New owners start Lakota road work | PostIndependent.com

New owners start Lakota road work

Heidi Rice
Post Independent Contributor

NEW CASTLE — Construction work has started in the Lakota Canyon Ranch subdivision as the new developers, Warrior Acquisitions LLC of California, begin repair of several damaged streets and sidewalks.

“Warrior inherited these problems when they purchased the property from Lakota, which went bankrupt in late 2012,” said Town Administrator Tom Baker. “There are about three to four roads that were not built up to the town’s codes, and one of the stipulations of the purchase was that they be repaired and brought up to code.”

The town had set a $550,000 security requirement to be placed in an escrow account until the work was completed by the September 2014 deadline. In early June, the town issued a breach of contract when the security had not been provided and the work not done.

The town reached an agreement with Warrior that $100,000 be put into the escrow account by June 27, which the company did. It also required another $150,000 last week and receipt of a deed to a 17-acre parcel of property — all of which would be returned when the work was sufficiently completed.

Preliminary work was to begin Friday and the repairs were expected to take four to five weeks to complete.

“They’re pretty confident that things will go pretty quickly once they start,” Baker said.


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