Eminent-domain use near for Twin Peaks

After more than a year of negotiations, Dillard’s representatives are considering a final offer from Twin Peaks Mall developer NewMark Merrill Mountain States Wednesday. If Dillard’s does not come to an agreement with the developer, Longmont city officials could authorize the use of eminent domain on the Dillard’s property on Tuesday, April 9, or earlier, Longmont Mayor Dennis Coombs said Tuesday night.

“Our city needs the mall to be redeveloped,” Bagley said. “We – as government officials – need to make sure they treat property owners fairly. Private parties are in negotiations attempting to resolve this. I am hoping they do, because eminent domain should not be entered into lightly.”

Of the total value of the Dillard’s property, the 94,500-square-foot building was assessed at $2.32 million and the land was assessed at $1.48 million for the 2008-2010 assessment period, said John Helton, chief deputy assessor in the Boulder County Assessor’s Office. A new value is being calculated and will be available for Dillard’s and all other properties in the county at the end of April, using a time frame of July 2010 to June 2012, Helton said.

Separately, Regal Entertainment Group (NYSE: RGC) appears to have wrapped up negotiations with NewMark Merrill, Coombs said Tuesday. Knoxville, Tennessee-based Regal operates the existing 10-screen United Artists theaters at the mall.