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Commissioners rescind earlier Vail Ditch exchange approvals, authorize conditional escrow for 58.5 shares
Summary
Grand County rescinded earlier approvals tied to a 1031 exchange for irrigation shares, then authorized a conditional escrow to pay $409,500 for 58.5 Vail Ditch shares if the irrigated-land company approves the conservation plan and stock certificates transfer to the county.
Grand County commissioners revisited a recent decision on purchasing shares of the Vail (Failed) Ditch and Reservoir interests and adjusted their approvals after staff raised concerns about irrigated-land-company bylaw changes.
Project manager/legal staff told the board the county had earlier authorized a notice of assignment and wiring to an intermediary, 1031 Exchange Experts LLC, for a 56-share transaction. Staff said recent amendments to the local irrigated land…
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