Private funding is not in place as implied on Tuesday night, but city buy in hopes to spur support.
Steamboat Springs City Council approved an emergency ordinance to use $2.5 million in short-term rental tax revenues as part of an effort to save Casey’s Pond on Wednesday Morning, but private funding may not be as solid as presented the night before.
Prior to City Council reconvening for a continuation of its Tuesday night meeting, Yampa Valley Community Foundation CEO Tim Wohlgenant told The Yampa Valley Bugle that they do not have private funders lined up to buy Casey’s Pond with the help of city revenues.
“We don’t have that. We’re in discussions with all kinds of people of what they might be able to do, and ideally we would find somebody who could step in and make an offer to the bondholders,” Wohlgenant said. “Were trying to find somebody like that but we don’t have anybody lined up. There’s no commitments to that end at all.”
"We're trying to find a person who would be willing to do that, but it is not at all a sure thing," Wohlgenant said.
City Council immediately voted to enter executive session upon restarting their meeting at 10 a.m. on Wednesday to consider “new information,” about what private funding may be available. Wohlgenant joined city council behind closed doors to answer questions about finding private funding.
Council then emerged from executive session to approve the emergency funding ordinance unanimously. City Attorney Dan Foote said the money would only be allocated if a deal to buy Casey’s Pond comes together and that he did not see any risk to the city if a deal did not come together. The ordinance is being passed using emergency procedures, meaning council does not need to pass this twice and it takes effect immediately.
“The city would enter into an agreement, probably a grant agreement, to govern how and when the funds would be released,” Foote said. “We would probably hold on to those funds until we know there is a deal in place.”
The ordinance contains justification for using STR dollars and for using emergency ordinance procedures, Foote said.
“There’s no risk to allocating these funds to help save Casey’s Pond and the sense of urgency we have around this is tremendous,” said Council member Steve Muntean.
“We just need to say yes,” said Council member Joella West. “It’s been a long road to get here; we don’t have a lot of time to ponder it. I don’t see any risk to the city. … We should just do it and see if we can make a difference.”
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