Updated, 9/10/14 at 10:30 am: Posting the bond will allow PCMR to operate the ski area through April 30, 2015.
Park City will have all three ski areas operating this winter as Park City Mountain Resort just announced that it will pay the $17.5 million bond required to stay on the land. PCMR had until Friday, September 12 to make their decision about the bond and prevent being evicted from much of the skiable terrain that makes up the resort.
The bond hearing was the latest in a multi-year legal drama that started in 2011 when PCMR failed to properly renew its lease of the upper portion of the ski area from Talisker Land Holdings, LLC. There's been a little bit of everything since, from PCMR threatening to dismantle its lifts if it loses the lawsuit to the CEO's of Powdr Corp. and Vail Resorts engaging in a public pen pal feud.
After siding with Talisker in the lease disagreement, Judge Ryan Harris signed an eviction notice for PCMR but delayed it and ordered both sides to mediation in June. After multiple extensions of the mediation deadline, both sides reported last Friday that they were unable to reach any sort of agreement.
By paying the bond, PCMR doesn't solve the bigger problems of the lawsuit but it does keep the ski resort open for the 2014-2015 season. "Our goal has always been to keep PCMR open for the upcoming 2014/15 season and beyond," said Jenni Smith, President and General Manager of PCMR. "Paying the bond ordered by the judge will provide our employees, the Park City community and our many guests the certainty they've been waiting for about our upcoming ski season." PCMR is scheduled to open on November 22, the weekend before Thanksgiving.
Curbed Ski reached out to Park City locals to gauge their reaction following the bond announcement and the general sentiment seems to be relief. A fully operational PCMR is crucial to the financial well being of Park City. But although it's great that the ski area will run the lifts this year, how much longer will this lawsuit hang over the town's head?
· Everyone Waits for PCMR as 2014/2015 Ski Season Still At Risk [Curbed Ski]
· Judge Delays as PCMR & Talisker Disagree on Bond by $100 M [Curbed Ski]
· Could PCMR & Vail Resorts Be Close to Making a Deal? [Curbed Ski]
· PCMR Delays Woodward Park City Talks, Everyone Wonders What It Means For Lawsuit [Curbed Ski]
· PCMR Threatens Catastrophe, Outlines Lift Dismantling [Curbed Ski]
· All PCMR-Talisker Coverage [Curbed Ski]