“ was met with great excitement by both state and federal agencies, and met by fierce opposition by some,” Kraft said. In June, it asked a judge to dismiss the case and announced LRS, a limited liability corporation, was going to dissolve. The company sued the state over the decision in January.
While the project had significant backing from state lawmakers, state resource managers determined the plan was unconstitutional, since it would privatize a lakebed that is supposed to be managed as “sovereign” land in the public trust. The company wanted to deepen Utah Lake and use the dredged-up lakebed to build artificial islands, which it would then sell to developers to pay for everything. LRS has been in a bind since last summer when the Department of Natural Resources put the kibosh on its $6 billion business plan. “This started out as a legitimate business venture with two primary goals, and those goals were to clean up the lake while at the same time developing land.” “It’s just a sad situation that has happened,” said Roger Kraft, the attorney representing LRS during its bankruptcy proceedings.
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