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and office areas is significant, and would prohibit reclamation <br /> construction from occurring until they are removed. These areas <br /> are scheduled for construction in 1998. <br /> Land Exchange with USFS <br /> The United States Forest Service has entered into a contract with <br /> Resources to purchase, via land exchange, the 405 acre parcel <br /> located near the confluence of Coal and Dutch Creeks. The Forest <br /> Service had identified a parcel to be exchanged for this property, <br /> although the exchange details were not made public. However, in <br /> late December, 1996, the Forest Service informally notified the <br /> Division that their Regional Office had rejected the land proposed <br /> to be exchanged for the 405 acre parcel. Local Forest Service <br /> personnel did not know whether other lands had been identified for <br /> exchange as an alternative to those originally proposed for trade. <br /> Currently it is unclear whether an exchange will be consummated or <br /> not. <br /> Reclamation of the wash plant and office areas (facilities area) is <br /> dependent upon the sale of this property, as the sale will generate <br /> funding for this project. Currently held funds are insufficient to <br /> accomplish reclamation of this area in addition to the work <br /> scheduled for 1997. If the land exchange is not consummated, it is <br /> possible that Resources may revert to their previous plan of <br /> subdividing the area into 35 acre tracts prior to sale. However, <br /> some form of County approval may be necessary to accomplish this. <br /> Obtaining County approval would potentially delay any property <br /> sales. The net result is that funding for the facilities area <br /> reclamation could be delayed until final disposition of the 405 <br /> acre tract is resolved. <br /> Bankruptcy Resolution <br /> In order to accomplish final reclamation planning, it will be <br /> necessary to accurately predict during 1997 the amount of funds due <br /> the Division via the liquidation plan. To this end, discussions <br /> between the Division, Resources and the bankruptcy Trustee should <br /> be held to determine the correct amount of credit Resources is due <br /> under the terms of the plan. The amount of money to be allocated <br /> to Pitkin Iron must also be agreed upon. These sums apply against <br /> the three million dollars due to the Division under the terms of <br /> the liquidation plan. <br /> The final figures will determine the total amount of money due to <br /> the Division under the terms of the plan. This figure will <br /> directly impact the ability of the Division to draft bid <br /> specifications and complete reclamation of the facilities area, <br /> miscellaneous maintenance and other projects remaining to be <br /> completed in Coal Basin. <br /> 24 <br />