Grand Lake developer blames economy for stalled progress
July 19, 2009
Greater Grand Lake developer Tom Stanley pled with the Grand Lake Town Board on Monday not to kill progress annexing his land. Stanley plans to eventually build out his property with 100 single-family homes and duplexes.
Because of the slumped economy, he told trustees, his relations with the town went dormant. His Ridge at Elk Creek subdivsion dreams have been on hold since last summer.
Since Stanley did not submit a preliminary plat for the development within the required one-year time period, a resolution was under consideration on Monday to repeal an eligibilty for annexation of Stanley’s property. Board members reasoned that resubmission would be a costly endeavor (with nearly $3,500 he’s already spent) and it could negate the negotiations Stanley already settled with the town. They denied the resolution.
Instead, they opted to craft an agreement between the town and Stanley outlining negotiations to date, one that would terminate annually, forcing the developer to come back for review. Stanley said he believed it will not take more than two years to resume progress.
In preliminary work on the annexation agreement, the future Elk Creek subdivision includes an agressive nod to affordable housing, according to Grand Lake Manager Shane Hale, with seven below-market duplexes planned.