With no public opposition the Cortland County Industrial Development Agency has approved a $330 thousand dollars tax break for the Greek Peak Resort in Virgil. The incentive will help fund the new high speed chair lift currently under construction and other improvements to the ski facilities.
Greek Peak owners Mark Stemerman and John Meier are investing $3.8 million in the resort, in addition to the new quad lift; other planned upgrades include new restrooms in the main lodge, a makeover of Orion’s Pub, new rental gear, a new ski shop, and a state of the art groomer.
In exchange for the $330 thousand dollar taxpayer funded incentive Meier and Stemerman expect to see 30 thousand new visitors to the mountain, and pledge to maintain at least 75 jobs for the next five years.
I-D-A Board chair Mike McMahon says the agency has supported Greek Peak in the past, even though the new owners bought the resort out of a bankruptcy sale for a reduced price, they are still investing in the facilities and are maintaining jobs in the community.
The owners had previously approached the I-D-A Board with a more generous tax incentive package worth $14.2 million, that proposal was rejected.
I-D-A Director Gary VanGorder said Tuesday that the agency moved quickly on this tax break to give the new owners some cost certainty as they move ahead with the new chair lift installation along with the other improvements.