We've been hearing since November that a settlement was close. Now we know how Mountain Creek plans to cover it's 28 million dollar debt to the Vernon Township Municipal Utilities Authority. The resort will be adding a dedicated service charge to it's admission price. All the money collect from the dedicated service charge will go towards paying back the township. There's no word on how much the additional charge would be or how long it will take to pay off the entire 28 million dollar shortfall.
Even with these questions unanswered the Vernon Township Municipal Utilities Authority voted 5 to 0 to approve the plan. The Vernon Township Council approved the settlement plan by a 4 to 1 vote a little while later. A Federal Bankruptcy Court judge still has to review the settlement.
In a statement after the votes Mountain Creek's new CEO of snow operations Joe Hessian said his goal is to: "mend the relationship (with Vernon) and have it go in a great way."
Source: NJ Herald
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