Glacier arena no more than a frozen asset
For some months now, The Glacier Ice Arena has dodged the auction block.
Each Wednesday since June, Wells Fargo has opted to postpone sale of the rink, giving the owners, Alan and Robbie Koos, a little more time to pursue a separate legal action they hope will enable them to repair and then reopen the popular venue.
Wells Fargo filed papers in February to protect its investment in the rink at 2515 Riverside Parkway, but it has taken no action to sell it.
The Koos family is saying little for fear of jeopardizing its position in one or both of the two legal predicaments in which they’re mired.
“It’s pretty sensitive,” Alan Koos said Friday.
While the Koos family is watching what happens with the foreclosure, and thanking Wells Fargo for working with them, the family is pursuing legal action against the Canadian company, Pace Industrial, that installed the refrigeration system.
That side of the legal process is moving slowly, with an arbitration hearing scheduled in December, Alan Koos said.
The Koos family maintains the refrigeration system was flawed when it was installed, and it is seeking to have Pace Industrial’s claims adjuster make the system work as promised.
The owners closed Glacier in June 2010 after deciding they couldn’t risk further damage to the cooling system.
Even a temporary fix would have been expensive, about $450,000, and it would still leave a permanent repair to be done at the cost of about $800,000.
While preparing for the refrigeration-equipment case, the Koos family watches each Wednesday as the Mesa County Public Trustee’s Office puts out a list of properties to be auctioned off.
Each Wednesday, though, Wells Fargo asks for a continuation of the auction.
“It’s been that way for the last three months,” Alan Koos said.
Wells Fargo still holds $1.7 million of a $1.9 million loan on the Glacier.
The Koos family recently moved the non-working Zamboni, which had remained outside in front of the arena, to a safer location, Alan Koos said.