Shea Homes Negotiations, Funding and Conveyance
With the support of the community and partner agencies, the Metro District worked with Shea Homes and agreed to the conveyance of the Mansion and ranch buildings in two phases; the first in 2010 for the Mansion and grounds immediately adjacent, and a second conveyance around 2026 that would include all the ranch buildings, corrals and pasture south of the Mansion.
District staff developed a planning level estimate of $6 million for renovating the Mansion based on minimal information and no architectural plans. Based on this estimate, the partners agreed that funding for the renovation would come from development fees that had been collected for infrastructure provided by the Metro District. However, construction savings and planning revisions had created a surplus of funds dedicated to this use. Operational costs would be funded by revenues from event rentals. In April 2010, ownership of the Mansion was conveyed to the Metro District, which promised to deliver a freshly renovated estate to the community in approximately two years.