Granby’s attempt to recover road repair bonds receives free helping hand
As Granby Ranch wades through foreclosure, the Granby town board is trying to ensure long awaited road repairs are made in the neighborhood.
At the direction of the Granby Board of Trustees, the town attorney has been communicating with insurance companies to obtain a portion of the bonds needed for repairs on failing roads.
The town previously gave Granby Ranch a December deadline to obtain funding for roughly $3 million of road repairs to be completed by September 2020. Granby Ranch’s previous owner, Marise Cipriani, revealed at the Dec. 10 board meeting that the property, and thus the responsibilities for funding road repairs, would be going to the lender.
In response, the town board issued liens on certain developer-owned properties until the obligations were met. Granby also called for $1.7 million in bonds related to road repairs.
The town attorney has been in contact with the associated insurance companies to recover the money. The town’s legal representation, Scotty Krob and associates, has spent the past couple months working with Granby Ranch, the attorneys representing Granby Ranch’s lender and the insurance companies that have issued these bonds. But similar to other types of insurance, getting bond payouts can be a cumbersome task.
Last month, a man with extensive experience in bond recovery stepped up to help the town with the process for free. Jeff Burns signed a nondisclosure agreement with the town and has been using his expertise to advise the town’s legal counsel at no charge.
An agenda item at the town board’s most recent meeting proposed a contract with Burns that would begin paying him for his work up to $10,000. Before the terms could be finalized, Burns decided to continue his work as a “friend of the city.”
His assistance, which the contract said would cost $250 an hour, will continue to be offered without pay so no agreement is needed. The nondisclosure agreement is still in place and a legal representative of Granby will join Burns on any phone calls to ensure the town is present.
The town attorney said Burns’ input has been useful as they work with the bond companies. Burns has outlined the typical resistance these companies have toward paying bonds and provided insight on the most productive next steps.
In other business:
- The board met the new executive director of the Granby Chamber of Commerce, Lauren Huber, who moved to Granby three weeks ago. Huber and her family came here from Virginia where she worked for a main street organization.
Ali Williams, who served as the interim executive director the past few months, updated the board on the success of the Three Lakes Ice Fishing Tournament and a new marketing campaign the chamber will be rolling out. She also told the board about the progress of a possible main street park mentioned at a previous board meeting. While the chamber pulled the application for a significant grant because of the competitiveness around this grant cycle, the chamber plans to resubmit in June with a stronger application.
- The county heard updates from the census communications coordinator, the Grand County Library District and the Flying Heels Rodeo.
- The town manager updated the board about the town and county’s response to the novel coronavirus. He asked the board to direct any public questions to the health department to ensure they get the most accurate answers.
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