NEW YEAR, NEW SUNCREST! With the joy of the holiday season a great memory, everyone seems focused on the horizon. Optimistic resolutions!(some already fractured), new goals set (yes, we all do that!) and creative ideas for home improvement projects, travel plans, etc. seem to be the topic of water cooler conversations everywhere in 2012. In Suncrest; the conversations involve resolutions certainly! If you missed the News articles on the RESOLUTION OF THE DRAPER CITY/ZIONS BANK LAWSUIT" you will want to go to these links below to read about the satisfaction of this controversial suit between Zions and Draper. http://www.ksl.com/?nid=960&sid=18579836#.TvOBVSEUJ4B.email http://www.ksl.com/?nid=148&sid=14387130#.TvOBnepVDfY.email There are still many details to be finely detailed to everyone satisfaction, but Draper has agreed to take existing roads in Suncrest, and to build a water tank and pump for future development. There also seems to be a more development friendly attitude from the City Council Members and Mayor Smith (didn't he used to ride his horse up here!!!). MCO, the new developer, is still proceeding ahead with their due diligence in acquiring the Master Planned Community. Anticipation of the completion of the sale seems to be for the first quarter of this year!! Draper City has approved and VERIZON WIRELESS is proceeding to get permits to build the new Cell phone Tower over by the COVE AT OAK VISTA . For those of us who have clear line of sight for towers from our houses, this is not as big of a deal. But to those who have to become their own antennae to hold a cell signal-- THIS IS FABULOUS NEWS (and long overdue!) Completion of permit process should be soon and we will all be happier with our iphones! the mild weather has been so exhilarating (especially when we are above the inversion and looking down either side of the mountain looking at all the brown Air Pollutants. For those of us with Asthma, Suncrest is a breath of FRESH AIR--literally!. Enjoy the clean air of optimism as we start another year of Great Expectations and Realizations of long awaited Dreams here on top of the mountain. Warm Winter Wishes, Robyn Foulger Your Suncrest Resident Realtor ***ZIONS BANK AND DRAPER CITY SETTLE LAWSUIT OVER SUNCREST The city and Zions Bank have agreed on terms to end a $25 million lawsuit over the unfinished SunCrest development. The development failed in 2007, leaving Zions Bank on the hook for about $40 million in unpaid loan debt. The bank bought the development out of bankruptcy in 2008 for $25.3 million with the intention of selling it as quickly as possible to help recoup losses. Failed infrastructure in the development surfaced as a concern by the city, and Zions brought the suit in June 2009, accusing the city of sabotaging deals with potential buyers of the unfinished development. The Draper City Council voted 5-0 Tuesday night to accept terms agreed upon with Zions to see the suit dismissed, said Draper City Attorney Doug Ahlstrom. Zions has already agreed to the terms and is awaiting an official copy of documents to sign, Ahlstrom said. Under the agreement, the city would accept SunCrest Drive and the paved portion of Deer Ridge Drive and take responsibility for correcting problems with the design and construction. Several people attending the Council meeting where the settlement was discussed objected to the anticipated use of funds collected from the Traverse Road Special Service District to make those improvements, Ahlstrom said. Other design agreements include stipulations affecting undeveloped areas based on historic landslide data and other improvements to roadways. Zions or its successor or developer will be responsible to resolve issues with Detention Pond 7A. As an alternative, the city would design and build a regional storm water facility there as a city project, if approved by participating property owners. Zions would pay a share of the cost of such a project. The terms also acknowledge the existing culinary water system is operating at a loss and lacks the capacity to service future growth within the SunCrest project and lays out conditions for both city and developer participation to improve an extended water system. Ahlstrom said about five individual developers have been waiting for a resolution to the lawsuit. "The first thing we're going to do is see if we can get some zoning in place that will help all of them." After that, conditions in the open market will dictate how long it takes before new development is underway. Zions Bank announced in February it reached an agreement to sell the SunCrest development to MCO Properties, in Fountain Hills, Ariz. Tuesday's agreement plays into the bank's agreement with MCO, which the bank said is poised to build more than 3,000 homes in undeveloped portions of the 4,500-acre development. ***ARIZONA DEVELOPER TO BUY IN SUNCREST Zions Bank announced Tuesday that an agreement has been reached to sell the SunCrest development in Draper to MCO Properties of Fountain Hills, Ariz. Details of the agreement were undisclosed. Zions Bank acquired SunCrest through a bankruptcy sale in 2008. More than 3,000 homes are planned for the undeveloped portions of the 4,500-acre property, a news release stated. MCO will work with Zions Bank and Draper city to facilitate the completion and repair of existing improvements left by the previous developer, and to implement a new land plan for the remaining property that would include preservation of key open space and environmentally sensitive areas. MCO specializes in large mixed-use and affluent residential custom home communities in the southwestern United States. The company has owned and developed resort, golf, residential and commercial properties in Arizona, Arkansas, California, Colorado, Nevada, New Mexico and Texas. |
| Thursday | Friday | Saturday | Sunday | Monday | Tuesday | Wednesday |
|---|---|---|---|---|---|---|
| 26 Sundance Film Festival | 27 [7:30pm] Brad Paisley Concert Family Winterfest Utah Bridal Show Sundance Film Festival | 28 Family Winterfest Utah Bridal Show Sundance Film Festival | 29 Sundance Film Festival | 30 | 31 [3:30pm - 9pm] Vault Denim Open House | 1 |
