Park City Operating Bond Figure Announced
Park City Operating Bond Figure Announced
Published : 08-Sep-2014 08:32
The judge presiding over the dispute between Park City Mountain resort (PCMR) and Vail Resorts over the future operation of PCMR has named a figure of $17.5m for the bond that PCMR's operators must put up to be allowed to operate their slopes this winter.
The bond is required as security should PCMR eventually lose its legal case to be allowed to keep operating on the ski slopes above Park City ski resort, a circumstance that has become a possibility since the resort's operators failed to renew the lease they held on the land when it expired after which their landlords leased the land to Vail Resorts instead.
Vail ordered PCMR's eviction which the local court agreed, but PCMR are continuing to fight in the courts to retain control of the land, leading to a possibility that the ski slopes might not open this coming season. That is a circumstance that is causing great concern to businesses in Park Vity which estimate they cost lose $185m in lost business if the ski centre doesn't open.
PCMR had suggested a bond of $6.6 million be posted, Vail Resorts suggested $124 million. PCMR have not yet said whether the $17.5m figure named by the judge is acceptable to them and that they will pay and operate this winter, but their lawyer has said they are optimistic. The bond must be paid by this Friday.
Park City Mountain Resort employs around 2,000 people each winter and was host to snowboarding events at the 2002 Winter Olympics, it is also where word record breaking skier Ted Ligety comes from. Even if it is ultimately evicted from the slopes above the resort town, it owns outright the land, buildings and lifts right by Park City and has said it will not sell these to Vail, preventing the resort from one of the key attractions of controlling the land – direct access from the resort town.
Vail also owns Canyons ski area which is adjacent to PCMR however, and it may be able to connect this to the PCMR land, creating probably the largest ski area in the USA from the merger, although such a scenario is not currently being talked about.
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