Remember when Tamarack CEO Jean-Pierre Boespflug told the Idaho Statesman on April 16 that the resort decided to close its Boise office “to further reduce expenses and to avoid cutbacks at the resort in Donnelly?” Well, that’s not exactly the whole story. Tamarack was actually evicted from its first floor office at the University Plaza building at 960 Broadway Ave. after it had fallen two months behind on rent and owed property owner Pitch Fork Management Group more than $20,000.
Pitch Fork took Tamarack to court to get the company evicted, and Magistrate Judge Patricia Young ordered the company to remove its personnel and equipment from the office on April 16.
Maybe it wasn’t such a bad deal for Tamarack, which faces a lawsuit from investment bank Credit Suisse over claims that the resort defaulted on a $250 million loan and whose two major investors have filed for bankruptcy protection in federal court.
Tamarack owed Pitch Fork more than $20,000 in overdue rent but was ordered by the court to repay only $615 in attorney fees.
Okay, so that’s pennies when you’re talking about a development that’s estimated to cost $1.5 billion at full build out and that has already reported selling more than $515 million worth of residential property. But what does it mean when a company like that can’t pay its $10,413 monthly rent?
Oh, and one side note from the Department of Won’t You Stay Just a Little Bit Longer: One of the perks of having Tamarack as a tenant was that in lieu of a security deposit, the resort offered Pitch Fork “or its assigned persons” 34 rounds of golf, 24 one-day ski passes and eight cat ski passes each year. Not a bad deal for Pitch Fork, though not much security against raging keggers and the like.
CONTACT US at 208.336.3768
WANT THREE FREE ISSUES?
