Squaw Valley creates nonprofit to mange and distribute millions
Submitted by paula on Mon, 12/04/2017 - 12:24am
Squaw Valley has created a nonprofit that will manage and distribute millions of dollars generated from the voluntary project transfer fee related to the approved redevelopment of The Village at Squaw Valley.
Named the Squaw Valley Foundation, a seven member board of directors will soon be selected and it's members will be a mix of local residents and business owners, second homeowners and a public service district appointee.
“By way of our proximity to San Francisco and Silicon Valley, we have the great fortune of some of the most incredible people, quite literally, in our country calling North Lake Tahoe home,” said Andy Wirth, president and COO of Squaw Valley Ski Holdings. “We hope to build this board with a diverse set of individuals that represent the brightest, most creative, engaged and broadest thinkers possible who also maintain a passion for our legendary mountains and our community.”
As The Village was going through the approval process, Squaw Valley committed to a voluntary 1.5 percent transfer fee. It is estimated that the fees from the village redevelopment could generate as much as $15 million in first-time real estate sales, and more than $2 million annually in re-sales. This could reach a total re-investment back into the Squaw Valley community of more than $75 million over the course of 30 years.
The Placer County Board of Supervisors approved the village plan just over a year ago.
The village redevelopment plan will reestablish Squaw Valley as a premier mountain resort destination and ensure it has a sustainable future. Ninety percent of the redevelopment will happen on existing asphalt parking lots already zoned for development. The project will provide new on-site lodging and recreation opportunities, create more year-round local jobs, offer on-site affordable workforce housing, rehabilitate Squaw Creek, and provide over $22 million in annual tax revenue to help fund public services including schools, road improvements, transit services and public safety.
In response to community feedback, the Village redevelopment plan was reduced by more than 50 percent and is only 38 percent of what is allowable per the Squaw Valley General Plan and Land Use Ordinance.
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