MINTURN — Since 2008, the town of Minturn has had more than $11 million in the bank it couldn’t use. That changed Wednesday.
The town and the developers of the proposed Battle Mountain Resort Wednesday completed an agreement — and unanimously approved a set of resolutions — for the two entities to release about $11.6 million in escrow funds that were first put on deposit in 2008, when The Ginn Company first sought approval for a private ski, golf and residential resort on Battle Mountain.
Since then, the local development industry has slumped badly, and Ginn’s role as developer has been taken over by the company’s original investors, Lubert Adler, the Philadelphia-based private investment company that first bankrolled the project.
And the escrow funds sat in the bank.
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