Negotiations Break Off between the Land Trust and the Royal Gorge Receiver (May 2, 2012)

Unfortunately, following a series of proposals and counter-proposals, the Truckee Donner Land Trust and the Royal Gorge Receiver have not been able to come to terms on the Land Trust’s purchase of the 3000 acres of Royal Gorge properties. Talks broke down after the most recent offer from the Land Trust was rejected by the bank that holds the original RG loan. As is often the case with transactions this large, the issues are complex and can take time to work out. SLPOA remains confident that a purchase will ultimately be negotiated, but it will take more time than we originally anticipated. Stay tuned. We are working hard to be ready for a campaign to raise our part of the purchase price, and we are planning to move forward as soon as agreement is reached.
 

Let's Buy It!

Due to the demise of Royal Gorge (see chronology below), our Serene Lakes community is likely soon to have an opportunity of a lifetime---to preserve all of our surrounding properties as open space.  Given rapidly evolving events, it is very possible the Truckee Donner Land Trust will soon be able purchase of all of the Royal Gorge Development properties.  The properties are likely to include the entire watershed of Serene Lakes (up to the ridge lines), the west end of Van Norden Meadow, and most of the trail system of the Royal Gorge cross-country ski area.  The Land Trust’s objective is to prevent future development over all of this open space---provided funds can be raised during the period of the escrow to make the purchase possible.

Our challenge is around the corner---can Serene Lakes raise their fair share to help complete the purchase?  For months we have been working behind the scenes to secure this opportunity.  We are committed to making sure this once in a lifetime conservation purchase does not fall through.  But it will not be easy---millions of dollars will need to be raised. Watch this site for announcements on the opportunity that is ahead.  Let’s Buy It!

SLPOA Preservation Committee
February 18, 2012

For further understanding, please review the chronology of important events below.  For additional information, please contact SLPOA administrator Diane Young, who will direct your inquiry to the appropriate member of the Preservation Committee.

Truckee Donner Land Trust Submits Bid to Purchase the 3,000-acre Royal Gorge Property (March. 2, 2012)

In an email to Land Trust members, Perry Norris (Executive Director) stated, “Working with our partners at the Trust for Public Land, Truckee Donner Land Trust submitted a bid to purchase and protect this 3,000-acre property. This is our top priority, and we’re confident ours will be the best offer.” The receiver for the properties, Douglas Wilson Company, will be reviewing all submitted bids and determining which one, if any, they will accept. This process may take several weeks. In parallel, the SLPOA Preservation Committee has been in negotiations with the Land Trust to develop a Conservation Agreement which lays out our mutual objectives and commitments on how the property will be preserved and managed if the Land Trust’s bid is successful.

SLPOA Preservation Committee Engaged in Discussions with Summit Stakeholders Concerning Acquisition of Royal Gorge (Feb. 2012)

In light of recent developments concerning the marketing of the Royal Gorge properties, members of the Preservation Committee (including SLPOA president Ken Hall) have been proactively engaged in ongoing discussions with the Truckee Donner Land Trust and other stakeholders to coordinate and optimize our combined efforts.  The objective is to complete an acquisition of Royal Gorge for dedication to open space and continuance of cross-country skiing operations.   Specific topics include the need for substantial community fundraising to complete the transaction.  The Preservation Committee has reinstituted regular meetings in order to pursue this opportunity in a timely and effective manner.

Douglas Wilson Company Offers Royal Gorge for Sale at Listing Price of $24M (Jan. 17, 2012)

DWC has begun marketing of the Royal Gorge properties with an asking price of $24 million.  Quoting a Sierra Sun article, “For a group of regional conservationists, what began as a fight against a perceived irresponsible development has evolved into an opportunity to conserve one of the most iconic areas of the American West.”  The group is “banding together in an effort to raise enough money to buy the property with an eye toward permanently conserving it from development.”  More details in the full Sierra Sun article.  Also of interest may be the DWC marketing flyer.

Subsequent to this announcement, DWC issued a request to interested parties for bids/proposals for the purchase of Royal Gorge during a 30-day time window starting February 1, 2012.

Truckee Donner Land Trust Designates Acquisition of Royal Gorge as its Number 1 Priority (Dec. 2011)

In the Fall/Winter 2011 issue of the Truckee Donner Land Trust newsletter, Perry Norris, Executive Director, states, “The Land Trust’s Board has directed staff to work in partnership with the Trust for Public Land and other stakeholders to pursue a fee title acquisition of the property (Royal Gorge).  For the Land Trust, this is our Number 1 priority.”  To read the entire statement, go to page 2 of the recent TDLT newsletter.

Douglas Wilson Company (DWC) Appointed Receiver for Royal Gorge                (Aug. 2, 2011) 

“On August 2, 2011, Douglas P. Wilson was appointed as Receiver of Royal Gorge, one of North America’s largest cross country ski resorts, with the task of preserving and operating the ski resort and Rainbow Lodge bed & breakfast with the goal of eventually selling the property……..  DWC’s goal is to operate the receivership businesses through a successful 2011-2012 ski season, maintain the resort’s high profile in the community in a strong positive light, and market, sell and close the sale of the property at a healthy value sometime mid-2012 or sooner.”  More detail available in the full DWC Press Release. 

Royal Gorge in Default on its Loans (Feb. 11, 2011)

The Armed Forces Bank of Irvine, CA has filed a “Notice of Default” against Royal Gorge relative to $16.74 million in loans provided to a group of investors that includes Kirk Syme -- for purposes of purchasing the properties on Donner Summit for which they planned a 950-unit subdivision/development.  Conservationists view this as an opportunity to derail the unwelcomed development and to secure the properties as open space.  For more detail, read the Sierra Sun article concerning this new setback for the proposed Royal Gorge development.