Dillard’s to appeal store’s title transfer
“Dillard’s Inc. plans to appeal a court decision to transfer the title of its department store at Twin Peaks Mall to the Longmont Urban Renewal Authority.
Attorneys for Dillard’s (NYSE: DDS) want the title transfer to be delayed indefinitely, according to a court document filed Tuesday in Boulder District Court. Dillard’s attorney Leslie Fields did not immediately return requests for comment about the eminent-domain case. Longmont city officials filed the case in May in connection with a planned $80 million Twin Peaks Mall redevelopment.
Boulder District Court Judge D.D. Mallard awarded the title to the Dillard’s Longmont store to LURA last week. LURA is made up of Longmont’s elected city council members. Unless Mallard or an appellate judge decides to stop the transfer, mall owner NewMark Merrill Mountain States is expected to proceed with the mall redevelopment.
Dillard’s will be “irreparably harmed” if it loses title to its property, Fields wrote in the Tuesday document. Dillard’s owns the Longmont property and holds veto power over any redevelopment at the mall.”
Potter, Beth. Boulder County Business Report 4 September 2013.