Vermont ski town wins $62 million in funding after pandemic spurred growth

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I wrote earlier this month (“In Pandemic, One Vermont Ski Town Found An Economic Growth Catalyst”) how the fortunes of the quaint ski town of Killington, Vermont, have improved since the pandemic began. of Covid. Working from home took off nationwide, increasing year-round residents and spending in the resort town; outdoor recreation has gained in appeal; and property prices soared on limited supply. The same pandemic that cast a cloud over the region two years ago has become a catalyst for long-stalled infrastructure plans and new property investment in the villages.

The city had hoped this month to gain final approval from the Vermont Economic Progress Council for a $62 million financing plan, known as tax increment financing, or TIF, to pay for infrastructure otherwise beyond the city. beyond the means of Killington’s 1,400 full-time residents. A program called “Killington Forward” combines five goals: a rebuilt road to ease traffic, a water supply system to increase supply and improve quality, affordable housing to help counter a severe shortage of workers and space for them, and the biggest piece of it all — a proposed new village called ‘Six Peaks Killington’, creating a new community centerpiece conveniently located along the road that winds alongside the resort’s main lifts .

Killington received some good news today: Council announced they had approved the plan.

“Improving public infrastructure such as water systems and roads opens up new opportunities for a community to grow, and I am delighted to see Killington accepted into the TIF program to begin this important work,” said Vermont Governor Phil Scott in response to the council’s decision. .

The city’s $62 million proposal for public infrastructure improvements will facilitate private development of the highly anticipated Six Peaks, which will include a hotel, more than 35,000 square feet of retail space and approximately 323 new units housing consisting of condos, townhouses and single-family homes. – family homes, the council said. Considered since the 1980s, the development of a resort village has been thwarted by the lack of municipal infrastructure, he noted. Great Gulf Group, the development company founded by Toronto businessmen Elly and Norman Reisman, appeared May 26 at a meeting with state officials to say it had reached an agreement to acquire a land related to Killington. The green light for groundbreaking required the public funding approved today.

The improvements are expected to add more than $285 million in new assessed value to Killington’s Big List, generating more than $115 million in new property tax revenue over the 20-year retention period for the TIF district, the council said. .

The good vibe in Killington this year is part of a bigger rebound in the ski industry after the onset of the pandemic. U.S. ski areas saw a 3.5% increase in skier visits during the 2021-22 season, totaling a record 61 million, according to the National Ski Areas Association.

Killington Ski Resort, one of Vermont’s 24 ski areas, was purchased by privately owned Powdr, headquartered in Park City, Utah, along with neighboring Pico region in 2007. Powdr resorts include Copper Mountain in Colorado and Snowbird in Utah.

See related articles:

In a Pandemic, a Vermont Ski Resort Found a Catalyst for Growth

Vail Resorts Earnings Gain Nearly 36% on Covid Easing; Stocks rise

@rfannerychina

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