Mountain Creek pays $1.8 million as part of settlement

Hopefully this is a fresh start. In August Mountain Creek agreed to pay $1.8 million in sewer fees to Vernon Township as part of a bankruptcy settlement. In September a payment of $907,000 was received by the township to cover fees up to the start of 2019. This week mayor Harry Shortway confirmed the second agreed upon payment of $918,000 had been sent via wire transfer. Mountain Creek has also agreed to provide a $250,000 letter of credit and cash collateral under the settlement. The remaining $28 Million owed by the resort will be paid over the next 20 years by a municipal fee on all lift ticket sales. Mountain Creek CEO Joe Hessian told the New Jersey Herald he "looks forward to continue mending the resorts relationship with the town."

Source: New Jersey Herald

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