Monthly Archives: September 2011

How to win a free night stay in Tamarack!!!  Follow these simple instructions:

1) scan the QR code above 

2) properly identify the property address  in which the code contains

3) properly identify the last feature shown as you view the entire contents of the code

4) go to the facebook page Prudential Idaho Realty – Tamarack Resort

5) “LIKE” that facebook page

6) post a comment on my wall:  “QR CODE”  followed by name the property and and feature

If you are the FIRST person to properly name the property address and the last feature featured on the video, I will contact you via Facebook for your free night’s stay in Tamarack Resort.  Rules and Regulations will apply.  Good Luck!   -Trisha Sears

Check out this video, courtesy of Tamarack Resort LLC.   The DVD was created in 2007 for marketing purposes, so please disregard some of the time line facts, amenities available, and real estate & construction facts. The Village Plaza is still under construction and the Fairmont Hotel did not break ground. The Club at Tamarack has also been suspended, but we are hoping it will return with the new owners! We are almost over the ‘hump’ and hope to have a new owner in soon.   After watching this, how can they resist!

Tamarack Resort Introductory Video

After I presented an email to the TMA Board of Directors on 7/27/11 to consider reducing the HOA transfer fee for our distressed homesellers in Tamarack, it was officially announced this morning that we have an agreement in place that should help expedite some home sales.  Thank you to the TMA Board of Directors for seeing this to fruition!

If you are a homeowner in Tamarack, feel free to contact me for further information.  For my 30 active listings currently in Tamarack Resort, this is a huge step in getting your properties sold.

Watch closely for 2 of my custom homes in Tamarack to close escrow within the upcoming month!

TO:         Tamarack Municipal Association, Inc. Membership

FROM:   TMA Counsel, Stephen J. Lord

RE:         Legal Update

DATE:    September 13, 2011

On September 13, 2011, Judge Owen established the following deadlines in the foreclosure case:

September 30, 2011: Any party seeking an award of costs, fees and/or prejudgment interest must submit a motion and memorandum in support.

October 31, 2011: Submit objections or responses. Judge Owen requested that the parties meet and confer regarding requests for discovery regarding costs, fees, and prejudgment interest. Although Credit Suisse had requested a specific order regarding discovery for attorneys fees, the Court declined to grant the specific request made by Credit Suisse.

November 15, 2011: Replies to opposition, objection or response to request for fees, costs, interest.

December 1, 2011: Conduct a hearing to resolve any contested request for award of

costs, fees, and/or prejudgment interest.

            There are several nonforeclosure claims. For example, contract claims remain to be litigated between contractors and subcontractors on the Village Plaza. One of these claims was recently filed as a motion for summary judgment by YMC against Banner/Sabey. The Court ordered that any party who intends to pursue a nonforeclosure claim for money damages would be required to file a Statement of Claim within fourteen days (that is, no later than September 27, 2011). After the receiving those “Statements of Claim” the Court will arrange further scheduling conferences regarding how those statements of claim will be processed.

Two beautiful custom homes in Tamarack are now pending!  442 Sugarloaf and 111 Council Court are set to close in time to enjoy the opening of the 2011-2012 Ski Season slated to open on December 15th, according to the Tamarack Municipal Association.  More happy homeowners!

Valley County Board of Commissioners

September 6, 2011

Conditions of Approval to be applied to the building permits issued for the removal of  Tamarack chair lifts are:  

  1. The Permittee shall comply with all federal, state, and local laws as well as all permits that were required for the installation of the Buttercup and Wildwood lifts.
  2. Need to provide a detailed operating plan to Tamarack Municipal Association and Valley County, as follows: the timing of activities, the map and more detailed descriptions that show or describe in greater detail the staging areas, access routes to and from the lift towers, and transportation routes to and from the staging areas. If they need to cross private Lots, outside of the recreation easement, then written permission shall be received from the affected Lot Owners prior to commencement of work.
  3. Must observe all laws as it pertains to access and trespass.
  4. The Permittee shall comply with all FAA requirements and shall not be allowed to fly over Tamarack Fee-simple private property or over active recreational activity areas (Zip lines, Mt. Bike trails etc.) unless at a previously designated time and properly noticed to recreation users and homeowners pursuant to details in Condition of Approval #2. Adequate notice will entail posting at Tamarack entrance with a minimum of ten day notice prior to activities and notice to Valley County, Tamarack Municipal Association, and Tamarack Resort. The notice at the entrance shall give specific location of detailed operating plan.
  5. Any further removal of any amenity at Tamarack Resort mayor may not require a conditional use permit -this does not set precedent since these removals were court ordered.
  6. Must comply with all state and federal agency requirements.
  7. Must carry enough insurance to cover any damages. Liability insurance in amount of $3,000,000 for use of helicopters and $1,000,000 for all other removal activities shall be in place prior to any activities in order to protect private properties.
  8. This permit or conditions shall not be construed as permission to violate any trespassing laws, authorize destruction, or damage to any property of others, or violate any rights of repossession granted by law.

Thank you to Cyndi Bonetti of Valet Vacation Rentals for this update

 

 

Gordon Cruickshank, Chairman Date

Tamarack Municipal Association

 

September 3rd, 2011 
 
MEMORANDUM

 TO:                 Tamarack Municipal Association, Inc. Membership

FROM:            TMA Counsel, Stephen J. Lord

RE:                 Foreclosure Scheduling Hearing on September 1, 2011

DATE:             September 2, 2011

            The purpose of the September 1 hearing was to determine the remaining steps to conclude the foreclosure case.

            The Court and counsel agreed to first determine attorney fees that will be claimed against various parties. The timeline for that is estimated to be 75 to 90 days. Near the end of the judicial business day on September 2, I have not seen any order from the Judge, so the timeline will likely start after Labor Day 2011.

            – 14 days to file affidavits and memoranda in support of claims for attorneys’ fees.

            – 30 day period for Credit Suisse to respond to claims of attorneys who represent lien holders who are senior to Credit Suisse.

            – 14 to 20 days after the close of a 30-day period to conduct any hearings that might be needed if there are any remaining disputes over items for fees.

            – 15 -30 days for the Judge to enter an order on fees and a decree of foreclosure.

            Everyone agreed also that interest accruing under the various construction contracts needs to be brought current, including per diem for each claim that can be added following the entry of judgment.

            At the conclusion of the process to calculate attorney fees and interest, the Court will likely enter a decree of judgment of foreclosure which leads to a sheriff’s sale.

            Credit Suisse’s lawyers suggested to the Court that two separate decrees of foreclosure be entered: one for the “Village Plaza mortgage,” in which Banner/Sabey is the senior-most lien holder, and the other for the “Tamarack mortgage” which is all of the Tamarack Resort, LLC owned property outside of the Village Plaza. There was broad consensus in support of this two track approach. The “Tamarack mortgaged property” includes some properties in which other lien claimants have liens senor to Credit Suisse – BAG’S lien on the hotel pads, MHTN’s lien on Lake Wing, OZ Architects lien on partly-finished Trillium townhouses.

            Credit Suisse appears to be headed in a direction where Credit Suisse will enter a credit bid at a sheriff’s sale and become the owner of most or all of the Tamarack Resort LLC property, other than Village Plaza.

Assuming Credit Suisse bids for the “Tamarack mortgage” it will likely be required to carve out property subject to senior claims (BAG, MHTN and OZ) and cash bid other senior lien holders (North Lake Recreation and Sewer and Water and Valley County real and personal property taxes).

            At present, it appears that after foreclosure:

            – Banner/Sabey (and perhaps its subcontractors) will own Village Plaza.

            – MHTN will own Lake Wing.

            – OZ Architects may own some or all of 67, 69, 71, 73, 75, 77, 79, 81, 86, 92, 94, 104, 106, 108, 110 and 112 Golden Bar Court (16 townhouse units), although their lien claim total for all 16 units through October 31, 2010, was $81,385.38.00 with per diem interest at $6.49.

            – BAG will own the Fairmont hotel pads

            – Credit Suisse will own everything else.

            TMA has discussed with counsel for Credit Suisse the question whether Credit Suisse would agree to allow TMA to continue winter operations. Counsel for Credit Suisse indicated that the matter had been discussed with the Credit Suisse loan syndicate, and there was no opposition to this approach.

            At present, TMA is negotiating with TRLLC (to the extent that it still has rights in the property), Credit Suisse, and the State of Idaho for lease terms that are substantially similar to the lease terms from the 2010 2011 winter season.

            TMA is ahead of where we were in August of last year, when Credit Suisse had not even given TMA’s proposal serious consideration.

            As a consequence, regardless of whether Credit Suisse becomes the owner after a sheriff’s sale, or whether Credit Suisse is able to sell the property to a third party before, at, or after a sheriff’s sale, TMA is in a good position to continue mountain operations for winter 2011-2012.

            As always, there are ample opportunities in these processes for things to become delayed again. However, all of the lawyers present at the hearing in Judge Owen’s courtroom on September 1, 2011, appeared motivated to get the matter resolved and concluded.

 

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