Dillard’s ‘price’ case starts Wednesday
“Attorneys can use three common real estate appraisal techniques to make their cases about what the preliminary price should be for the Longmont Dillard’s department store, based on a ruling from Boulder District Court Judge D.D. Mallard.
A three-person board is expected to decide the preliminary price for the Dillard’s store in an eminent-domain court hearing that’s scheduled Wednesday through Friday in Boulder District Court in Boulder. The board is expected to set the store’s preliminary legal value so that the store’s title can be transferred to the Longmont Urban Renewal Authority and an $80 million redevelopment project can start at Twin Peaks Mall. LURA is made up of Longmont city council members.
Attorneys for Dillard’s Inc. (NYSE: DDS) can use an “income approach” in appraisal arguments about how much the store is worth, according to a Boulder District Court document filed Friday, Dec. 6. What that means is that a Dillard’s expert can discuss what the value of the property is, based on a potential stream of rental income, according to the court document. The Dillard’s store is currently owner-occupied.
Attorneys for LURA can use Dillard’s property tax appeal records from 2003, 2007 and 2009, according to the court document.”
Potter, Beth. Boulder County business Report 10 December 2013.