The Crested Butte News Serving the Gunnison Valley since 1999
“We will collect that money as time goes by or end up with a piece of land”
By Alissa Johnson
The town of Mt. Crested Butte will assume the bond for a Special Improvement District that was created in 2006. Held by First Midwest Bank of Itasca, Ill., the bond was put in place to mitigate avalanche risk to properties beneath Sunlight Ridge.
According to town manager Joe Fitzpatrick, the creation of the Special Improvement District was for “all of the property adjacent to the avalanche zone on that side of town. Sunlight Ridge is an avalanche slope and properties that were affected by that avalanche area were all included in a Special Improvement District and bonds were issued so we could build an avalanche barrier—that fence on the hillside there.”
At a July 7 council meeting, the Mt. Crested Butte Town Council reviewed a settlement agreement with First Midwest Bank in an executive session. Under the agreement, the town will pay the bank $234,457.60 on or before July 25 to purchase the bond, which was originally for $750,000.
“We will become the bond holder, and there is one property that has been delinquent, and we will collect that money as time goes by or end up with a piece of land,” Fitzpatrick told the News.
According to Fitzpatrick, the town charter requires the town to assume ownership of the bond when three-quarters of the bond has been paid by members of the bond and if any members are delinquent in payments.
