The long wait is over. The Mateel is finally getting the settlement payment they've been waiting for -- following a long delay blamed on the current state of the lending market. Here's the announcement from the Ranch:
The Dimmick Ranch announces payment of the Mateel Settlement
The Dimmick Ranch announced today that Tom Dimmick has secured the necessary funding and will be making a payment of $256,400 that includes principal, interest and legal fees to the Mateel Community Center. The payment will be presented to the MCC attorney, William Bragg. "I am very pleased that I was able to make this payment today. I just regret the time it has taken, but our national credit crisis and reluctance on the part of lenders to extend themselves at this time has severely impacted the finance plans" said Dimmick. "I am pleased that this chapter is now behind us and that the Mateel Community Center and its members have their payment before Christmas."
"Today’s payment is the first of 3, spelled out by the Settlement. The next payment of $200,000 will be due on February 1st and now that my finance package is in place, I expect that payment will be made on or before its due date. The last being very small by comparison is due by September 30, 2009. I was pleased that we were able to settle our differences with the MCC and I am very pleased that I will be able to meet the terms of that settlement and pay the $500,000. I want to thank the MCC board and members for their patience through this difficult time."
Tom Dimmick is the permit holder for Reggae Rising ’09 and is the owner of Dimmick Ranch, LLC. Reggae Rising ’09, is slated to be held at the historic Dimmick Ranch and French’s Camp Site on the banks of the Eel River July 31 – Aug 2.
The Dimmick Ranch wants to take this opportunity to wish the entire community a very happy holiday season, and best wishes for a healthy and safe New Year for all."