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Government Affairs Monthly Report

06-13-2018

Overlook Park Development Begins – Will Eventually Bring New Homes Online in West Steamboat
Work began this month on the long-awaited Overlook Park residential subdivision in West Steamboat, which was approved a decade ago for 140 lots on 70 acres just west of the existing West End Village subdivision.

Bob Zibell, who purchased the dormant project from Yampa Valley Electric Association in January 2018 for $3.28 million, is optimistic that the first home starts at Overlook could begin in 2019.

As the heavy equipment cuts down in the dirt to get the proper elevation for internal roads, the GPS on the earthmover will get corrections up to 50 times a second to control the angle of the blade on the final pass, he explained. Once the building lots and roads are cut to grade, work will belong on water and sewer utility lines.

Another Steamboat man, Jarle Halsnes, is also an investor in the revived Overlook Park project, which is located just inside the city limits and already had the vested development permit it needed to proceed.

County Commission Race Now Includes Write In Candidate McConell
Chuck McConnell has announced his intentions to run as a write-in candidate for Routt County commissioner. He will be facing off against Republican incumbent Cari Hermacinski and Democratic challenger Beth Melton.
McConnell's name is a familiar one when it comes to November elections. He ran unsuccessfully for the House District 26 seat in 2012 and then again in 2014 on the Republican ticket.
McConnell has lived in Steamboat Springs for 15 years, moving here on the advice of his son Chris, who passed away in 2008. His daughter Lory lives in Missouri and his other daughter Jennifer lives in Michigan, along with McConnell’s eight grandchildren.

State News – June is RPAC Month for Colorado REALTORS®
The Colorado Association of REALTORS® has designated June as Colorado’s RPAC Month and is asking all local boards to participate.
The focus of RPAC Month is to boost participation - $25 from each individual investor. Our 2018 RPAC participation goal is 37%. We are currently at 34.09% participation – only 746 new individual investors away from reaching our goal and your help to get there
Any member that invests at least $25 in June will be entered in a drawing to win one of the following prizes:
  • One First Prize winner will receive a $500 Southwest Airlines Gift Card to use toward their next vacation
  • One Second Prize winner will receive a Series 3 Apple Watch with GPS capability
  • Three Third Prize winner will receive an Amazon Echo Dot Smart Speaker
Bonus drawing: Members that invest at least $25 before June 7th will also be entered to win two tickets to the U.S. Senior Open at the Broadmoor in Colorado Springs
RPAC is your best investment in real estate. Voluntary contributions from members are collected to elect candidates and work on issues that affect our industry. For more information on RPAC or to contribute online click here:

National News: HUD Extends Puerto Rico and USVI Foreclosure Moratorium
On May 16, 2018, the U.S. Department of Housing and Urban Development (HUD) extended the Hurricane Maria-related Presidentially-Declared Disaster Areas foreclosure moratorium for Puerto Rico and the U.S. Virgin Islands (USVI). The moratorium is extended for 90 days, until August 16, 2018. The extension was done through Mortgagee Letter 2018-03 and is effective immediately. This is the second extension of the foreclosure moratorium for Puerto Rico and USVI, as the original moratorium was extended on March 1, 2018.

New Video Highlights Commercial Victories in Tax Reform Law
The Tax Cuts and Jobs Act enacted last year contains half a dozen big wins for commercial real estate. Tax Analyst Evan Liddiard walks through the wins in this NAR Advocacy Group update.

Link to video