Title change readied for gondola property | TahoeDailyTribune.com

Title change readied for gondola property

The property for the 6,300-square-foot bay station, a gateway to Heavenly Ski Resort’s $30 million gondola, is still owned by the city.

“We are trying to close all conditions of the gondola by the first week of August,” said Stan Hansen, senior vice president for Heavenly.

Heavenly Valley Limited Partnership bought 100 units of the Tahoe Inn and literally blazed a trail through two of the buildings to begin construction of the bay station. The station is being built to take Alpine enthusiasts from U.S. Highway 50 to the base of Tamarack Express chair lift on the California side of the resort.

Although Heavenly does not yet own most of the property they are building on, it has acquired a right of entry from the Park Avenue Redevelopment Agency, which enables them to build on the land.

“We have been through many drafts to make sure that Heavenly has all the requirements,” said City Attorney Catherine DeCamillo.

Heavenly will pay the city $1.9 million for the 1.2 acres located off U.S. Highway 50 behind Bandanas Pizza. The pizza shop will be razed in October. The gondola is scheduled to open in December.

The redevelopment agency and Heavenly met last Friday to discuss the finalization of terms in order to close escrow on the property and the easement, which is the land the gondola will travel over. They will meet again on Aug. 3.

While gondola construction moves forward, a key asset to the value of the redevelopment project, transfer of title for the east adjacent property, which the 194 unit Grand Summit Resort Hotel will be built on should take place in the next two to three weeks, according to Hansen.

“The gondola increases the value of the property,” Hansen said.

Construction of the gondola was a requirement by the redevelopment agency when they extended the letter of credit for the second time last April.

If Heavenly does not break ground on the Grand Summit by Sept. 15, the city will have the option to collect on the $5 million letter of credit Heavenly has put up to insure that it will complete the project. But if that happens the city most likely would give Heavenly a third extension, DeCamillo said.

But Heavenly, as of now, intends to begin construction this building season, which ends Oct.15, Hansen said.

According to the existing agreement between the redevelopment agency and Heavenly, the Grand Summit should be finished by July 2002.

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