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Posted by: thepinetree on 05/20/2014 10:55 AM
Updated by: thepinetree on 05/20/2014 11:42 AM
Expires: 01/01/2019 12:00 AM
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Bear Valley Co-op Informational Meeting Roadshow Starts Tonight At V In Murphys
Bear Valley, CA....Please Attend Our Informational Meetings Starting Tonight @ V restaurant Murphys, Tuesday May 20 6:30. Next is Big Trees @ HOA Pool Saturday May 24 7:00. Then at The Hub- Arnold Sunday May 25 4:00. Learn More About The Community Effort To Purchase The Bear Valley Ski Resort & Village As A Co-op. For More Information Call Joel Barnett @ 209.753.2334 or Visit BVMCoop.org
A recent update on their progress....
We are ready to purchase the mountain and village!
We have signed a letter of intent to purchase the mountain and village and are entering into our due diligence phase (we look at the property details and financials) and will come out of that process in early summer with the details about the purchase of Bear Valley and a forward looking plan to bring excitement and improvements to the mountain and village. To help in our due diligence efforts to review the Mountain’s operations and develop our operating plan, the Co-op is working with an experienced team that operates both Mountain High Resort near L.A. and Stevens Pass Resort east of Seattle. They have decades of experience in mountain resorts and are already familiar with what Bear Valley has to offer.
About Mountain High / Stevens Pass Resort Team
Mountain High and Stevens Pass resorts are managed by an experienced group of professionals lead by Karl Kapuscinski, Paul Bauer, Michele Roy, and John McCally. Their focus is to review Bear Valley Mountains’ equipment, maintenance needs, and improvements as they work with the Co-op team to develop an actionable plan for Bear Valley Mountain as a year round destination. Some examples of their work include Stevens Pass’ addition of a very successful Mountain Bike program started by Twain Harte native Joel Martinez that was written up in this months Bike magazine. Mountain High and their VP of Marketing, John McCally were also the originators of the Powder Alliance program which shares pass privileges at 12 other resorts across the West.
Both of these resorts get over 3 times the skier visits that we do here at Bear Valley (yes, even with good snow). Steven’s Pass has had back-to-back record years at just over 400k visits and Mountain High has a 10 year average of 445k visits. Of special note, Mountain High is one of the most innovative resorts for terrain parks, youth, and diverse ethnic skier base with Stevens Pass recently winning the NSAA Golden Eagle award for sustainability efforts for resorts with fewer than 500k visits.
Check it out if you are interested to learn more at:
Steps To Ownership
The administrative details of the cooperative organization have been finalized and we will soon be selling membership shares! We are pushing the message about the co-op to local, regional, and national media to grow interest in addition to meeting and presenting the concept to the people and businesses that benefit from a thriving Bear Valley Resort.
We have started the process of developing a multi year fanancial plan based on resort and village history and the necessary capital expenses necessary to bring Bear Valley back into the competative resort world. We are not able to divulge details as the information is still considered confidential by the current owners. As we progress, we will be able to discuss with more transparancy.
Donations
Seed financing money will be deposited in an operating account to fund the initial costs of forming the coop and securing the acquisition of the mountain. These costs include legal fees, document filing fees, contracts for inspection of assets and expenses for marketing the coop. Because the BVMCOOP is not a charitable organization, please note that donations are not tax deductable. We appreciate the generosity!
Funds generated from the sale of shares
All funds received will be deposited in a secure bank account. Funds will not be spent until a contract to purchase the mountain has been approved by a membership vote and agreed to by the sellers. If the sale of the mountain does not succeed, all shares will be refunded in full to the original purchasers.
The Co-op was formed by members of the Bear Valley community for the purpose of concluding a potential purchase of certain assets of the Bear Valley Mountain Resort including the ski area assets and approximately 14 acres of real estate in Bear Valley Village listed below (not intended to be inclusive of all assets) and with coop membership approval:
Bear Valley Mountain: All fixed assets and equipment including chair lifts, mountain day lodge, outbuildings, vehicles, machinery, and other misc equipment currently owned by the Bear Valley Alpine Ski Company (BVASC).
Bear Valley Village: Lodge, Commercial Center, and Basecamp Lodge
Bear Valley Village 1: 3 parcels at 9.5 acres
Bear Valley Village 2: 6 parcels at 4.4 acres
The Co-op intends to acquire and operate the Bear Valley Mountain Resort and to promote the development of the Village real estate via a strategic partnership. The Co-op plans to purchase, with coop membership approval, the listed assets as an ongoing business concern with two goals in mind:
(i) to operate profitably, so that money will be available for reinvestment in the ski area and other outdoor recreational facilities
(ii) to promote the development of Bear Valley Village as an attractive destination for members of the community seeking to engage in outdoor recreation activities available in the area.
The long-term objective of the Co-op is to promote the community’s access to winter and summer outdoor recreational activities in and surrounding Bear Valley. The Bear Valley Mountain Cooperative is developing a financial plan that includes the following:
Purchase of mountain and village assets.
Adequately fund deferred maintenance to improve the operations of the resort.
Hire an experienced Mountain Resort management group and/or qualified General Manager that will report to the cooperative board.
Retain adequate cash reserves to overcome bad or low profit seasons (appx 3 years).
Capital improvements to facilities, lifts, and skiable terrain according to already entitled and approved plans that meet the desired results and collective interests of the cooperative.
Partner with an experienced development group that can bring the Village Vision to life.
Borrow necessary funds to meet the purchase obligations at a term and rate that meet our fiscal budget.
These improvements and planned expenses will be part of future cooperative operating budgets which will be developed by the cooperative Board Of Directors and will be subject to approval of the membership.
Profits and Losses
Bear Valley Mountain Cooperative will be operated as a for profit business. If the operation of the mountain has a net profit in a fiscal year, the membership and board can allocate the profits to capital improvements, retained savings, or to pay any long term debt. There cannot be any dividend payments as the state of California cooperative laws to not allow dividends to be paid.
If the operation of the mountain has a net loss in a fiscal year, the board will first charge the loss against retained savings. Net losses that are not offset by these assets may be charged against the carrying value of shares only upon termination of ownership. Net losses shall not be assessed to or collected from members.
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