Shames deal finalized
The non-profit group working toward buying the Shames Mountain ski facility says the sales deal has been finalized.
The closure of the deal between My Recreational Mountain Co-op and the Shames Mountain Ski Corporation "represents another important step forward for the recently formed MMC in the efforts across the northwest to ensure the future of the ski area," the co-op said in a press release this morning.
Terms of the agreement were not immediately released but it does involve a cash payment. The release says the price tag is "dramatically less than the original [$2 million] listing price for the ski area."
Still to be resolved between the Shames Mountain Ski Corporation is a long-outstanding tourism loan between it and the provincial government and unpaid royalties owed the province for the use of the mountain in prior years.
“We believe the terms of the purchase of the assets of the ski area from the SMSC reflect a fair value and ensure that the MMC is not burdened by unmanageable debt in our efforts to ensure the sustainability of the ski area for the future,” said co-op director Curtis Billey.
“We are appreciative of the support and cooperation of the current owners in conclusion of this agreement.”
The co-op said it has made significant progress over the past few months in mobilizing resources for the 2011/12 ski season including the hiring of staff, opening of the downtown office, and commencing pre-season lift maintenance in preparation for a planned December opening.