Old Cutters LLC is writing this letter to publicly apologize to Old Cutters and Hailey city residents for not being able to successfully negotiate an amendment to its annexation agreement with the city of Hailey.
We were extremely pleased two weeks ago when the City Council voted to amend the annexation agreement. We worked hard and were successful in assembling the necessary closing documents and funds to purchase our note from the bank. Unfortunately, the city changed its mind. Two weeks after voting to sign the amendment, they voted to undo their approval. The reason given was that they forgot to include a "no-flip" condition in their approval, limiting our ability to sell more than 40 percent of the lots to any one buyer. This condition was acceptable to us if the city similarly agreed to not sell their lots for the same period of time we were restricted.
However, the city was firm in their resolution to restrict us, as well as firm in their resolution that they should have no restrictions, so they voted against any amendment. Agreeing to such conditions would have put at us at unacceptable financial risk, seriously jeopardizing our ability to make the subdivision successful in the event the city decided to fire-sale its lots.
As owners of Old Cutters LLC, we are deeply saddened that we cannot continue to be stewards to the Old Cutters development. We do not want the Old Cutters residents to suffer as a result of the inevitable suspension in development and management of the Old Cutters community. We hope the residents and neighborhood will thrive under new ownership.
John and Jen Campbell
Hailey
