Monthly Archives: May 2012

This 6500+SF Luxury Custom home was built for $458 per square foot, not including the lot value or the brand new high-end furnishings.   Enjoy the  unlimited views of the lake and surrounding mountains, open great room, wolfe appliances throughout the kitchen, wrap around deck, and a master suite on the main level.  The basement features an open living room with billiards area and wood fireplace, fully equipped bar, bistro seating, wine cellar,  movie theater room, workout room, walk out patio to sunken hot tub, and 2 of the 4 guest suite rooms.    Choose your guests wisely, as they may never leave.  Nor will you.  Be one of the many new homeowners choosing to make  Tamarack Resort their primary residence!

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This was sent to the members of the Tamarack Municipal Association, courtesy from a TMA Board Member on 5/30/12


High Speed Quad

 Dear Members,

Unfortunately, the Wildwood Lift will be dismantled and removed soon. Banc of America Leasing Corporation (BALC) has recently received the necessary permits from the Idaho Department of Lands and the Valley County Planning and Building Department for the lift removal. They have completed the plowing of the North Access Road to the lift and will be actively disassembling the lift over the next few weeks.

Up to this point the TMA Board and Management Staff have pursued all available legal and practical remedies to keep the lift in place for as long as we possibly could. This included formally questioning whether the removal of the lift might require an amendment to the PUD (Planned Unit Development) and CUP (Conditional Use Permit) that set the standards by which Tamarack was approved as well as requiring any lift removal to follow the requirements of the Tamarack Design Guidelines. That process carried through the summer of 2011 and delayed the start of lift removal until December 2011 and required BALC to satisfy specific additional conditions, prior to commencing removal activities, subsequently set by the Valley County Planning and Zoning Commission and the Valley County Commissioners.

 As many of you recall, there was a parallel track that involved negotiating to acquire the Wildwood Lift, along with the Buttercup Lift, last fall. BALC’s price for the Wildwood Lift was a set asking price of $3M, an extremely high number. Not surprisingly the attempt to raise enough interest to purchase the Wildwood Lift failed.

 The negotiation process with BALC continued over the winter. The goal was to get the price into a reasonable realm and to explore the possibility of forming another corporation outside of the TMA structure to purchase the lift, in much the same fashion as the Buttercup Lift LLC. In early April BALC indicated that they were willing to entertain offers that were “substantially” more than $1.5M NET of removal and transportation costs.

 In order to understand the implications for a range of possible final accepted price possibilities, pro forma analyses of potential offering numbers ranging from $1.4 to $1.8M NET were performed. After Idaho Sales Tax, legal fees for setting up the LLC, liability and comprehensive insurance premiums for 5 years, and 5 years of lift maintenance which need to be added to the purchase price; the final Private Placement Offering purchase price would have ranged from $1.8M to $2.2M or $1800.00 to $2,200.00 per share at 1000 shares. These numbers alone made it hard to take to potential investors.

 What’s more the costs of operating the lift are not included in the numbers. If interested Owners through the formation of an LLC purchased the Wildwood Lift, those investors would reasonably expect to have the lift operational. The costs of winter lift operations, including power costs, lift operator labor, grooming equipment time and labor, ski patrol labor, etc. would be significant; somewhere around $100,000.00 annually. These costs would have to be born by someone, either the Wildwood Lift LLC or the TMA, without any added revenue to offset the operating costs.

 The Wildwood lift, which is a high-speed detachable quad, is arguably too much lift for the skier capacity of the Wildwood terrain. A fixed grip quad lift with its significantly lower operating and maintenance costs would have been a more appropriate lift for this area.

 Research has found that replacing the existing Wildwood Lift with a new fixed grip Quad installed on the existing foundations would cost between $2.0 to around $2.2M. Further research found that used fixed grip lifts are in fairly good supply. Estimates to replace the lift with a used but upgraded and modernized fixed grip would be no more than $1M.

 Based on that information and the above analyses, I believe the highest rational potential offering to BALC, that I would feel comfortable taking to potential investors for the Wildwood Lift, would be $1M. BALC was asked if the $1M price would be acceptable to take to potential investors and the answer was no, they were not interested.

 Factoring in everything that has been learned and for all the reasons above, it is probably best that the lift be removed. When the Resort becomes fully operational again under a new owner, they can make a decision on how to proceed with lift replacement. I would not be surprised to see a used fixed grip quad being installed in its place.

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