"Mad River Glen, one of the only co-op owned ski areas in North America, is drawing nearer to completing purchase of an 1,100 acre parcel of land next door to the ski area, affectionately called the 20th hole. The opportunity to buy the land came up suddenly, after an anonymous group, Lyme Mill Brook LLC, put in an offer to purchase the land for $2.5 million."
"In order to purchase the land, the Mad River Glen Co-op has to come up with $2.5 million in just a few months, no small feat for many ski areas. The land sale came at a time when the co-op was pursuing a renovation of Stark's Pub, in need of major renovation, including many structural elements. Fundraising efforts were already underway for the $2 million pub renovation budget when the land purchase offer was made."
"Mad River Glen's General Manager, Matt Lillard, stressed the importance of not taking on any debt for the land purchase at emergency board meetings on October 29 and November 10, to protect the long term financial health of the ski area. The co-op currently consists of 2,500 shares, with some families holding multiple shares, and the idea was floated of each shareholder paying $1 per acre, or a total of $1,100, to raise $2.75 million."
Mad River Glen Co-op exercised its Right of First Refusal to pursue acquisition of a neighboring 1,100-acre parcel called the 20th hole after Lyme Mill Brook LLC offered $2.5 million. The parcel is held by the family of Betsy Pratt, who sold the ski area to the co-op in 1995. The co-op must raise $2.5 million within months while also pursuing a $2 million renovation of Stark's Pub. The board combined both efforts into a single fundraising initiative called "Two Projects, One Vision," emphasized avoiding debt, proposed shareholder contributions, and raised $435,000 by November 15 and just over $2 million by January 20.
Read at SnowBrains
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