Mammoth Lakes stumbling to bankruptcy

The Mammoth Times says Mammoth Lakes might be facing bankruptcy, though not for the usual pension- and benefit-related reasons facing most California cities.   The town of 7500 blew off a agreement with a developer to give him rights to build an airport hotel in exchange for the developer doing some airport improvements and have lost an appeal of a $30 million judgement.   That’s about $4000 per resident!

It seems to me, however, that given recent real estate history  the developer is a bit like an airline passengerwho was  bumped from a flight that later crashed and is getting punitive damages because he didn’t get all his denied-boarding compensation.  Even without the real estate bust an airport hotel doesn’t sound that attractive to me given that ski resort accomodations are all about being able to walk ski lifts.   Northstar Village and Northstar Ritz Carlton are ski-in, ski-out and those projects have gone into bankruptcy.  The retail at the Mammoth VIllage is a complete bust.  The town may have acted arbitrarily but the developer is almost certainly better off and should probably be thanking his lucky stars.

Oh well, I always liked the mountain better than the town, anyway.
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2011-01-16 14:12:52
Mammoth Lakes stumbling to bankruptcy
According to this story in the Mammoth Times it looks like Mammoth Lakes might be facing bankruptcy, though not for the usual pension- and benefit-related reasons facing most California cities.   The town of 7500 blew off a agreement with a developer to give him rights to build an airport hotel in exchange for the developer doing some airport improvements and have lost an appeal of a $30 million judgement.   That’s about $4000 per resident!

It seems to me, however, that given recent real estate history  the developer is a bit like a would-be passenger on Flight 93 on 9/11 who was  bumped and is getting punitive damages because he didn’t get all his denied-boarding compensation.  Even without the real estate bust an airport hotel doesn’t sound that attractive to me given that ski resort accomodations are all about being able to walk ski lifts.   Northstar Village and Northstar Ritz Carlton are ski-in, ski-out and those projects have gone into bankruptcy.   The town may have acted arbitrarily but the developer is almost certainly better off and should be thanking his lucky stars.