Wednesday, January 30, 2013

Hailey botched Old Cutters deal

    In response to John Campbell’s misrepresenting a judge’s “opinion” as fact, it is my “opinion” that $3.5 million doesn’t even begin to cover the long-term costs of the Old Cutter’s development to the citizens of Hailey. Mr. Campbell is probably correct that the workforce housing requirement is illegal, as decisions establishing precedent are on the record. The city attorney believes he has somehow immunized Hailey from this interpretation of statute by the courts.
    The real news in this continuing debacle is that there was not an inter-creditor agreement in place that predetermines the outcome should there be a default on payment. Apparently such a document is standard operating procedure in an agreement involving a city, a bank and development interests borrowing money from said bank.  The abject failure of elected officials and their counsel to secure Hailey’s position using such a commonplace instrument needs considerable explanation.
    If there is a competent litigator confident in the merits of Hailey’s case and willing to represent the city on a contingency basis, by all means hold Mr. Campbell accountable to the agreement upon which he placed his signature.  If not, move on.  
    Any equation with the variables of attorneys, real estate developers and government signifies disaster for private-sector working citizens struggling to survive in this valley. Fellow citizens, please remember this Old Cutter’s train wreck when Quigley Green LLC returns with a proposal for a much larger disaster and literally decades of litigation for you to subsidize.
William F. Hughes

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