Mt. Snow announcement

[Tin Woodsman]

Jay took advantage of this type of program for chairlifts, lodge improvements and a golf course revamp a year or two ago.

I'm guessing that with some very low government sponsored financing, that Mount Snow is accelerating plans that they've communicated before for capital improvements. Good news for all of us that are passholders.

Not exactly. Jay took advantage of the EB-5 visa program that allows prospective immigrants to jump the line for citizenship (or Green Card - I forget which one) by investing $500K or more in certain designated areas. Jay took advantage of this program for its new developments and SB is also using it to help fund the two new skier services buildings this summer.

 

[Tin Woodsman]

All the time, but using direct Federal stimulus funds for a privately owned ski area in New England may be a first.

Other examples (aside from Bolton's quad arrangement) include energy efficient grants (though I believe these are technically private sector funds), conservation grants and/or write offs, etc.

Also, while it's not in the US, many ski areas in Canada have received low-interest loans or direct grants from the govt. Many if not most in Quebec fit this description, with Le Massif in particular being the beneficiary of significant govt largesse.

 

[Newpylong]

Also to keep in mind that from what I read this is not a freebie by any means but a low or no interest loan. Either way, awesome that something we all love is benefiting from this right?

 

[drjeff]

Also to keep in mind that from what I read this is not a freebie by any means but a low or no interest loan. Either way, awesome that something we all love is benefiting from this right?

Totally! What this does is basically remove what potentially in this current banking climate was likely going to be the most difficult part of Mount Snow being able to do the lift upgrades, the West Lake project and the expansion of the snowmaking coverage to essentially 100% - and that was to secure 25 million of financing at once - 5 to 10 years ago this wouldn't be nearly as impressive as it is today! But one of the things that i'm guessing. Weighed in on the descision to award the bonding funds is the fact that Mount Snow already HAD a solid plan, with the vast majority of environmental impact studies already completed of atleast well underway and looking like they will show a reasonable outcome!

 

[threecy]

It'll be interesting to see what kind of effect the $25M loan/grant/etc. will have on Peak's ability to transfer their holdings into a real estate trust.

 

[arik]

The Editorial from yesterdays Deerfield Valley News:

A little more than a week ago, the Vermont Economic Development Authority announced preliminary approval of $93 million in bond financing. Included in that amount was $25 million to jump-start Mount Snow’s efforts to rebuild its infrastructure. VEDA’s announcement comes as welcome news for a number of reasons.

First it means that, should Mount Snow actually see the funding, federal recovery dollars may flow into the valley. That in and of itself is no small feat. What it also means is that by investing in Mount Snow, the VEDA funding could hopefully stimulate more investment by others in the area. We certainly need it, as businesses continue to work their way through the rough economy. Anything that brings money and good jobs to the community deserves serious consideration.

Speaking of serious consideration, incumbent upon Mount Snow receiving a nickel of the $25 million is permit process approval, along with additional private funding. Officials at the mountain are facing a critical time, as a variety of hearings are planned in the next couple of weeks with local, regional, and state agencies. Those hearings will lay the groundwork for the permits the mountain needs to rebuild the two chairlifts and begin the West Lake water reservoir project.

The West Lake project is of particular importance. A stable and plentiful supply of water for snowmaking is critical not merely for Mount Snow’s future survival, but also for any hopeful rebirth of the Haystack ski area as well. Mount Snow has been on a 20-year quest to solve its water supply issues, and over the years officials have explored a variety of options, from tapping into Somerset or Harriman reservoirs to building new retaining ponds or expanding existing ones. Hurdle after hurdle has been placed in the mountain’s way, many of which were just too daunting to clear. While West Lake may not be the best commonsense solution, it offers the best solution for longterm viability, given past history and today’s regulatory climate.

While it would be easy to celebrate the VEDA funding announcement, the reality is that there is a lot of hard work ahead. Mount Snow still has many hoops to wriggle through before the funding can be secured. The mountain deserves as much support as the community can offer. Local officials and business leaders need to realize what happens to Mount Snow will have lasting effects on towns and businesses up and down Route 100. It is a critical time for our area, and we need to understand the opportunity that has been presented, and the negative consequences if the efforts fall short.

Now, more than ever, the local community need to show VEDA and the other state and federal entities they were correct to fund Mount Snow’s projects, and that the region is solidly behind those efforts.

Read more: Deerfield Valley News - Mount Snow needs support

 

[Glenn]

The DVN has been really supportive of Mt. Snow and the expansion efforts/plans. They understand that the mountain brings in a lot of business to route 100 and the surrounding area.

 

[Glenn]

There was another article in the DVN this week regarding Mount Snow. They've made a few changes to the West Lake project and they went through three different rounds of approval. It amazes me how many hoops need to be jumped through.

 

[arik]

Yea, reading that article was painful, the journalist really did a great job conveying the complexity of the process.

 

[Glenn]

Could you imagine trying to open a new ski area these days? It would probably take 15 years before you could even get through all the processes.

 

[Tin Woodsman]

Could you imagine trying to open a new ski area these days? It would probably take 15 years before you could even get through all the processes.

Well when you combine the bureaucracy of VT and it's Act 250, plus the mountain of Federal regulations resulting from Mt. Snow's location in a Natl Forest, that's what you get.

Not to get all political, but this is simply a microcosm of what many businesses out there face today. It increases costs for anyone. Surely there must be a way to balance the legitimate regulatory functions of Fed/State govts with an approach that allows businesses to prosper. Right now, we have the worst of both worlds - ridiculously prescriptive regulations and a govt at all levels that is incompetent in enforcing the important pieces.

 

[Newpylong]

amen Tin....

 

[Glenn]

amen Tin....

x2. Well put.