Mammoth Lakes 2nd city to use state bankruptcy law
Fri Apr 13, 2012 4:01 pm
http://articles.latimes.com/2011/jan/09 ... 0110110-33
The town council reneged on a contract in which the other party, a developer, had already invested money in improving their airport. The council lost an appeal to the state supreme court. Now they have to come up with $42 million.
From another source ...
http://www.sfgate.com/cgi-bin/article.c ... 1NVKHT.DTL
"Changed its priorities."
The town council reneged on a contract in which the other party, a developer, had already invested money in improving their airport. The council lost an appeal to the state supreme court. Now they have to come up with $42 million.
From another source ...
http://www.sfgate.com/cgi-bin/article.c ... 1NVKHT.DTL
The agreement required the developer to make improvements to nearby Mammoth Yosemite Airport's fixed-base operations. In return, it would receive rights to develop a $400-million Hot Creek hotel project on 25 acres at the airport and an option to buy the land.
Mammoth Lakes changed its priorities in 2007, the court found, after it determined that the project would interfere with Federal Aviation Administration policy governing the use of airport property for aeronautical purposes and, as a result, derail the town's plans to extend the runway to accommodate Boeing 757 passenger jets.
"Changed its priorities."