For Immediate Release March 19, 2013
Rigo Leal, Director, Economic Development Department, 303-651-8481
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Statement by the Longmont Urban Renewal Authority Regarding the Twin Peaks Mall Redevelopment Project
MARCH 19, 2013 - The successful redevelopment of Twin Peaks Mall represents one of this community’s highest priorities. Earlier this year the City and the Longmont Urban Renewal Authority entered into a formal agreement with the owner of the property, NewMark Merrill Companies, which is intended to facilitate the redevelopment of the property and the elimination of the blighted conditions on the site as soon as possible.
As the community knows, two key negotiations are required to be completed prior to the commencement of the project. A long term commitment to operate a new theater on the site was required from Regal Cinemas, and Dillard’s must provide their approval of future redevelopment plans.
Negotiations between NewMark Merrill and these companies have been conducted for the past several months. Senior city staff has been serving as facilitators of the discussions, but specific terms have been exchanged directly between the parties.
As of today, NewMark Merrill and Regal Cinemas have reached agreement on a long-term lease that will enable Regal Cinemas to operate a new, 12-screen theater at Twin Peaks. The parties have agreed to all terms embodied in the proposed lease and the only remaining items to settle are limited to a few terms contained in the lease exhibits. That is good news for the project and the community and we want to express our appreciation to both parties for coming to a successful conclusion to their negotiation, especially given the fact that it was completed within an accelerated period of time.
Unfortunately, as of this evening, Dillard’s and NewMark Merril have not come to a successful conclusion to their negotiations. However, NewMark Merrill has prepared a final offer that will be conveyed to Dillard’s for their consideration tomorrow.
This negotiation with Dillard’s must be resolved before anything can happen on the site. If the final offer to Dillard’s from NewMark Merrill is declined, the LURA Board will retain the option to consider authorizing the use of eminent domain. That option may be scheduled for consideration by the LURA Board on April 9th, or sooner, if warranted.