2011-06-23 / Front Page

Clock is ticking for SilverTip developer

By Erik Skindrud
GAZETTE REPORTER

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Speed bump indeed! PacificUS

Speed bump indeed! PacificUS Real Estate Group, the developer of the proposed Silvertip Resort and Hotel in Fish Camp, filed for bankruptcy on July 14, 2011. There was to have been a foreclosure auction of the property on the Mariposa County Courthouse steps at 10:00 AM on Friday July 15th. The group of Fish Camp residents present to see who the buyer might be were met by mortgage trustee with the announcement that the auction was cancelled “due to bankruptcy.” At this time, the auction is re-scheduled for August 18th. The bankruptcy announcement can be seen at http://www.trollerbk.com/bankruptcy_case/PACIFICUS_REAL_ESTATE_GROUP

There are considerable

There are considerable hurdles for any developer to bring the Silvertip project to fruition as it is presently conceived. Not least is the flood plain. The previous owner reconfigured Big Creek away from the meadow where major resort facilities are planned, and that is still subject to flooding (as in 1997). Moving dirt around to protect the resort would just push flood waters onto the residences on the other side, to the west of Highway 41. Then there is the access problem from Highway 41, still not resolved with Cal-Trans. Then there are the unresolved easements across the land, that the developer PacificUS has refused to address with the owners. It is pretty clear from these problems that the property is not worth the $5.6 million the bank is owed. (May one guess that the developer PacificUS used the property as a cash cow, taking money out to pay for other projects?) It would sure be good for the community of Fish Camp if a responsible developer bought this property and developed it more in keeping with the original Fish Camp Specific Plan.

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