Longmont, Dillard's still far apart on price
Last Updated: 16:45 December 11, 2013
Longmont officials, operating as the Longmont Urban Renewal Authority, value the store at $3.03 million. Dillard's (NYSE: DDS) values its 94,000-square-foot store and the seven acres surrounding it at $6.3 million.
Attorneys and representatives from both sides were in a Boulder District Court courtroom on Wednesday to present evidence to help an independent three-person panel decide on a preliminary price for the store. The proceeding is scheduled to last through Friday.
The board is expected to set the Dillard's store's preliminary legal value so that the store's title can be transferred to the Longmont Urban Renewal Authority and an $80 million redevelopment project can start at Twin Peaks Mall. A five-day trial to decide the store's final value is slated for April.
In Wednesday's proceeding, Chris Johnson, vice president for real estate at Dillard's Inc., discussed the $4 million sale of the 93,600-square-foot former Joslins store in 2007. The Dillard's Longmont store manager, Heather Salazar, said the store has been profitable every year since she started working there in 2011.
Dillard's in Longmont now is operating as a "clearance center," selling clothing from other Dillard's stores, Salazar said.
Real estate appraisers hired by Dillard's and by LURA are expected to testify in the proceeding. The board is expected to make a site visit to Dillard's in Longmont to see conditions for themselves. No specific time for the visit has been made public.
While there is no judge in the courtroom, the proceeding is a "quasi-judicial proceeding" and the three-member board will conduct itself as jurors would, said William Gray, the person chosen to chair the board. Gray, a lawyer at Purvis, Gray LLP in Boulder, is joined by J. Marcus Painter, a lawyer at Holland & Hart LLP in Boulder and B. Scot Smith, a real estate broker at Colorado Group Inc. in Boulder.
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