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Killington Mountain Resort will move ahead with plans to build a new ski village with 1,500 residences, including workforce housing, after Killington town voters approved phase one of the infrastructure and development project on Vermont’s Town Meeting Day, March 7. The vote allows for $47 million in infrastructure improvements to be funded through tax increment financing (TIF).
“This is a huge win,” said Killington Resort president and general manager Mike Solimano. “Killington has long wanted a ski village, and now we’re able to move forward to better serve not just our skiers, but bikers, hikers, and folks who will come to hear live music, attend festivals, and enjoy the area. New residential units will greatly relieve strained demand for lodging, and I’m excited to build on the festive scene here in Killington with added restaurants and entertainment venues.”
Great Gulf Group, a Toronto-based real estate development company, will develop the Six Peaks Village. The project, dubbed the Killington Forward Initiative, aims to both improve the resort guest experience and create assets for the community. Among those assets will be new municipal water lines and a redesigned and reconstructed Killington Road.
Killington currently lacks municipal water, and businesses and residences often treat or bring in bottled water due to PFOAs in some well water. New municipal water lines will bring clean water to the elementary school, businesses along Killington’s primary access road, and to the future Six Peaks Village.
With the introduction of municipal water, there will be an opportunity to develop a mix of affordable, workforce, and market-rate housing—all of which are in short supply in the town. In February, the Town of Killington signed a purchase and sale agreement on a 70-acre parcel of land with room for 250-300 housing units at the base of Killington Road. It has initiated discussions with the Housing Trust of Rutland County and will speak to eventual developers once the water infrastructure is installed.
“Water is the linchpin that allows for economic recovery in Killington and future growth,” said Jim Haff, Killington Town Selectboard member. “Thanks to a positive vote on the TIF, there is so much potential for business and housing development to ensure a strong future for our town.”
Another component of the infrastructure is the Killington Road reconstruction project. The project includes the installation of a multi-use path, sidewalks, pull-offs for buses, a roundabout at the East Mountain Road and Killington Road intersection, and the elimination of unsafe grades at the base of the road. The reconstruction of Killington Road will take place in four phases over a six-year period. Construction of the first phase will commence this summer.
In addition to the monies coming from the TIF district, the project will be supported by several grants, including a $2.3 million ARPA grant and a $3.6 million fully forgivable loan through the Vermont Drinking Water State Revolving Fund for emerging contaminants. Financing for TIF districts is repaid by the property taxes on future development, so the project is not expected to affect the tax rates of current Killington property owners.
Source SAM
