In a press release posted today, Powderhorn Mountain Resort west of Grand Mesa, CO, announced they will be taking on an equity partner to assist with funding yet-to-be-named improvements, as well as handing off operations to the Pacific Group Resorts Inc. (PGRI).
PGRI had been involved with Powderhorn since the resort contracted the firm to head up its Mission: Affordable season pass program.
From the release:
“This season, Powderhorn introduced the innovative Mission: Affordable season pass program which has been a smashing success, bringing thousands of new customers to Powderhorn for affordable skiing,” said Andy Daly. To continue this momentum, the resort has entered into a long-term lease with PGRI which will position Powderhorn more effectively for the future.”
ZOMA Capital, the Denver-based investment firm partnering with Powderhorn, will “augment the extensive capital improvements that have been completed since 2011 and further enhance the resort’s summer and winter experience. Specific capital expenditures and details about the improvements will be announced over the course of this winter as plans are finalized.“
Mentioned briefly in the release, but covered more extensively by the Colorado Sun, the resort’s location within a recently designated “Opportunity Zone” provides ample incentive for investors in the form of tax breaks. Tax credits for these zones were provided for in a little-noticed section of the Trump Administration’s 2017 tax cuts.
From The Colorado Sun:
“The Trump Administration’s Tax Cuts and Jobs Act created Opportunity Zones in 18 states where investors can trade tax credits for money poured into redevelopment in areas that are considered economically distressed.”
Jason Blevins speculates for the Sun that these tax incentives are likely to make it easy for Powderhorn to attract moneyed investors.
You can check out the full release from Powderhorn Mountain Resort here.