By Abigale Kreinheder
Win-Sum Ski Corporation (private owner of Holiday Valley) has submitted a Sale/Leaseback Application to the CCIDA (County of Cattaraugus Industrial Development Agency) seeking a sales tax abatement for Holiday Valley Resort upgrades and renovations. The privately owned resort plans to invest $8.05 million into various areas of improvement to continue to continue to provide the best guest experience possible.
To break it down, $5.5 million will be designated for building construction, $1.68 million for equipment, $420,000 for infrastructure, and $50,000 for reconstruction and renovation. The funding for these projects will be derived from equity, but the tax break will assist in their future growth and positive impact in Cattaraugus County.
Within the next few years, the resort plans to renovate the 29-year-old Inn, update John Harvard’s Restaurant, install new software upgrades, replace the Mardi Gras lift, add a Sno Cat to the family and golf equipment, renovate the pool, expand the Mountain Coaster, and various other projects.
Here’s a quick break down of the CCIDA and what they do in a nutshell.
The CCIDA is “a public benefit corporation under New York State government so the state governs us. There are rules and regulations that tell IDAs what projects were allowed to do and not allowed to do,” said Corey Wiktor, CCIDA Executive Director.
They offer financial assistance to businesses in Cattaraugus County through various tax incentives including sales tax, mortgage tax and property tax abatements. These tax incentives are meant to encourage local reinvestment with the end-goal to help further economic advancement and improve work and living opportunities.
The board of directors work within state legislatures to assist businesses as much as possible. The taxes that would normally be in the hands of the state are either deemed worthy of exemption or not based on the merit of the applications.
Since 1957, Holiday Valley has continually reinvested in infrastructure, accommodation, and other areas to improve the experience of their guests. The IDA recognizes Holiday Valley’s commitment to development for the benefit of their employees and guests. The annual investments show the resort’s dedication to employee retention and job creation as well as impact on tourism expansion and property valuation growth.
Holiday Valley has contributed to the flourishment of restaurants, stores, and property value in Ellicottville deeming their application for tax abatement acceptable.
The installation of this lift will also contribute to employment security, given the fact that the HV mountain crew installs the lift themselves creating year-round jobs.
“Investing in everything from golfing, to lodging, to skiing. I like to call it a four-season application,” Wiktor said. The millions of dollars, blood, sweat, and tears that Holiday Valley has reinvested over the years has not just made the resort better, but the investments and tax breaks “allow the resort to continue to grow in a spectrum that brings value to the region, to the homes……”.