For Immediate Release May 17, 2013
Rigo Leal, Public Information OFficer, 303-651-8840
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Longmont Urban Renewal Authority Files Eminent Domain Action Against Dillard's Properties, Inc
May 17, 2013 - In order to implement the Twin Peaks Area Urban Renewal Plan and to remove blighted conditions on the mall property, the Longmont Urban Renewal Authority (LURA) has filed an eminent domain action against Dillard’s Properties, Inc.
LURA initiated negotiations with Dillard’s beginning in April 2013. LURA’s offer price of $3.6 million was rejected by Dillard’s in early May 2013. Dillard’s has indicated their selling price is $5 million. An appraisal commissioned by LURA in late 2012 determined the market value of the Dillard’s property to be $3.03 million. Boulder County’s assessment of the property, released in late April 2013, is $2.9 million. The eminent domain filing was a result of the inability of LURA and Dillard’s to reach a mutually acceptable outcome.
LURA understands the seriousness of this action, but also recognizes the importance of eliminating the blighted conditions on the mall property and advancing the implementation of the Twin Peaks Mall Area Urban Renewal Plan.
Despite filing the eminent domain action, LURA remains open to further discussions with Dillard's in an effort to arrive at a mutually acceptable resolution.
See Motion for Vesting
See Petition in Condemnation