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The Bodo Business Ranches is the oldest, largest and most predominant <br /> subdivision in the neighborhood. It was developed by a non-profit organization <br /> known as the Durango Industrial Development Foundation, Inc. in 1969 and the <br /> lots were first available in 1973. The Durango Industrial Development Foundation, <br /> Inc. (DIDF) is composed of the Presidents of the major banks and Savings and <br /> Loan institutions in Durango. The Foundation must approve each purchase within <br /> the Business Ranches with the goal of attracting light, clean industry. DIDF must <br /> also approve each new buyer upon a resale and a change in usage. Each contract <br /> contains a resale clause back to the Foundation within two years if the property is <br /> not improved. The Bodo Business Ranches also have an architectural control <br /> committee which must approve the plans of each type of improvement. The Bodo <br /> Business Ranches is approximately 95% developed. DIDF subdivided its last <br /> remaining large tract into fourteen lots in 1995, and has sold all of the lots. <br /> The Durango Mall, built in the early 1980's, is a regional shopping center <br /> containing 213,467 square feet and 187,132 square feet of net leasable area. It's <br /> anchor tenants are K-Mart and J.C. Penney's. It sold in December 1994 for <br /> $7,750,000. <br /> The neighborhood experienced dramatic growth between 1980 and 1985, <br /> including the development of Skatetown Subdivision, the Centennial Shopping <br /> Center and the Durango Mall. Between 1986 and 1988 development and lot sales <br /> virtually halted. The values of commercial land and improved properties in the <br /> neighborhood remained relatively stable between 1989 and 1991, albeit at lower <br /> levels than experienced prior to 1986. Since 1992 the neighborhood, like the <br /> 43 <br />