Resort roller coaster leads to suit

 

Resort roller coaster leads to suit

A drawing of what some Beaver Creek residents are calling a mountain roller coaster.

A drawing of what some Beaver Creek residents are calling a mountain roller coaster.

An entertainment center that would include what is being called a “mountain roller coaster,” prompted some residents of in Beaver Creek to file a lawsuit against Vail Resorts.

Vail Resorts, which owns Beaver Creek and is developing the center, announced last week it had started construction on new recreational activities on private land it owns above what is called the Ranch and is accesible by the Buckaroo Express Gondola.

The recreational amenities include what it is calling the “Forest Flyer,” which will be tobaggons on steel tracks with curves, circles and dips.

Opponents call it a roller coaster at a mountain amusemetn park on a mountain facing Beaver Creek Village, as close as two blocks of some residential neighborhoods.

However, Beaver Creek remains undaunted by the suit filed by the Beaver Creek Property Owners Assocation and the Greystone Condominium Association.

“Beaver Creek is committed to providing new activities for kids on a year round basis that allow families to enjoy the beautiful and iconic nature of our mountain while also having fun and exhilarating experiences,” said Doug Lovell, chief operating officer, Beaver Creek Resort.

“Beaver Creek has a 30-plus year track record of industry leading guest service and doing so in a way that always delivers on our brand promise,” Lovell continued.

He said the planned activity center followed a “very public process.”

The neighbors suing Vail Resorts find little to like about the development.

Permanently “scar” mountain

“We believe an amusement park complex is not appropriate for a setting like Beaver Creek, where the rides will permanently scar the face of the mountain and alter the character and beauty of this valley for both residents and visitors,” said Tim Maher, president of the board of the Beaver Creek Property Owners association board of directors.

“The amusement park rides would be a distance of less than two football fields from the closest homes and well within sight and earshot of many homeowners’ bedroom windows,” he said.

The new amusement rides proposed at this point, opponent contend, include a roller coaster operated year-round, a ropes challenge course/zip line, a summer tubing hill and an operations building to support the roller coaster.

The roller coaster would run on a one-half mile long steel track, also requiring the installation of 2,000 feet of safety vinyl fencing with the help of a fence contractor and nearly 3,000 feet (10 football fields) of structural metal.

The BCPOA alleges that in addition to marring the view of almost every home with a mountain view in the valley, the proximity of the roller coaster to homes would generate year-round noise given its capacity of accommodating up to 500 riders per hour.

“Most people would agree an amusement park is not a good fit and very off-brand for Beaver Creek, which Vail Resorts markets as a premiere, world-class resort,” said Barry Parker, vice president of the BCPOA board. “The roller coaster proposed at Beaver Creek would be the only installation of its kind this close to residential areas in any U.S. mountain resort.”

“The vast majority of coasters in the U.S. are installed at amusement parks or water parks, not luxury resorts.”

He also raised environmental concerns.

“Based on our review of the plans, construction of an amusement park complex at Beaver Creek would also result in significant environmental damage, including the removal of 350 mature aspen trees for the roller coaster alone,” Parke said.

Vail Resorts’ landscape plan only calls for replacing those trees with 92 significantly smaller trees, he said.

“This environmental damage is a direct contradiction to Vail Resorts’ stated core philosophy that their resorts operate in some of the world’s greatest natural environments, and they are compelled to care for and preserve them,” Parker said.

The 50-foot tall high ropes challenge course would be built directly over a wetland area and stream that feeds into the Eagle and Colorado Rivers. Vail Resorts has not yet obtained permits from the Environmental Protection Agency, he said.

Colorado Open Lands, a private, non-profit land conservation and land trust organization, holds the conservation easement for the land on which Vail Resorts plans to build the amusement park complex, he said.

 

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John Marcotte

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U.S. seniors lock in reverse mortgages before rules change

 

U.S. seniors lock in reverse mortgages before rules change

(Reuters) – American seniors grappling with strained savings following the deepest recession in generations will soon face new hurdles in tapping a tool some have used to help finance retirement: the federal government’s reverse mortgage program.

An upcoming change in rules will cut the number of borrowers eligible to draw down cash against the value of their homes by 22 percent, according to an estimate from Reverse Market Insight, and some homeowners are rushing to beat the deadline.

“I had limited options and was up against a wall. It was grim,” said Cheryl Honeyman, a widow living in Brookings, Oregon, who locked into a reverse mortgage this month. “I was lucky to get this loan when I did.”

For the 63-year-old, who inherited her home near the Oregon coast when her parents passed away four years ago, the government-backed loan means she can live on the money she gets from Social Security without having to worry that an unexpected expense could force her to sell her home.

The program is costing the government. The Federal Housing Administration is expected to spend $2.8 billion this fiscal year backing reverse mortgages. Under congressional pressure, the FHA will implement new rules on Tuesday designed to stem those losses.

The changes will limit the amount seniors can draw down, impose higher mortgage insurance fees and put in place tougher vetting of applicants. But they are likely coming too late to prevent the FHA from tapping the U.S. Treasury for a cash infusion for the first time in the agency’s 79-year history.

Reverse mortgages, available to borrowers aged 62 or older, pay out a home’s equity to the borrower, either in installments or lump-sum payments. They are repaid when the borrower dies or moves out of the house, although the borrower must still pay property taxes and homeowners’ insurance.

The loans, most of which are insured by the FHA, have proved to be a lifeline for many Americans whose savings were depleted during the deep 2007-2009 recession.

Honeyman was anxious that the value of her home had significantly dropped during the recession and would limit how much money she would receive. Her home appraisal came in at $180,000 and she was able to take a $105,000 lump-sum on the property, which was purchased 13 years ago for $220,000.

DEADLINE IMPACT

If Honeyman had qualified for a reverse mortgage backed by the FHA under the new rules, she would have owed more in insurance costs and have been eligible for less money.

Loan officers and financial advisers are preparing clients for the upcoming shift, which they say will reduce the attractiveness of the loans for a vast number of seniors.

Deborah Nance, a reverse mortgage specialist with iReverse Home Loans in the Los Angeles area, said she worries the changes will mainly hurt borrowers with lower incomes, heavy debt obligations or weak credit histories.

“Those that might have previously (had) a lump sum option to pay off mortgages might be turned down,” she said.

Nance has recommended against reverse mortgages when she hears that seniors intend to move within five years, or if they have family members living with them on a long-term basis.

The problem for the FHA is that an increasing percentage of these loans are ending up in default. A record 54,000 FHA-insured reverse mortgage borrowers — or 9.4 percent – have defaulted. That’s up from 8.1 percent in July 2011.

Unlike traditional loans, the majority of defaults are triggered when borrowers are unable to pay their property taxes or keep up with their homeowners’ insurance.(Reporting by Margaret Chadbourn; Editing by Tim Ahmann and Krista Hughes)

 

 

 

John Marcotte

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U.S. new home sales rise but hold near lowest levels of 2013

U.S. new home sales rise but hold near lowest levels of 2013

(Reuters) – Sales of new single-family homes in America rose in August but held near their lowest levels this year, a sign that a sharp rise in interest rates is weighing on the U.S. economy.

Sales rose 7.9 percent to an annual rate of 421,000 units, the Commerce Department said on Wednesday.

The pace of sales was in line with analysts’ expectations and supported the view that rising mortgage rates were taking steam out of America’s housing recovery.

August’s increase in new home sales did not make up for the steep drop registered in July, when the pace of sales was the weakest since October.

Mortgage rates surged beginning in May when the Federal Reserve gave signals it was thinking of winding down a bond-buying stimulus program. The Fed surprised financial markets last week when it said it would put off reducing monthly bond purchases for now. Policymakers said rising borrowing costs played a role in their decision.

The housing market, which has been a major drag on America’s economy since the 2007-09 recession, appeared to turn a corner early last year when home prices began to rise.

Last month, the median price for a new home sale fell to $254,600. The median sales price, which is not adjusted for seasonal swings, has fallen every month since May, although is still up slightly from August 2012.

The inventory of new homes for sale increased by 3.6 percent in August from July, leaving the stock of unsold new homes at its highest level since March 2011.

(Reporting by Jason Lange; Editing by Krista Hughes)

 

John Marcotte

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Wells Fargo expects to make fewer U.S. home loans this quarter

Wells Fargo expects to make fewer U.S. home loans this quarter

A Wells Fargo sign is seen outside a banking branch in New York July 13, 2012. REUTERS/Shannon Stapleton

By Peter Rudegeair

Mon Sep 9, 2013 11:17am EDT

(Reuters) – Wells Fargo & Co, the largest U.S. mortgage lender, expects to make 30 percent fewer home loans this quarter due to rising interest rates, its financial chief said on Monday.

The expected decline underscores how rising U.S. mortgage rates are cutting in to banks’ profit. Wells Fargo’s shares were down 1.2 percent at $40.94 on Monday morning.

The fourth-largest U.S. bank estimates it will make $80 billion of home loans in the third quarter compared with the $112 billion it made in the second quarter, Chief Financial Officer Tim Sloan said at a conference hosted by Barclays Plc in New York.

That would mark the first quarter since mid-2011 that Wells Fargo did not make at least $100 billion in home loans.

Customers’ demand for refinancing their home loans has fallen 63 percent from the peak in early May, according to the Mortgage Bankers Association refinance index.

As mortgage revenue declines, the bank is cutting costs in the business, a process that usually takes one to two quarters, Sloan said. On August 21, the bank announced it would lay off 2,300 employees in its mortgage unit as higher interest rates were causing refinancing activity to slow.

The San Francisco-based bank made more than one of every five U.S. home loans in the second quarter and collected payments on nearly as many, according to Inside Mortgage Finance, an industry publication.

Wells Fargo believes its profitability is not solely tied to the mortgage lending business. The bank boosted its earnings per share in each of the previous 14 quarters, and in six of them mortgage origination revenue declined, Sloan said.

Gains elsewhere at Wells Fargo could help offset the declines in mortgage income. The bank expects to release more in loss reserves than the $500 million it released in the second quarter, thanks to improved credit performance, Sloan said.

(Editing by Matthew Lewis)

 

 

John Marcotte

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Antique Boutique

Antique Boutique

September 28 – October 6, 2013

Historic Boulder is hosting an upscale pop-up Antique Boutique this month at the corner of 9th and Pearl streets. We will offer fine furniture, lamps and lighting fixtures, and trunks from the nineteenth and early twentieth centuries, as well as midcentury dishware sets and chairs, complemented by smaller collectables and other items, such as rare antique children’s books and silver flatware sets. Come find future heirlooms, the perfect holiday gift, or something “new” for your home! All proceeds directly support the next phase of the rehabilitation of the Hannah Barker House, Historic Boulder’s current focus and our most ambitious project to date. Find out more on our website here: http://www.historicboulder.org/the_hannah_barker_house.html.

 

Read the full article here: Antique Boutique

 

 

John Marcotte

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It’s Time to Rebuild Jamestown

 

It’s Time to Rebuild Jamestown

rebuild jamestown

It used to be nestled at the top of a decent bike climb. You could race your friends and swap stories all the way up about how out of shape you were or blame last night’s dinner for your molasses-like speed. You could peel left and head to Ward if you were a glutton for punishment or stay straight (or as straight as the canyon would allow) and find yourself in the idyllic mountain town of Jamestown.

On July 4th, you could join waves of other cyclists and be met at the top with the Jamestown volunteer fire department’s annual pancake breakfast (with bacon for an extra buck or two — ummm, yes?). You could also get suckered in by friends to ride the Super Jamestown route, taking you up and over Jamestown to the Peak to Peak Highway and back into Lyons.

Personally, I only let that suckering happen once. Six hours later. I never said I was fast.

But the floods. Criminy, the floods have wiped out Jamestown. A town is gone, a destination wiped from the map. The former owner of the Jamestown Mercantile even died when his house collapsed.

It’s time, however, to help rebuild Jamestown. So, if you love Jamestown like I do, head on over to Rebuild Jamestown. You’ll be able to read about what they lost and what’s left, along with how you can make a donation to help bring the town back on the map. You can also stop by their new Facebook page for updates.

And sure — they’re getting financial assistance from FEMA andBoulder County, but as their neighbors, it’s the least we can do to chip in and help. The whole town operated on a budget of $56,000 per year and most of us can’t imagine LIVING on a budget like that.

You can make an online donation directly here (be sure to designate REBUILD JAMESTOWN in the drop down menu). The Boulder floods won’t keep us down. Let’s do our part to help our neighbors up the hill we all loved to climb build back up once again.

 

By Erika Napoletano www.YourBoulder.com
 

 

 

John Marcotte

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IRONMAN Boulder 2014

 IRONMAN Boulder 2014

August 3, 2014

 

Register Now
Hotel Reservations

One of the world’s most popular triathlon destinations, this beloved Rocky Mountain town now hosts a full-distance race. Welcome to IRONMAN Boulder.

Nestled at the foot of the imposing Flatirons, Boulder, Colorado is already a wildly popular home-base and vacation destination for world-class triathletes. The city’s health-conscious culture, near-perfect weather and breathtaking natural environment means its destined to be an instant favorite on the IRONMAN circuit.

Boulder’s robust downtown, with its famous pedestrian-only Pearl Street Mall and idyllic Boulder Creek, will provide families and fans an unforgettable race day as they wait for their loved ones to cross the finish line. From five-star hotels to James Beard award-winning restaurants, Boulder’s hotel and dining options are some of the best in the nation.

The race will start at the Boulder Reservoir with a single loop 2.4-mile swim. Once finished in the water, the first transition will start the athletes on a beautiful 112-mile one-loop bike course in the city’s vast open space. The bike will loop around Carter Lake and along the eastern plains of the Front Range before ending downtown at Boulder High School.

The two-loop run course is almost entirely on Boulder Creek Trail, winding along the creek and through city parks. Spectators will have multiple opportunities to cheer on the athletes and the last few steps of the day will take athletes up Pearl Street for a triumphant finish.

Read the entire article here: Ironman 2014

 

 

John Marcotte

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Burgundy Wine Festival

 Burgundy Wine Festival

October 18 – 20, 2013
  • Location: Flagstaff House, Frasca Food and Wine, Hotel Boulderado
  • Admission: $75-$595
  • Contact: Boulder Wine Merchant
  • Phone: 303-443-6761
  • Visit Website
  • Add to Trip Planner

 

For those who have already been bit by the Burgundy bug, this weekend will be a vinous paradise. For anyone new to Burgundy, be ready to fall in love. Once you have the “Burgundy sickness,” the passion for these great wines and phenomenal region will continue to grow. Come join producers, celebrity sommeliers, chefs and wine lovers for a weekend of inspiration, education and deliciousness.

To Benefit Growe Foundation:
The festival has partnered with the Growe Foundation, a local non-profit organization that provides elementary schools with organic vegetable gardens and a Garden to Table program to teach children about healthy eating and caring for the environment in schools. The proceeds from the tasting and seminar will support Growe’s efforts to teach children in our community how their food choices affect the health of their bodies and the health of the planet.

For complete schedule of events and to purchase tickets visit click here.

 

Accommodations:

Hotel Boulderado
2115 13th Street
Boulder, CO 80302
303.530.1513
www.boulderado.com
Discounted room rates during the weekend of October 20th, with mention of the Boulder Burgundy Festival.

Traditional Queen Room: $184 (typically starting at $254)
Pine Street Guest House: $204
Deluxe Room with two Queen Beds: $204
Boulderado King Room: $224
Classic King Room: $244
Elegant One Bedroom Suite: $304
Presidential Suite: $334

Best Western Plus Boulder Inn
770 28th Street
Boulder, CO 80303
303.449.3800
www.boulderinn.com
Discounted room rates Friday, October 18 – Sunday, October 20 with reference code “BURGUNDY.” Call 800-233-8469 to book.

More full article here: Boulder Colorado things to do 

 

John Marcotte

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U.S. judge rejects BofA mortgage modification class action

U.S. judge rejects BofA mortgage modification class action

 
A sign for a Bank of America office is pictured in Burbank, California August 19, 2011. REUTERS/Fred Prouser

By Jonathan Stempel

(Reuters) – A lawsuit accusing Bank of America Corp (BAC.N) of reneging on promises to help distressed homeowners modify their mortgage loans, and instead driving them into foreclosure, cannot proceed as a class action, a federal judge has ruled.

While expressing sympathy for borrowers facing a “Kafkaesque bureaucracy” and saying their claims “may well be meritorious,” U.S. District Judge Rya Zobel in Boston said the claims were too different to justify allowing a single, nationwide lawsuit.

Wednesday’s decision is a blow for homeowners accusing the second-largest U.S. bank of failing to comply with the Home Affordable Modification Program (HAMP), a 2009 federal program that gives incentives to mortgage servicers to encourage loan modifications and help people keep their homes.

It also marks the latest fallout from a 2011 U.S. Supreme Court ruling involving Wal-Mart Stores Inc (WMT.N) that has made it harder to sue companies as a group. Class actions can lead to larger recoveries and more far-reaching remedies at lower cost.

“It’s a sad outcome for many thousands of homeowners trying to obtain loan modifications,” said Gary Klein, a partner at Klein Kavanagh Costello, representing the plaintiffs. “Very, very few of them will be able to pursue these issues on their own. Their one hope for justice was through the class mechanism.”

Forty-three individuals and couples from 26 U.S. states accused Bank of America in the three-year-old lawsuit of failing to help them obtain loan modifications to which they were entitled. They had sought to certify 26 classes, one per state.

‘VAST FRUSTRATION’ OF HOMEOWNERS

The case gained notoriety in June when several former employees, in sworn statements the bank called “demonstrably false,” accused the bank of offering $500 bonuses and gift cards to TargetCorp (TGT.N) and Bed Bath & Beyond Inc (BBBY.O) to lie and to stall HAMP applications, because foreclosures or in-house loan modifications were more profitable.

One former employee also said the bank would twice a month conduct a “blitz” to clear out hundreds of files from its HAMP backlog solely because the documents were more than 60 days old, even if all required documents were submitted. Bank of America said “blitzes” were used to find documentation for applications.

“This case demonstrates the vast frustration that many Americans have felt over the mismanagement of the HAMP modification process,” Zobel wrote. “Plaintiffs have plausibly alleged that Bank of America utterly failed to administer its HAMP modifications in a timely and efficient way; that in many cases it lost documents, or pretended it had not received them, or arbitrarily denied permanent modifications.”

Bank of America spokesman Rick Simon said: “We respect the court’s decision. We have successfully completed more HAMP modifications than any other servicer and will continue to improve delivery of this and other programs to support our customers in need of assistance.”

 

(Reporting by Jonathan Stempel in New York; Additional reporting by Dena Aubin and Peter Rudegeair; editing by Gerald E. McCormick and Matthew Lewis)

 

John Marcotte

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The Goat at the Garage

 

The Goat at the Garage

laughing goatEveryone knows about The Laughing Goat on the east end of Pearl Street andcollege students frequent the Goat on the CU campus. But now, there’s a new member to the Goat family. The Baby Goat, also known as The Goat at the Garage, is adjacent to the Green Garage on the corner of 55th and Pearl. Those of us in the neighborhood, or waiting on car work at the Garage, couldn’t be happier. Or more caffeinated.

Along with the many tables inside, the Goat folk have built out a nice front patio, complete with benches and a swing. Sturdy wooden partitions give the area asense of space and the owners can be complimented on creating something relaxing out of a difficult location. It’s easy to ooze ambience on Pearl Street but a little harder in a light industrial setting. The Goat has a bike rack on the way and features lots of parking for cars. You can almost forget that a post office is right next door. Almost.

The coffee, roasted by the Kaladi Brothers of Denver, is just as delicious at this location as the Goat downtown, the baristas just as helpful and the gluten freepastries just as plentiful. At this Goat though, you don’t have to worry about fighting anyone to get a table.

The coffee shop has only been open since the beginning of summer so plans for nighttime entertainment are still in the works. While there are definite challenges to being located in East Boulder, the close proximity to the bike path and Valmont Bike Park make The Baby Goat most welcome in the growing scene out east. All the people drinking beer at all those microbreweries within a one-mile radius of the coffee shop are going to need to pep up if they want to keep drinking beer at all those microbreweries.

Tara Callihan, YourBoulder

 

 

 

John Marcotte

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