June 28th Council Hearing

On June 28th the Town Council will be considering, and hopefully approving, the aspects of our agreement with Meriwether. Specifically, they will be looking at the two items that make the Warehouse parcel a valuable contribution to the Town.

As a reminder, the main components are as follows:

1. Land Dedication. The subdivision process triggers an approximately 3,000 sq ft land dedication back to the Town of Telluride. In our proposal, this land is 1/2 of the footprint of the Warehouse, and the land dedication will be passed from the Town to Telluride Arts.

2. Deed Restriction and Public Use. The PUD process requires a community benefit. In our proposal, the community benefit is a deed restriction on the property, which ensures irrevocable public use,  and with that, devalues the real estate, making the purchase price much lower than market value.

3. Other Benefits. In our agreement, Meriwether is responsible for the complete restoration of the Transfer Warehouse, and will deliver a stabilized building in "shell" condition, therefore taking all of the risk of restoration.