{"id":794269,"date":"2019-03-28T16:40:01","date_gmt":"2019-03-28T22:40:01","guid":{"rendered":"https:\/\/www.summitdaily.com\/news\/questions-over-financing-delay-rezoning-of-silverthornes-fourth-street-crossing\/"},"modified":"2019-03-28T16:40:01","modified_gmt":"2019-03-28T22:40:01","slug":"questions-over-financing-delay-rezoning-of-silverthornes-fourth-street-crossing","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/ksmt\/local-news\/questions-over-financing-delay-rezoning-of-silverthornes-fourth-street-crossing\/","title":{"rendered":"Questions over financing delay rezoning of Silverthorne\u2019s Fourth Street Crossing"},"content":{"rendered":"
This rendering shows concepts for Fourth Street Crossing, a large-scale project covering an entire city block with a new hotel, market hall, parking garage, commercial and housing assets and more in downtown Silverthorne.<\/strong>
Courtesy of Milender White<\/figcaption><\/figure>\n

Final approval on rezoning for the Fourth Street Crossing project has been delayed by at least two weeks after Silverthorne Town Council expressed some concerns over financing on Wednesday.<\/p>\n

Mayor Ann-Marie Sandquist cast the first vote of her tenure to break a 3-all tie, as council narrowly favored delaying voting on second reading of the project\u2019s planned unit development, or PUD, until April 10. In Silverthorne, the mayor doesn\u2019t get to vote unless it\u2019s to break a tie.<\/p>\n

Wednesday\u2019s discussions among council and the developer were somewhat vague, as ongoing negotiations pertaining to financing are often done behind closed doors and nobody said specifically what the problem was, if there is one.<\/p>\n

However, Councilwoman JoAnne Nadalin did say she wasn\u2019t comfortable approving the PUD until loose ends regarding the project\u2019s financing have been addressed.<\/p>\n

\u201cI guess I\u2019m torn on this,\u201d Nadalin said. \u201cI\u2019m feeling like there are some things up in the air that we might want to continue (the PUD) until we get more definition around the financing pieces.\u201d<\/p>\n

The PUD covers new zoning for the project. Passed on first reading<\/a> earlier this month, council seemed to have few problems with the plan.<\/p>\n

However, Nadalin described approving the PUD on second reading at this time as \u201cputting the cart before the horse,\u201d and she wanted more information for giving it the thumbs up.<\/p>\n

\u201cWe\u2019re (considering) approving a PUD when we don\u2019t know anything about what the financing is going to look like,\u201d Nadalin said during discussions. \u201cWe haven\u2019t gotten any documents, we haven\u2019t gotten any feedback and (approving the PUD) does encumber the property. It encumbers the property owners, and I don\u2019t think it\u2019s fair to them if there\u2019s a chance something falls through.\u201d<\/p>\n

Three other council members didn\u2019t seem to have an issue moving forward with the PUD and voted against the continuance.<\/p>\n

\u201cTo me, the PUD is a separate issue than whatever financing that we\u2019re looking at,\u201d Councilman Kevin McDonald said.<\/p>\n

But Councilwomen Kelly Baldwin and Tanya Shattuck sided with Nadalin. With the mayor\u2019s tie-breaking vote, four was enough to push final approval of the zoning plan back until to the first meeting in April.<\/p>\n

Afterward, the developer, a bond underwriter and council members went into executive session behind closed doors to continue working on the project.<\/p>\n

The Fourth Street Crossing project features a hotel, condominiums, townhomes, a new market hall, live-work units, commercial space and more, all of which is being designed to radically remake the downtown area in Silverthorne into a thriving, vibrant social and commercial hub.<\/p>\n

Ideally, town staff had hoped to have the development agreement, financing and redevelopment agreement, and the land-use items, along with other necessary boxes to check off, to run parallel with simultaneous approvals for Fourth Street Crossing, town manager Ryan Hyland said.<\/p>\n

\u201cOne always hopes for the harmonic convergence, but it\u2019s not terribly surprising given the complexity and scope of this redevelopment project that all of those things have not all lined up,\u201d he said.<\/p>\n

The developers understand that the town doesn\u2019t want to pass the PUD until those agreements have been finalized, said Tim Fredregill, development executive for Milender White, the firm selected to spearhead the project. He hopes to reach a resolution on the matters before the April 10 meeting.<\/p>\n

\u201cWe are still working with the town and their consultants on the public finance agreements,\u201d he said. \u201cThey are complicated agreements and take a little while to work through.\u201d<\/p>\n

Hyland added that the new zoning would become effective upon its adoption, so passing the PUD on Wednesday would have been \u201ca little bit of a cart-before-the-horse scenario,\u201d as the rezoning only needs to be done when the development agreement is finalized.<\/p>\n

\u201cDeadlines always help drive the final conversations and details,\u201d Hyland explained. \u201cWe have about 30 days to get everything finalized and approved to stay on schedule, and I\u2019m confident we will get there.\u201d<\/p>\n

via:: Summit Daily<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

This rendering shows concepts for Fourth Street Crossing, a large-scale project covering an entire city block with a new hotel, market hall, parking garage, commercial and housing assets and more in downtown Silverthorne.Courtesy of Milender White Final approval on rezoning for the Fourth Street Crossing project has been delayed by at least two weeks after […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[99],"tags":[],"class_list":{"0":"post-794269","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-06-14 03:32:11","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSMT The Mountain","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/ksmt","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/794269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/comments?post=794269"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/794269\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/media?parent=794269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/categories?post=794269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/tags?post=794269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}