NEW YORK— Intrawest has closed a transaction with the City and County of Denver to assume control of Winter Park Resorts operations and to undertake development at the property. Under the agreement, the company made a payment to the City of Denver of $3 million. The firm will also pay the City of Denver $2 million annually, on a quarterly basis, for the next 10 years. Additionally, Intrawest will invest $50 million in mountain operations over the next 10 years, including $8 million during the first two years for upgrades to lifts, on-mountain facilities and equipment, and skier services. Planning for the short- and long-term development of Winter Park will begin in 2003. A transition team will be joining the Winter Park staff to initiate strategic planning sessions and the envisioning process. The closing of this agreement marks the end of a process that began 18 months ago. The City and County of Denver initially considered submissions from six companies and chose to negotiate the Winter Park agreement with Intrawest in Jan. 2002.
