By Dan Davis trekkerphoto.com
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August 13, 2009 — The Vail Town Council Tuesday will likely end a lengthy negotiation for redevelopment of the Lionshead Parking Structure when at its evening meeting it reviews a draft letter to be sent to the Texas-based Open Hospitality Partners (OHP) terminating efforts to establish a new development agreement
The letter terminating the negotiations was drafted by the town attorney at the request of the Town Council following an Aug. 4 executive session in which the council reviewed a counter-offer prepared by OHP and deemed it to be unacceptable.
The counter-offer presented by OHP representative Mark Masinter called for a 15-year commitment to the project by the town with no financial obligation by OHP. The town’s proposal had required payments by OHP of $100,000 every six months beginning upon the execution of the option agreement.
Discussions have been under way since May 2006 when the town issued a request for proposals and selected the OHP project from among two submissions.
Masinter's OHP development company, with the financial backing of Ross Perot, Jr.'s Hillwood development company, was seeking to tear down the town-owned parking garage, put even more public parking underground and top it with a W. Hotel, a St. Regis, a conference center, shops and condominiums. See our previous coverage.
Additional information, including the draft termination letter and copies of previous correspondence between the town and OHP, are available online at agenda.vailgov.com.
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