The following article by Steve Fidel of the Deseret news.
DRAPER — The city and Zions Bank have agreed on terms to end a $25 million lawsuit over the unfinished SunCrest development.
The development failed in 2007, leaving Zions Bank on the hook for about $40 million in unpaid loan debt. The bank bought the development out of bankruptcy in 2008 for $25.3 million with the intention of selling it as quickly as possible to help recoup losses.
Failed infrastructure in the development surfaced as a concern by the city, and Zions brought the suit in June 2009, accusing the city of sabotaging deals with potential buyers of the unfinished development.
The Draper City Council voted 5-0 Tuesday night to accept terms agreed upon with Zions to see the suit dismissed, said Draper City Attorney Doug Ahlstrom. Zions has already agreed to the terms and is awaiting an official copy of documents to sign, Ahlstrom said.
Under the agreement, the city would accept SunCrest Drive and the paved portion of Deer Ridge Drive and take responsibility for correcting problems with the design and construction. Several people attending the Council meeting where the settlement was discussed objected to the anticipated use of funds collected from the Traverse Road Special Service District to make those improvements, Ahlstrom said.
Other design agreements include stipulations affecting undeveloped areas based on historic landslide data and other improvements to roadways.
Zions or its successor or developer will be responsible to resolve issues with Detention Pond 7A. As an alternative, the city would design and build a regional storm water facility there as a city project, if approved by participating property owners. Zions would pay a share of the cost of such a project.
The terms also acknowledge the existing culinary water system is operating at a loss and lacks the capacity to service future growth within the SunCrest project and lays out conditions for both city and developer participation to improve an extended water system.
Ahlstrom said about five individual developers have been waiting for a resolution to the lawsuit. 'The first thing we're going to do is see if we can get some zoning in place that will help all of them.'
After that, conditions in the open market will dictate how long it takes before new development is underway.
Zions Bank announced in February it reached an agreement to sell the SunCrest development to MCO Properties, in Fountain Hills, Ariz. Tuesday's agreement plays into the bank's agreement with MCO, which the bank said is poised to build more than 3,000 homes in undeveloped portions of the 4,500-acre development.
Draper will create a new master-planned community zone for SunCrest.
The city will accept SunCrest Drive and the paved portion of Deer Ridge Drive in their current conditions.
Areas outside historical landslide zones will be exempt from the city’s geologic protection ordinance.
The city will use $300,000 of water fund money and $500,000 in federal grants to upgrade a pump station to provide water to the development.
As a Real estate Agent in Draper, UT. I am very familiar with Homes in Draper and Suncrest. I believe the terms of this agreement will benefit the Homeowners in Suncrest and should also encourage many Draper Home buyer to consider Suncrest properties. There really are some fantastic opportunities in Suncrest for purchasing Luxury Homes, Short Sales or Foreclosed property. Suncrest offers some of the most incredible deal in Draper Real Estate. It is not uncommon to find Luxury Draper Homes of over 5000 sq Ft listed for under 400K. Compare these prices with a typical Draper Home in steeplechase or other Luxury Draper homes for sale and you may be persuaded to explore Draper Real Estate above the inversion.
"Breathtaking views of Wasatch Mountains and S.L. Valley. Home is clean and spacious. Backs to open space. Just minutes from trails. Your going to love your new home & lifestyle on top of the mountain!"
"New low price. Best deal on cleanest unit around. Ultra clean and nicely upgraded town home atop the hills in Draper. Enjoy clean and fresh air and miles of hiking and biking trails. Home features granite counter tops, nice hardwood flooring, year round access to clubhouse and gym, and plenty of room for a young family with the finished basement as a bonus. FREE 12 month Home Warranty included."
"NEW D.R. HORTON townhouse, beautiful views, great biking and walking trails, large stair wells, hall ways and wonderful closet space, 2 car garage, great family room, nook & kitchen for family use or to have your friends over. COME AND SEE!"
"MOVE IN READY, Stunning mountain area. Hiking trails all around. End Unit. Spacious rooms, Walk in Closets,1 YR Home warranty. FREE 1 YR HOA paid when using preferred lender. Granite fl. Pl. lot 137 call agent for garage code."
"MOVE IN READY, Stunning, Open, Spacious. 2 Tone Paint, GE Stainless Gas Appl. Granite C-tops, Frosted Pantry Door, A/C, Unfinished Bsmt for you grown into. $3000. towards closing cost using DHI mortgage. .1 year home Warranty. Quality Construction. lot 138. The McKinley"
"If you want to be home, this is it. Close to I-15 and shopping. Stunning mtn views. This home has Granite, Stainless Steel Appliances and Tile. Fenced backyard and a 1 car garage. 3bed 2.5 bath and 2084 sq.ft. This is a must see. Call today to see. Sq ft est.obtained from Salt Lake County Assessor. Buyer advised to obtain independent measurement."
"Closing Costs and Home Warranty included!! Seller will pay up to $6,000 Buyers Closing Costs and include "Premier Plus" Warranty from Landmark Home Warranty for Full Price Offer!! Enjoy living in SunCrest in this beautiful, fully finished 3 bed/3 bath town home. Enjoy the open concept main floor or relax and hang out after a long day in the spacious downstairs family room. Literally 1 block away from miles of gorgeous hiking/biking wilderness trails, this home is ready for you."
"Great town home with a beautiful mountain view. Has a partially fenced back yard opening up to a hill for add space in the back. An open concept feel with a living room and kitchen opening up to each other, giving that feeling of space. Beautiful kitchen with an island and plenty of counter space. Great dinning area with lot of natural light. Spacious master bed room with walk in closet and on suit with double sinks, great shower and amazing tub."
"Cute starter home in Eaglecrest. Home is nicely upgraded with manufactured hardwood floors on main. Granite counter tops and stainless steel appliances. Master and 3 other bedrooms on top floor. Basement is unfinished for future growth. Views of mountain, yard is partially fenced."
"Priceless VIEWS that warrant a $35,000 premium but you get it for FREE. Priced competitively and will sell quickly in light of the upgrades, finished basement, granite, tile, and taller counter tops/vanities, beautiful knotty alder cabinets and cozy fireplace. Wake up every morning to a new view of LONE PEAK and hike/bike the endless miles of single track that Corner Canyon has to offer. Ultra clean home, contact agent to see TODAY!"
"Beautiful, spacious townhome better than new. Custom shutters on every window. 9' ceilings and open concept main floor, finished basement and grand master bath. Above the inversions with panoramic view of the Salt Lake Valley and steps away from Draper City trails with easy access to community pool and fitness center."
"New "View Lots" just opened for sale! One of the most desirable locations in the community! These are selling very fast, and this is the last one left until a new building is opened. Unmatched views for townhomes! You must see the community. There are finished homes of this same floorplan to view, but this one will be finished in roughly 4-5 months. For a short time, buyers can choose their own interior options and colors. Pics are of the same floorplan, but a different finished home."
"Live above it all and enjoy the blue skies and clean air in popular Draper subdivision;Spacious home with vaulted ceilings and big windows;Four bedrooms with two full baths on second floor with laundry on same floor for extra convenience;Kitchen updated with granite;beautiful wood floors on main;newly finished basement with kitchen that also has granite;all appliances stay;Wired with CAT 5"
"SALE FAILED BACK ON THE MARKET . CALL AGENT FOR DETAILS....Perfect 2 Story home w/ views of the Mnts & SL Valley. Main level has lvg. rm. & fmly rm.w/frplce off kitchen. 2nd level has 4 bdrms ,2 full baths & laundry. Bsmnt rec. rm plumbed for kitchenette. Over sized shower in bath & 1 bed. Craft rm. & cold storage . Flat yard landscaped w/grow boxes, mature trees & fruit plants. Extra wide drive way for cars."
"$5,000 credit towards buyer's completion of the rear landscaping. You will love this home and Suncrest! Great Open Rambler Floorplan. Granite Counters. Fireplace. Fantastic community amenities with pool, hiking and biking trails nearby."
"A perfect home in SUNCREST! Mountain views, hiking & biking trails. Live in the Mountains & live in a super community. Fantastic amenities with POOL, CLUBHOUSE, HOA ACTIVITIES. Unbelievable views await you in Suncrest and the valley is 20 minutes away."
"Fantastic mountain neighborhood. Great location between Salt Lake & Utah County. Miles of hiking & biking. Clubhouse, fitness center, pool & parks. Relax on the trex deck with valley views & beautiful sunsets. Fully finished, daylight walkout basement. Gorgeous landscaped, fully fenced yard with fruit trees. Interior fire sprinkling system. Live above the inversion & call this one home."
"Popular floor plan features enlarged kitchen, spacious master bedroom, formal living & dining, main floor laundry room and half bath. Loft/office opens to a 2-story family room with cozy fireplace. Large windows for maximum enjoyment and breathtaking panoramic views of Lone Peak and the Wasatch Mountains. Daylight walkout basement is framed for 2 more future bedrooms; bath and family room. Well-maintained with curb appeal and charming front porch."
"Large 2 story with 2 familyrooms. Oversized master with grand master walkin closet double sinks in main bath. Large laundryroom. New paint formal livingroom . kitchen / separate island. Granite counters with stainless/ black appliances. goodsize backyard"
"Fantastic home*custom cabinetry*hand scraped floors*walkout basement to shaded patio*quiet serenity*granite counters*mainlevel walks out to deck to enjoy the evenings*This is a twin style condo home in a gated community*common areas and club house* some homes are singles"
"Enjoy the warmth of this beautifully crafted two story home with its well-appointed kitchen, dining and family room, featuring granite countertops, upgraded cabinets and appliances, convenient pantry, work area and bar. Take a few steps to the patio featuring a rock terrace and spacious fenced backyard & then take in the breathtaking views of Emerald Hills, Granite Peaks and access miles of trails for hiking and biking. Upstairs, more views with bonus area/den off master, two full baths, 2 b"
"Gorgeous home in private, gated community. Granite counter tops, stainless steel appliances, 10' ceilings, open floor plan, designer colors, large great room w/fireplace, finished basement w/wet bar and office w/French doors. Fire sprinklers, basement has 2 gas wood stoves. Private, fully fenced backyard w/patio and hot tub-overlooks hill and scrub oak, not the neighbors! Buyer to verify all."
"Stunning Draper maintenance free home. Professionally designed interior with the highest end finishes including 4 inch hardwood floors, granite, oversized island,stainless steel set in gas/convection range, custom cabinets, great room design, main floor living, 2 laundry options, Huge deluxe master bath with dual shower heads and jetted tub. The home backs open space with a private oversized deck. This home is immaculate! Show your fussiest buyers!"
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