$40 Million Cash Offer for Tamarack from Eagle LLC

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"It's been a long 21 months," Tamarack Municipal Association General Manager Tim Flaherty told Citydesk Monday morning. "But this is very exciting news."

Flaherty was front row-center for the announcement that Green Valley Holdings of Eagle had unveiled a $40 million cash offer to purchase Tamarack. Flaherty told Citydesk that he didn't know too much about the Idaho-based LLC, except when a team from Green Valley began a recent due-diligence process at the Valley County resort.

"We've been quietly working on the acquisition for many months," Green Valley co-founder Matthew Hutcheson announced at Boise's Cottonwood Grille, the scene of a hastily presented press conference.

Tamarack_Green_Valley.jpg

While the press was in attendance, Hutcheson refused to take any questions. Instead he posed his own.

"Does Green Valley have any experience running a resort of this sophistication?" Hutcheson asked of himself.

"No. We've assembled an initial team of experts and we're prepared to bring in others to make Tamarack a successful and viable concern."

"What are the terms?"

Hutecheson answered himself, "We're offering $40 million dollars cash. The offer doesn't contain any financing condition."

Hutcheson said the deal is contingent on a closing date no later than March 15, 2011.

How about much of the unfinished construction at Tamarack?

"We expect to complete the Tamarack village," said Hutcheson. "We respect the vision of the Tamarack founders."

But that doesn't mean they respect Tamarack's original owner.

"We don't anticipate that J.P. Boespflug will be involved in the operation," said Hutcheson.

Does Credit Suisse, the Idaho State Land Board or the Tamarack Municipal Association support the bid?

"This offer hasn't been formally discussed with any of the parties," said Hutcheson. "Those conversations are expected in the next few weeks."

Flaherty gladly spoke to Citydesk on Monday.

"We're still on track to open Dec. 20," Flaherty smiled. Flaherty and his fellow homeowners have secured approval from the Land Board to conduct a full ski operation this season.

"We're hiring daily," said Flaherty. "It's full steam ahead."

Flaherty said snow-making operations have already begun.

Atop Tamarack Monday Morning
  • Atop Tamarack Monday Morning

"Mother nature is helping," said Flaherty. "We'll start track-packing in the next couple of weeks, and then a couple of days before we open, we'll perform our final grooming."

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