by Lance Turner
Posted 12/16/2013 04:09 pm
Updated 8 months ago
Dillard's battle over the valuation of its store at the Twin Peaks Mall in Longmont, Colo., reached a key point in court today, according to the Longmont Times-Call.
A court-appointed commission ruled that the Longmont Urban Renewal Authority, which is planning to condemn the store as part of its $80 million mall renovation project, will have to pay Dillard's $6.3 million for the property. Dillard's has said it will not be part of the revamped mall.
The two sides have been battling over the value of the store since 2012. Dillard's appraisal was $6.3 million, but the Boulder County Assessor's Office put it at $2.9 million. In court, LURA offered the department store chain $3.03 million for the property.
Now that there's a preliminary price, LURA will be able to move ahead with its redevelopment project. A jury trial in April will decide the final amount paid to Dillard's.