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Grand County approves purchase and 1031 exchange steps for 58.5 Vail Ditch water shares
Summary
Commissioners authorized acquisition steps, wire transfers and lease assignments to complete purchase of 58.5 shares of the Vail Ditch; $409,500 purchase via a 1031 exchange, with $392,000 wired to a 1031 exchange entity and $17,500 to a separate LLC for 2.5 shares; county to pay transfer fees and execute assignment documents after closing.
The Board of County Commissioners approved a multi-step set of actions to acquire 58.5 shares of the Vail Ditch: notice-of-assignment documents, wire payments, a $5,850 transfer fee payment, and execution of an assignment of lease after closing.
Manager Moyer explained the parcel of 58.5 shares is being purchased from multiple owners (Taylor Carlson, Kristen Penwell, Corey Thornton and Jennifer Trail, and Grand County Sweetwater LLC). Of the 58.5 shares, four sellers are transferring 14 shares each (56 shares total) and 2.5 shares are separately owned by Grand County…
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