The resort reportedly pays the Town of Jay $2 million per year in property taxes.
Saturday, October 29, 2016, NewEnglandSkiIndustry.com
The Federally appointed Jay Peak receiver missed the October 14 town property tax deadline, triggering an 8 percent penalty, VTDigger reports. According to VTDigger, receiver Michael Goldberg stated, "I’m trying to work with everyone here, if they [officials from the town of Jay] don’t want to work with us they’ll be put back to the line."
According to VTDigger, the resort is valued at $120 million, resulting in $2 million per year in Town of Jay property taxes. According to VTDigger, the receiver missed the payment while waiting for Citibank settlement funds to arrive.
In the same piece, Goldberg stated "We are not going to pay the contractors in full. We will get them a sizable payout between 30 and 50 percent upfront." $6 million is reportedly owed to contractors, many of them with local ties.
Meanwhile, Federal Judge Darrin P. Gayles has approved the receiver's request to search Jay Peak owner Ariel Quiros's laptop. Quiros has reportedly stated that the laptop is his personal property and that he used a private e-mail address to communicate with his lawyers. The court approved motion states, "it is necessary to review all of the emails" on Quiros's laptop. Criminal charges have not been filed against Quiros. The Federal government recently settled its civil case with former Jay Peak CEO Bill Stenger.
In related news, VTDigger has sued the State of Vermont for the release of records related to the oversight of the EB-5 program.
