FOR IMMEDIATE RELEASE
Squaw Valley Foundation Will Manage and Distribute Funds Generated from Village at Squaw Valley
Redevelopment Plan Transfer Fee
OLYMPIC VALLEY, Calif. – Aug. 2, 2016 – Squaw Valley Ski Holdings, LLC announced today that they will establish the Squaw Valley Foundation, a non-profit organization that will be responsible for the management and distribution of millions of dollars generated from the project transfer fee if The Village at Squaw Valley Specific Plan is approved. Seven individuals will serve on the Squaw Valley Foundation’s board of directors, which will be comprised of a mix of local residents and business owners, second homeowners and a public service district appointee.
“In creating the Squaw Valley Foundation, our intention is to empower local advocates to address issues and fund environmental, transit and recreational initiatives and further land conservation and cultural preservation within Olympic Valley,” said Andy Wirth, president and CEO of Squaw Valley Ski Holdings. “The Squaw Valley Foundation board of directors will ultimately be the decision-makers who will manage and distribute the monies generated from the project transfer fees associated with The Village at Squaw Valley redevelopment plan.”
As part of the Village at Squaw Valley Specific Plan, Squaw Valley Ski Holdings has committed to a 1.5 percent transfer fee. If the proposed project is approved, the fee will generate $15 million in developer sales, more than $2 million annually and $75 million over the course of 30 years for the Squaw Valley Foundation to support local environmental and other community initiatives.
The Village at Squaw Valley Specific Plan proposes redeveloping and completing the unfinished base area Village at Squaw Valley to reestablish the resort as a premier mountain resort destination and ensure it has a sustainable future. The project proposes that 90 percent of the redevelopment would happen on existing asphalt parking lots already zoned for development. If approved, it 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 at Squaw Valley redevelopment plan has been reduced by 50 percent and is now only 38 percent of what is allowable per the Squaw Valley General Plan and Land Use Ordinance.
Squaw Valley | Alpine Meadows