Event venue near Mile High Stadium Documents for Insolvency – The Denver Post

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An occasion center that looks out over Mile High Stadium has filed for bankruptcy because it struggles in court with a subtenant conducting a pot shop.

Lance Goff, a lawyer in Goff & Goff representing JDL Federal, said in an email which the pandemic — that has stopped most in-person events — was only a portion of the”combination of factors” that caused the bankruptcy.

According to a suit by JDL Federal, that entity has allowed the entire building at 1600 N. Federal Blvd. since early 2015. Since that moment, it’s subleased part of the space to five different things. Of those, four are still in good standing with their sublessor, however one, the cannabis vendor, has overstayed its welcome.

Per the lawsuit, which seeks an order to permit the rejection of Mile High Medical Cannabis’s sublease, the bud shop’s contract to the space was up in the end of 2019, however it has stayed in its own place on JDL’s leased property ever since then. The dispensary has mentioned a”vague” option clause, per the litigation, which JDL is arguing in court was set up as”general process” for the purpose of finding fair market rent extension.

JDL majority owner Lisa Vedovelli, that didn’t respond to a request for comment, said in an affidavit filed in connection with the litigation which the existence of the cannabis vendor has introduced challenges for its events industry.

“The existence of MH Cannabis has a very negative effect in the Debtor’s industry as it narrows the area of potential event tenants,” the suit reads. “For example, the Debtor has been not able to rent its Field House to student groups interested in hosting a prom night there, it cannot rent to non-profits like MADD and other classes that concentrate on health and freedom, also it cannot sponsor children’s events”

The suit also states the bankruptcy filing is at jeopardy due to the sale of a restricted substance on site.

“A Chapter 11 debtor cannot suggest a good-faith reorganization program that relies on knowingly profiting from the bud industry,” the suit reads.

An occasion center that looks out over Mile High Stadium has filed for bankruptcy because it struggles in court with a subtenant conducting a pot shop.

Lance Goff, a lawyer in Goff & Goff representing JDL Federal, said in an email which the pandemic — that has stopped most in-person events — was only a portion of the”combination of factors” that caused the bankruptcy.

According to a suit by JDL Federal, that entity has allowed the entire building at 1600 N. Federal Blvd. since early 2015. Since that moment, it’s subleased part of the space to five different things. Of those, four have been in good standing with their sublessor, but a single, the cannabis vendor, has overstayed its welcome.

Per the lawsuit, which seeks an order to permit the rejection of Mile High Medical Cannabis’s sublease, the bud shop’s contract to the space was up in the end of 2019, however it has stayed in its own place on JDL’s leased property ever since then. The dispensary has mentioned a”vague” option clause, per the litigation, which JDL is arguing in court was set up as”general process” for the purpose of finding fair market rent extension.

JDL majority owner Lisa Vedovelli, that didn’t respond to a request for comment, said in an affidavit filed in connection with the litigation which the existence of the cannabis vendor has introduced challenges for its events industry.

“The existence of MH Cannabis has a negative effect on the Debtor’s industry as it narrows the area of potential event tenants,” the suit reads. “For example, the Debtor has been not able to rent its Field House to student groups interested in hosting a prom there, it cannot rent to non-profits like MADD and other classes that concentrate on health and freedom, also it cannot sponsor children’s events”

The suit also states the bankruptcy filing is at jeopardy due to the sale of a restricted substance on site.

“A Chapter 11 debtor cannot suggest a good-faith reorganization program that relies on knowingly profiting from your marijuana industry,” the suit reads.

Source: https://www.denverpost.com/2021/04/06/field-house-event-venue-bankruptcy/

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