Tamarack foreclosure process nearing end

Credit: KTVB

Tamarack foreclosure process nearing end

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by Justin Corr

Bio | Email | Follow: @JCorrKTVB

KTVB.COM

Posted on September 12, 2013 at 3:46 PM

Updated Thursday, Sep 12 at 3:46 PM

DONNELLY, Idaho -- Tamarack Resort is in the home stretch of a nearly six-year-long foreclosure process.

The Village Plaza at Tamarack is slated to be the heart of the resort. But, it's stood half-finished and wrapped in plastic since March of 2008. That's when construction at Tamarack stopped because of financial struggles, including the resort's default on a $250 million loan, and the initial foreclosure process began.

David Papiez is the controller and asset manager for Tamarack. "We're coming up on six years of drawn-out litigation."

He says the village was the latest, but not the last piece of Tamarack to be auctioned off at a sheriff's sale. The village's general contractor and senior lien-holder, Banner Sabey II, took possession on Feb. 5. Before that, 16 unfinished townhomes were auctioned to two creditors. The Fairmont site where a hotel was to be built, will be auctioned on Sept. 24.

Credit Suisse has yet to schedule their sale of what is the vast majority of the resort, but according to Papiez that should happen soon. "I would expect that before the end of the year."

And then what?  Papiez says they hope one owner will buy Tamarack and continue development. "You gotta get through those and then the goal is to bring everything back together once the sales have occurred."

Papiez says that will be good for the resort, homeowners, and the entire county. "Tamarack is a powerful economic engine for Valley County. Everybody's really looking forward to a day when we can bring construction jobs back, expand operation, increase that employment pool, and really get Tamarack going full speed again."

Papiez says it's hard to say when a new owner would possibly take complete possession of the resort. But he says the best-case scenario would have construction starting as early as next spring. But again, that's the best-case scenario.

Through all the turmoil, the Tamarack ski area and the golf course at Tamarack, Osprey Meadows, have remained open. The golf course is open right now and will be until mid-October.

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