The court-appointed federal “receiver” overseeing the eventual sale of Jay Peak has struck a deal with the town of Jay to clear up interest and penalties related to an overdue property taxes. This is a small step in simplifying the eventual sale of Jay Peak which many believe will happen in 2019.
Jay Peak had owned a total of $277,000 of interest and penalties when former owner Ariel Quiros failed to $2 million in property taxes in 2016. The $2 million property taxes have since been cleared up but the resort had been liable for the $277,000 of interest and fines.
Related: Jay Peak and Burke Mountain Unlikely To Sell in 2018
The Federal Reciever, Michael Goldberg, has struck a deal with the town of Jay to clear up the amount still owed.
“The settlement calls for Goldberg to pay the interest amount of $113,539 “immediately” upon the judge’s approval of the agreement.
Then, instead of paying the $164,000 to cover that one-time 8 percent penalty, the receiver will pay $104,000 less, or $60,000. That $60,000 will be paid in increments of $5,000 a month, according to the court filing.
The principal tax payment of $2 million has already since been paid.
“We think the settlement is fair as it is essentially a 50-50 split of the contested penalty amount,” Goldberg said in an email Friday. “The amount in controversy is too little to justify either party going to court over, so it is in both parties interest just to resolve it and move on.”- Vermont Digger
This elimination of Jay Peak’s financial liabilities is a positive step for the resort. The less red tape ass