Getting your player ready...
The city of Colorado Springs is objecting to a proposed sale next month of the Banning Lewis Ranch, saying a plan by its bankrupt owners could allow a buyer to walk away from the responsibility to provide tens of millions of dollars worth of public improvements on the land.
At issue is the future of the 21,500-acre ranch, which makes up most of the Springs’ east side and has gone mostly undeveloped since it was annexed by the city in 1988.
Two California-based limited- liability companies own the property and cite more than $242 million in debt. Colorado Springs Gazette
