Town of Basalt will cover $500,000 for roundabout…A foreclosure sale of Willits Town Center was scheduled for Aug. 25 but has been postponed until Sept. 15. After the foreclosure was initiated, an Eagle County district judge appointed Cordes and Co. of Denver as receiver of the project. The project manager for the receiver, has urged town officials in recent months not to make the future developer of the project pay for the entire cost of the roundabout.

ASPEN BASALT REAL ESTATE — It’s more important to prime the economic pump right now than make developers pay their way, the Basalt Town Council unanimously decided Tuesday night. The council voted 7-0 to grant the first of two approvals needed to alter the Whole Foods Market building at the Willits Town Center. In a key provision of that approval, the town will commit to spending up to $500,000 to build a roundabout needed at a key intersection at the entrance to Willits. The developer will be on the hook for $600,000.Town studies have determined the roundabout is needed at Willits Lane and East Valley Road, an intersection that serves City Market as well as Willits Town Center.Town Manager Bill Kane said the investment was worthwhile because the completion of a Whole Foods will spur greater sales tax revenues for the town. In essence, the funds spent on the roundabout will be paid back many times over.
By Scott Condon, August 11, 2010 Aspen Times

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