River Rim Obtains Extended Letter of Credit
Big Sky Western Bank has extended River Rim’s letter of credit until June 1, 2011 to give them time finish their infrastructure in Phase 1 Division 2, which consists of approximately 358 units on 1000 acres. River Rim is now approaching the commissioners about a construction timeline for paving and redirecting the county road associated with this part of the project. Representative Mike Potter acknowledged that they have sold about 80 lots, many of which were really bulk purchases, and that it would likely be years before anyone was living out there. Since 2008, no real work has been done out there to finish the project.
While it is good that River Rim has procured financing, Kathy Rinaldi pointed out the need for River Rim to sit down with the county and present a detailed plan for the future of the project. Obviously, they do not want the county road improvement to go unfinished, but at the same time, it is unclear as to what parts of River Rim are even still owned by the original developers. In response to this concern, River Rim made a firm commitment on the record that they will have a July work meeting with the county to lay out a clear, transparent plan for future the project.