Vail Resorts Responds to Town of Breckenridge’s Statement Regarding Parking and Transit Negotiations
BROOMFIELD, Colo.— July 27, 2015—Vail Resorts, Inc. (NYSE: MTN) released the following statement in response to the Town of Breckenridge’s news release issued today about negotiations between the Town and Vail Resorts about parking and transit negotiations.
From Kristin Kenney Williams, Vice President, Mountain Community Affairs:
“We believe it is important to communicate directly with the greater Breckenridge community regarding our ongoing discussions with the Town of Breckenridge relating to parking, transit and new taxes. First, and most importantly, Vail Resorts has offered to contribute a significant majority of the cost of a new public parking garage, and do so in a way that will not pass along those costs to Breckenridge Ski Resort guests. We have also let the Town Council know that based on community feedback, the proposed parking structure on F-Lot (near South Main Street) should be more reasonably sized, as the 900 spaces proposed by the Town is far too large and will cause many ancillary problems. In addition, while we are very open to supporting a parking structure on F-Lot, we are willing to consider using our own land on South Gondola Lot for the garage, which could create more spaces at a much cheaper cost and avoid the traffic and visual concerns that have been raised about having such a large structure near the Town’s historic core. This would also allow the Town to retain the existing public parking on F-Lot and to use the lot for future public benefits.
Unfortunately, the Town Council has rejected all of these proposals. Rather, it is clear that the Town is solely focused on increasing their tax revenue, rather than on solving problems. The Town has not even fully designed the parking structure, yet is rushing ahead to find funding for that effort and a laundry list of as yet undefined improvements.
Our Company opposes the Town’s tax for a number of reasons. To begin with, this tax will be paid by all resort guests in Breckenridge, including season pass holders. Imposing a tax on all skiers and snowboarders to pay for a garage that many will never use is not appropriate. Further, the Town Council is proposing a massive overall tax increase, one that’s not justified given the Town’s strong financial position, with more than $60 million in cash reserves. Every town has a wish list they want to address. But, governments cannot just keep taxing to pay for them all, they need to make fiscally responsible choices. Almost 50 years ago, in 1966, our Company supported the creation of a lift ticket tax in the Town of Vail to support a community that was truly in its infancy. Our Company has honored that commitment ever since. It is inappropriate for the Town of Breckenridge of today to compare itself to the Town of Vail in 1966. It is equally inappropriate to suggest that the Town of Breckenridge should have a tax just because it exists in another community in Colorado. Finally, almost all of Breckenridge Ski Resort is on federal land, and it’s not clear the Town has the legal right to impose a tax on skiers and snowboarders to use their public lands.
Fortunately, the Town of Breckenridge has a private company in Vail Resorts offering to help solve what the Town identified as the biggest problem—parking. Great public/private partnerships require real collaboration and making hard choices, something the Town of Breckenridge has refused to do. We are very disappointed that the Town has refused our offer of private funding and instead are rushing ahead to tax all Breckenridge skiers and snowboarders.”
From Kristin Kenney Williams, Vice President, Mountain Community Affairs:
“We believe it is important to communicate directly with the greater Breckenridge community regarding our ongoing discussions with the Town of Breckenridge relating to parking, transit and new taxes. First, and most importantly, Vail Resorts has offered to contribute a significant majority of the cost of a new public parking garage, and do so in a way that will not pass along those costs to Breckenridge Ski Resort guests. We have also let the Town Council know that based on community feedback, the proposed parking structure on F-Lot (near South Main Street) should be more reasonably sized, as the 900 spaces proposed by the Town is far too large and will cause many ancillary problems. In addition, while we are very open to supporting a parking structure on F-Lot, we are willing to consider using our own land on South Gondola Lot for the garage, which could create more spaces at a much cheaper cost and avoid the traffic and visual concerns that have been raised about having such a large structure near the Town’s historic core. This would also allow the Town to retain the existing public parking on F-Lot and to use the lot for future public benefits.
Unfortunately, the Town Council has rejected all of these proposals. Rather, it is clear that the Town is solely focused on increasing their tax revenue, rather than on solving problems. The Town has not even fully designed the parking structure, yet is rushing ahead to find funding for that effort and a laundry list of as yet undefined improvements.
Our Company opposes the Town’s tax for a number of reasons. To begin with, this tax will be paid by all resort guests in Breckenridge, including season pass holders. Imposing a tax on all skiers and snowboarders to pay for a garage that many will never use is not appropriate. Further, the Town Council is proposing a massive overall tax increase, one that’s not justified given the Town’s strong financial position, with more than $60 million in cash reserves. Every town has a wish list they want to address. But, governments cannot just keep taxing to pay for them all, they need to make fiscally responsible choices. Almost 50 years ago, in 1966, our Company supported the creation of a lift ticket tax in the Town of Vail to support a community that was truly in its infancy. Our Company has honored that commitment ever since. It is inappropriate for the Town of Breckenridge of today to compare itself to the Town of Vail in 1966. It is equally inappropriate to suggest that the Town of Breckenridge should have a tax just because it exists in another community in Colorado. Finally, almost all of Breckenridge Ski Resort is on federal land, and it’s not clear the Town has the legal right to impose a tax on skiers and snowboarders to use their public lands.
Fortunately, the Town of Breckenridge has a private company in Vail Resorts offering to help solve what the Town identified as the biggest problem—parking. Great public/private partnerships require real collaboration and making hard choices, something the Town of Breckenridge has refused to do. We are very disappointed that the Town has refused our offer of private funding and instead are rushing ahead to tax all Breckenridge skiers and snowboarders.”
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. The Company’s subsidiaries operate 10 world-class mountain resorts and two urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Canyons and Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Perisher, Australia; Afton Alps in Minnesota and Mt. Brighton in Michigan. The Company owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. The Company’s subsidiaries operate 10 world-class mountain resorts and two urban ski areas, including Vail, Beaver Creek, Breckenridge and Keystone in Colorado; Canyons and Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Perisher, Australia; Afton Alps in Minnesota and Mt. Brighton in Michigan. The Company owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
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