County completes transfer paperwork for purchase of 58.5 Vail Ditch shares; funds release requires re-executed documents

Grand County staff updated commissioners on July 22 that the county now holds the original stock certificates for 58.5 shares of the Vail Ditch, completing a key closing condition. Staff asked the board to re-execute previously rescinded documents so escrow can disburse funds consistent with sellers’ wiring instructions and 1031 exchange arrangements.

Background and current status: staff said the county had earlier signed documents and a resolution under a first approach that later proved infeasible; the board rescinded those actions. With the original stock certificates now transferred to the county and in hand, remaining closing steps are limited to allowing the escrow agent to release funds under the correct wiring instructions. Some sellers are using 1031 exchanges, requiring particular payoff directions for those portions; staff marked the signature pages where commissioners need to sign four lines (one signature per 1031 seller) to enable the escrow agent to release funds.

Action: the board approved a motion to “approve the notice of assignment of real property for the purchase and sale agreement relating to the shares of the Vail Ditch and allow the chair to sign all applicable documents.” Commissioners voted aye and staff will proceed to sign and have the clerk attest documents so escrow can disburse funds.

Commissioners and staff noted an ongoing administrative detail for a remaining Sweetwater portion and that further steps may follow to clarify minor matters, but no new negotiation was reported during the meeting.