The Town of Basalt has hired a financial firm to find out how much money a developer could make near downtown. The proposed redevelopment is controversial, and officials have been hashing out what would be a good fit. Basalt is now working with a Minnesota firm on reviewing four different redevelopment options.
“[The firm is the one] that did our bond issue in 2013,” explains Town Manager Mike Scanlon. “They also refinanced our debt in 2013, and that saved us about $125,000. So they’re really good at the public financing piece.”
The idea is for town officials to understand how expensive or profitable each version of the development could be. So far Basalt officials are considering a plan on the Pan and Fork site that would have a hotel with less than 50 rooms, plus around 30 suites or townhouses. It would also include underground parking. It’s not clear yet how much the financial review could cost, since the firm will be paid on an hourly basis. A report is expected in two months.
