Vermont’s only cooperatively owned downhill ski resort wants to purchase an adjacent 1,100 acres of land to protect its backcountry ski area.
Mad River Glen, which is owned by its shareholders, is trying to raise about $2.7 million to buy the parcel, which surrounds the eastern contours of the ski area in Fayston.
“There was overwhelming consensus among shareholders, management and the board of trustees that we should control this property,” said Matt Lillard, Mad River Glen's general manager. “It’s important that we be able to make our decisions about this property.”
The Mad River Glen cooperative formed in 1995 when about 1,500 skiers purchased 700 acres or so from its owner, Betsy Pratt.
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Today, 2,500 shareholders own and manage the ski area, and Lillard said the board voted last month to pursue the land purchase.
“Our mission is to preserve and protect our skiing experience,” Lillard said. “And having a say in what goes on over there, and its future, was really important to the shareholders.”
The resort had retained the right to buy the land if it ever went up for sale. And when the Pratt family received an offer from an anonymous foundation managed by the Lyme Timber Company, the cooperative decided to act. They voted on Nov. 10 to pursue the purchase, after receiving overwhelming shareholder support, Lillard said.
A portion of the property is used for backcountry skiing, and Lillard said the group has no plans to develop the land for housing. He said it could become useful in the future if the resort wants to expand its snowmaking capabilities.
The land deal has to be completed before Jan. 15, and Mad River Glen has already raised about $1 million.
Lillard said the group hopes to raise enough money through donations to purchase the land without borrowing anything to complete the deal.
