Dyer sale postponed until April 8
Shayla Ashmore
Staff Writer
02/23/2008
Once again, Dyer Mountain Associates avoided the sale of the 6,700-acre four-season resort property in Westwood.
California Mortgage Realty, DMA’s mortgage lender, postponed the public auction at the Lassen County Courthouse of the Dyer Mountain Resort property for almost a month.
Independent auctioneer George Wickman read a notice of postponement at 2 p.m. on Friday, Feb. 22 in the lobby of the Lassen County Courthouse.
The lender planned the public auction to pay the remaining unpaid balance, estimated at $15,810,084.31, on a Deed of Trust executed on Nov. 18, 2005, when DMA purchased the property.
“We have until March 15, that’s the deal,” said Sara Duryea, one of three Dyer Mountain Associates managers. “We’ve met the criteria. We had to pay $200,000 by last Friday (Feb. 15). We did pay it.”
DMA President Grant Sedgewick said the sale will be postponed again to Tuesday, April 8. By that time, he said DMA will probably announce a new financing package providing enough money to pay off the loan DMA took out to buy the resort property and provide funds to go forward with the development.
“We’re getting some cooperation from our existing lender,” said Sedgewick. “They’re going to postpone it again. It’s going to be postponed until March 31. We have to demonstrate some progress to the lender and there are payments being made to the lender.
”Duryea said DMA is getting closer to announcing a refinancing deal. “We won’t make an announcement until we actually have closed a contract and we have a letter of intent,” she said.
Sedgewick agreed. “We are going to successfully refinance the project before any sale is necessary by the lender and we are cooperating and they are cooperating to make that happen,” he said. “We have an overall agreement that’s going to allow us to refinance but there are performance goals we have to meet along the way.
”The project has been in the works at least since voters approved a ballot initiative in 2000, which zoned as mountain resort the area around Dyer Mountain and Walker Lake, also known as Mountain Meadows Reservoir.
The Lassen County Board of Supervisors approved the environmental impact report, development agreement and tentative parcel map for the resort in September 2007.
A month later, three groups filed suit to stop the resort development, claiming Lassen County did not comply with California environmental law in approving DMA’s plans to build, or have other developers build, three golf courses, ski runs, more than 4,000 houses and condos, and commercial and retail projects.
Mountain Meadows Conservancy, Sierra Watch and the Chico-based Yahi Group of the Sierra Club filed the lawsuit in Lassen County Superior Court asking the court to set aside certification of the EIR, development agreement and parcel map.
Shayla Ashmore
Staff Writer
02/23/2008
Once again, Dyer Mountain Associates avoided the sale of the 6,700-acre four-season resort property in Westwood.
California Mortgage Realty, DMA’s mortgage lender, postponed the public auction at the Lassen County Courthouse of the Dyer Mountain Resort property for almost a month.
Independent auctioneer George Wickman read a notice of postponement at 2 p.m. on Friday, Feb. 22 in the lobby of the Lassen County Courthouse.
The lender planned the public auction to pay the remaining unpaid balance, estimated at $15,810,084.31, on a Deed of Trust executed on Nov. 18, 2005, when DMA purchased the property.
“We have until March 15, that’s the deal,” said Sara Duryea, one of three Dyer Mountain Associates managers. “We’ve met the criteria. We had to pay $200,000 by last Friday (Feb. 15). We did pay it.”
DMA President Grant Sedgewick said the sale will be postponed again to Tuesday, April 8. By that time, he said DMA will probably announce a new financing package providing enough money to pay off the loan DMA took out to buy the resort property and provide funds to go forward with the development.
“We’re getting some cooperation from our existing lender,” said Sedgewick. “They’re going to postpone it again. It’s going to be postponed until March 31. We have to demonstrate some progress to the lender and there are payments being made to the lender.
”Duryea said DMA is getting closer to announcing a refinancing deal. “We won’t make an announcement until we actually have closed a contract and we have a letter of intent,” she said.
Sedgewick agreed. “We are going to successfully refinance the project before any sale is necessary by the lender and we are cooperating and they are cooperating to make that happen,” he said. “We have an overall agreement that’s going to allow us to refinance but there are performance goals we have to meet along the way.
”The project has been in the works at least since voters approved a ballot initiative in 2000, which zoned as mountain resort the area around Dyer Mountain and Walker Lake, also known as Mountain Meadows Reservoir.
The Lassen County Board of Supervisors approved the environmental impact report, development agreement and tentative parcel map for the resort in September 2007.
A month later, three groups filed suit to stop the resort development, claiming Lassen County did not comply with California environmental law in approving DMA’s plans to build, or have other developers build, three golf courses, ski runs, more than 4,000 houses and condos, and commercial and retail projects.
Mountain Meadows Conservancy, Sierra Watch and the Chico-based Yahi Group of the Sierra Club filed the lawsuit in Lassen County Superior Court asking the court to set aside certification of the EIR, development agreement and parcel map.
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