Vail Resorts, Inc. the Beaver Creek Property Owners Association (BCPOA) and the Greystone Condominium Association (Greystone) announced that they have executed a settlement agreement relating to the installation of new year-round activities at Beaver Creek Resort.
Under the agreement, the BCPOA and Greystone will be requesting that the Beaver Creek Metropolitan District (BCMD) purchase a permanent restrictive covenant from Vail Resorts for $5 million. The restrictive covenant will prohibit certain new recreational activities on much of the land at the base of Beaver Creek Mountain in perpetuity.
The BCPOA and Greystone will request that the BCMD fund the purchase of the permanent restrictive covenant through a bond issue that would be subject to approval by voters in May 2014. The BCPOA and Greystone have also agreed that they will support an application by Vail Resorts to the U.S. Forest Service to locate year-round recreational activities in the area surrounding the Spruce Saddle Restaurant.
Year-round guests will be able to access the Spruce Saddle area by the previously announced gondola-chair combination lift, which is expected to replace the Centennial Express four-person chairlift for the 2014-2015 ski season.
To the extent that the BCMD does not purchase the restrictive covenant from Vail Resorts, the BCPOA and Greystone have agreed to dismiss their lawsuit and not object to the construction of recreational amenities at the base of the resort.