Northern Ag Network
posted on October 22, 2012 19:34 :: 648 Views
The following article is from the Wyoming Business Report:
By Mark Wilcox
CHEYENNE — The proposed Nov. 13 sealed-bid sale of the Y Cross Ranch, jointly owned by the University of Wyoming Foundation and the Colorado State University Research Foundation, has been delayed after legal action from the ranch's donor.
The foundations still assert their legal right to sell the ranch, having maintained the ranch for student use beyond the 14 years stipulated in the original donor agreement. However, the legal action, they said, may impede their ability to get top dollar for the 60,000-acre ranch.
"Our goal is to secure the best price for the property," said Ben Blalock, president of the University of Wyoming Foundation and Kathleen Henry, president of the Colorado State University Research Foundation in a joint statement. "We believe the lawsuit will have an impact on the property's marketability and are not willing to assume that risk at this time."
The pair acknowledged their ongoing gratitude for the 1997 donation and say they have taken their stewardship of the property seriously.
Students and faculty say otherwise, saying the property was underutilized for educational access, and limited people even knew about its availability as a resource. Many question the wisdom of selling the property, which the foundations have been able to maintain and utilize for education with an overall profit of nearly $1.5 million over its life, for a quick cash-in estimated at about $20 million.
The sale, the foundations asserted, will be postponed until the legal action is resolved.
Source: Wyoming Business Report
Posted by Haylie Shipp