Vail offers resort company $12M for property

BROOMFIELD — The town of Vail has offered Vail Corp. $12 million to buy a 23.3-acre property that the resort company would like to use for workforce housing.

The town, however, wants to keep the land open for wildlife habitat.

The dispute has resulted in a lawsuit over the town’s use of an emergency ordinance in August to prevent the issuance of permits on the property.

Vail Corp. is an entity registered to the address of Vail Resorts Inc. (NYSE: MTN), which has struggled with staffing at its ski areas in recent years.

As a result, the company has vowed to invest millions of dollars to improve housing affordability near its resorts, which are often in locales with extremely high costs of living. 

In the spring, the town board voted 4-3 to begin condemnation on the property. Tuesday, the town board passed an ordinance on first reading to enact a supplemental budget appropriation and directed the town staff to submit an offer to Vail Corp. for $12 million. 

Mayor Kim Langmaid was quoted in the Vail Daily as saying that the offer exceeds a previous offer by 50%. She also was quoted as saying that Vail Resorts has not bargained in good faith.

The motion for the supplemental appropriation was passed 5-1 with mayor pro tem Travis Coggin opposed.

A spokesman for Vail Resorts said the company is reviewing the town board’s action. “Vail Resorts learned about a potential offer for the first time at the hearing last night. We remain committed to our goal to bring incremental and urgently needed affordable housing to our community,” John Plack, senior communications manager, said in an email.

Source: BizWest