision has been announced yet about the appeal.
Dillard's owns its own building and has veto power over any redevelopment at the Twin Peaks Mall site on Hover Street north of the Diagonal Highway. The Village at the Peaks shopping center is slated to open in early 2015 at the site.
A 100,000-square-foot Sam's Club, a 30,000-square-foot Whole Foods Market (Nasdaq: WFM) grocery store and a movie theater have signed on to anchor Village at the Peaks.
More breaking news...
Longmont, Dillard's still far apart on price
Mental Health Partners opens in Lyons
Longmont officials, operating as the Longmont Urban
Colorado Gives Day exceeds $20 million
The center at 329 Main St. will open Thursday, Dec. 12. The
Colorado Gives Day is an initiative established in 2010 to increase philanthropy in Colorado through online