NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2017

As of September 30, 2017 and December 31, 2016, our debt, notes payable and special assessment obligations consisted of the following (in thousands):



	September 30,		December 31,
	2017		2016
Note Payables, Net of Discount, Continuing Operations
$5.9 million note payable secured by real estate in New Mexico, annual interest only payments based on annual interest rate of prime plus 2.0% through December 31, 2017, and prime plus 3.0% thereafter (5.75% and 5.5% at September 30, 2017 and December 31, 2016, respectively), matures December 31, 2019.	$	5,940	$	5,940
Unsecured note payable under class action settlement, face amount of $10.2 million, net of discount of $1.5 million and $2.1 million at September 30, 2017 and December 31, 2016, respectively, 4% annual interest rate (14.6% effective yield), interest payable quarterly, matures April 28, 2019.	8,716		8,106
$2.3 million special assessment bonds dated between 2002 and 2007, secured by residential land located in Dakota County, Minnesota, annual interest rate ranging from 6%-7.5%, maturing various dates through 2022.	131		—
Total Notes Payable, Continuing Operations	$	14,787	$	14,046

Notes Payable and Special Assessment Obligations, Assets Held for Sale
$3.7 million community facility district bonds dated 2005, secured by residential land located in Buckeye, Arizona, annual interest rate ranging from 5%-6%, maturing various dates through April 30, 2030.	$	2,920	$	3,067
$2.3 million special assessment bonds dated between 2002 and 2007, secured by residential land located in Dakota County, Minnesota, annual interest rate ranging from 6%-7.5%, maturing various dates through 2022.	—		514
Total Notes Payable and Special Assessment Obligations, Held for Sale	$	2,920	$	3,581

Note Payables, Net of Discount, Discontinued Operations*
$50.0 million non-recourse note payable secured by first liens on operating hotel properties and related assets, bears annual interest at the greater of a) 7.25% or b) one-month LIBOR plus 6.75%, actual interest of 7.40% at December 31, 2016, original maturity of February 1, 2018, interest only payable monthly, principal due at maturity, subject to a carve-out guarantee by the Company. This note payable was repaid in February 2017 upon sale of the underlying collateral.	$	—	$	50,000
Total Notes Payable, Discontinued Operations	—		50,000
Less: Deferred Financing Costs of Notes Payable, Discontinued Operations	—		(447		)
Total Notes Payable, Discontinued Operations, Net	$	—	$	49,553

* This note was paid off in connection with the sale of the Sedona assets in February 2017 and has been reclassified into Liabilities of discontinued operations as of December 31, 2016 in the accompanying condensed consolidated balance sheet.

Contractual Obligation Fiscal Year Maturity Schedule

Our notes payable and special assessment obligations have the following scheduled maturities as of September 30, 2017 (in thousands):



Year	Amount
2017	$	14
2018	184
2019	14,850
2020	201
2021	211
Thereafter	2,247
Total	$	17,707