Mad River Glen, VT, Exercises Right To Purchase 1,100 Acres Next Door - SnowBrains

"In 1995, Betsy Pratt, longtime owner of Mad River Glen, Vermont, made the bold decision to sell the ski area to the skiers, by way of a co-op. At the time, the co-op could only raise enough money to buy the ski area itself, and the Pratt Family retained control of some 1,100 acres next to the ski area that was included in the initial land acquisition in 1948."

"The original offer came to the Pratt Family from Lyme Mill Brook LLC, an anonymous family foundation managed by Lyme Timber Company. The offer price is $2.5 million, which the Mad River Glen Board of Trustees indicates is likely a fair price, and would include putting a majority of the 1,100 acres into a conservation easement. The terms of the co-op's right of first refusal require the co-op to make a "substantially similar offer," meaning they would have to come up with $2.5 million,"

"At emergency board meetings on October 29 and November 10, members expressed a strong desire to try and purchase the land, describing it as a "once-in-a-lifetime opportunity" to secure the land next to Mad River Glen. A majority of the land must be put into some kind of conservation easement, but that still leaves over 500 acres that could potentially be developed right next door to the ski area."

Betsy Pratt sold Mad River Glen to a co-op in 1995 but retained about 1,100 adjacent acres and granted the co-op a right of first refusal. An offer from Lyme Mill Brook LLC, managed by Lyme Timber Company, proposes $2.5 million and would place a majority of the acreage into a conservation easement. The co-op must make a substantially similar offer to exercise its right, requiring $2.5 million and conservation commitments. Emergency meetings reflected member enthusiasm to purchase, while concerns remain that more than 500 acres could still be developed nearby.

Read at SnowBrains