Formalization of Olympic Valley-Based Nonprofit Allows Organization to Begin Board of Directors Selection Process
Squaw Valley Foundation to Manage and Distribute Funds Generated from Village at Squaw Valley Redevelopment Project Transfer Fee in Support of Local Environmental and Community-based Initiatives
OLYMPIC VALLEY, Calif. [Nov. 30, 2017] – Squaw Valley Ski Holdings, LLC announced today that the nonprofit Squaw Valley Foundation has formally been assigned a State Charity Registration Number by the State of California, and will now move forward with the appointments of its Board of Directors. The Squaw Valley Foundation will be responsible for the management and distribution of millions of dollars generated from the project transfer fee related to the approved redevelopment of The Village at Squaw Valley. Seven individuals will be selected to 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.
“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, who call 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.”
Like the highly successful Martis Fund, which benefits the local community, Squaw Valley Ski Holdings, during community outreach on the village redevelopment plan, committed to voluntarily implementing a 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 village redevelopment plan will complete 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. 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.