BRECKENRIDGE, CO— Breckenridge Ski Resort and the Town of Breckenridge inked a long-awaited deal today (May 21, 2002) to move forward together on a development plan for Peaks 7 and 8 designed to maintain the resort town’s quality of life and enable the property to move forward in its development plans. The agreement, which has involved months of discussion and debate, addresses many areas of concern, including the following: reducing traffic congestion with the addition of a gondola; improving parking; creating more ski-in/ski-out lodging and state-of-the-art skier facilities to drive destination business while simultaneously minimizing commercial square footage so as not to compete with the historic downtown area of Breckenridge; reducing overall density of the ski resort properties; preserving open space; and minimizing environmental impacts. The plan calls for the proposed development of 131 residential units at Peak 7; 340 residential units at Peak 8; approximately 15,000 square feet of retail, rental and restaurant space; and almost 60,000 square feet of a new skier services facilities that will house skier dining, ski and snowboard school offices, ski storage and childcare. With the execution of the agreement, the town and ski resort will initiate work to determine the appropriate financing framework for the TIF. The Breckenridge Ski Resort will move forward to initiate the installation of the Peak 7 Lift and reconfiguration of the Peak 4 Lift for work this summer, as well as the preparation of development plans for the gondola and Peaks 7 and 8.
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