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Landowner wants city to complete transaction on Osuna site (complete article from source)
Source: MSN Money
September 17, 2007
The owner of land that the city of Albuquerque agreed to buy last spring would like to get the deal rolling, and has sent a letter to the city's chief administrative officer requesting that a deal be executed as soon as possible.
Sundt Cos., of Tucson, Ariz., owns the 22-acre parcel at Osuna Road NE and Vista del Norte Drive that became a center of controversy earlier this year when Wal-Mart (NYSE: WMT) sought to build a Supercenter on the site. Neighbors fought the proposed plans and local hot air balloonists joined the effort because the site is a prime landing spot for the majority of balloons during the Albuquerque International Balloon Fiesta in October.
The Environmental Planning Commission denied Wal-Mart a permit for the site in June saying the plans did not conform with the comprehensive plan and the North Valley area plan.
In April, the Albuquerque City Council voted to appropriate $6.1 million to buy the land. But the money the council planned to use had already been partially appropriated for work going on at Balloon Fiesta Park. There is now only about $1.65 million available for the purchase.
Charlie Boyd, spokesman for Sundt Cos., an employee-owned construction firm, says his company is anxious to move forward with the transaction and is willing to work with the city to make that happen. To that end, the company, by way of its attorney, David Campbell with Vogel Campbell & Blueher P.C., sent a letter on September 17 to Bruce Perlman, the city's chief administrative officer, asking for a meeting to finalize a purchase agreement.
Boyd says Sundt is willing to take the $1.65 million that is available as a downpayment and work out a payment plan with the city.
"It seems to be in the best interest of everyone to get the transaction going," Boyd says.
Sundt wants to honor the original agreement of $6.1 million, despite the fact that the city says a private appraisal it ordered put the value of the land at $7.4 million, he adds.
The legislation passed by the City Council, R-2007-044, commits the city to purchase the property, whether by negotiation or eminent domain, according to Campbell's letter to Perlman.
"While that resolution is in place, that land can't be sold to anyone else," Boyd says. "That's not fair."
Perlman says there is continued strong interest in the site by the city. He says no meeting has been set with Sundt, but he says he assumes his office will meet with the owners and chat with them. No date has been set since he just received the letter today, he adds.
As for the idea of a payment plan to buy the land, Perlman says the city is looking at a number of options.
"We're trying to figure out the best way to get what is needed for the ballooning community and the city within the money we have to operate," he says. "We're always gratified by offers to work with us on site acquisition."
In the meantime, Sundt officials say they have agreed to let the site be used as a landing site for balloons during the Balloon Fiesta, which starts on October 6. The land dispute is indicative of a larger issue for the state's largest annual event -- of vacant parcels used as landing sites that are disappearing in the wake of growth. Some 72 percent of the balloons lifting off from Balloon Fiesta Park fly over the Osuna site, officials say. Some 700 or more balloons participate in the Fiesta.
Sundt is not interested in developing the land. The firm is a construction company, not a developer, Boyd says. It wants to complete the transaction and use the proceeds to invest in its company.
Click here for complete article from MSN Money
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