Mad River Glen, VT, Could Pull Off Land Acquisition And Pub Renovation Thanks To Co-op Shareholder Donations

Mad River Glen, one of the only co-op owned ski areas in North America, is drawing nearer to completing purchase of an 1,100 acre parcel of land next door to the ski area, affectionately called the 20th hole. The opportunity to buy the land came up suddenly, after an anonymous group, Lyme Mill Brook LLC, put in an offer to purchase the land for $2.5 million. The offer triggered Mad River Glen’s Right of First Refusal, which the co-op board voted to exercise on November 10. The land is held by the family of Betsy Pratt, beloved former Mad River Glen owner, who decided to sell the ski area to the co-op in 1995.

• Related: Mad River Glen, VT, Exercises Right To Purchase 1,100 Acres Next Door

In order to purchase the land, the Mad River Glen Co-op has to come up with $2.5 million in just a few months, no small feat for many ski areas. The land sale came at a time when the co-op was pursuing a renovation of Stark’s Pub, in need of major renovation, including many structural elements. Fundraising efforts were already underway for the $2 million pub renovation budget when the land purchase offer was made. Rather than pivot completely away from the pub renovation, the board opted to pursue both projects, under a single fundraising initiative called “Two Projects, One Vision.”

Mad River Glen’s General Manager, Matt Lillard, stressed the importance of not taking on any debt for the land purchase at emergency board meetings on October 29 and November 10, to protect the long term financial health of the ski area. The co-op currently consists of 2,500 shares, with some families holding multiple shares, and the idea was floated of each shareholder paying $1 per acre, or a total of $1,100, to raise $2.75 million. Fundraising efforts began immediately, and a November 15 report from the Collaborative Fundraising Committee indicated that $435,000 had already been raised.

Jeff Whittingham, the Co-op Board Secretary, told SnowBrains in an email that as of January 20, the land acquisition had raised a little over $2 million, and the pub renovation had raised $525,ooo. 1,544 people have contributed so far, with 15% of those not being shareholders. Passing the $2 million mark in fundraising has met the co-op’s requirement of having 80% of the purchase price in hand or promised to close the deal on the 1,100 acres. Whittingham shared that the closing date would likely be in the last few days of February, giving additional time to raise the remaining 20% from shareholders and the community.

After closing on the property, the co-op is required to place the land in a conservation easement within two years. Whittingham said that sidecountry skiing on the 20th Hole will continue as is. Whittingham quoted one shareholder in his email as saying “Our purchase presents the opportunity to showcase thoughtful stewardship of this productive land base while fostering a balance of model forest management, recreational pursuits and ecological benefits.”

Mad River Glen’s pursuit of this substantial land purchase on such a short timeframe represents the possibilities of agility and flexibility of a co-op run ski area. Beyond the generous financial contributions of shareholders and members of the community, the board and shareholder base has a vast wealth of professional experience and connection to the mountain. Board meetings discussing the land acquisition included opinions from shareholders with experience in conservation, real estate, finance, and historical perspectives on the operation of the ski area. In securing the 1,100 acre parcel that was part of the original ski area property, Mad River Glen has taken bold steps to secure its future as a recreation area.

More From Zach Armstrong:

• East Coast Enjoys Historically Deep November While West Waits For Snow
• Inside Wisconsin’s Famous Birkebeiner Ski Marathon, One of the World’s Largest Cross-Country Races
• Trump’s Plan to Allow Drilling for Oil in the Arctic is Met With Limited Interest
• History with SnowBrains: The Incredible Notes from a Swiss Avalanche Researcher’s Travels to Western USA in 1949
• Sierra Nevada Resiliency Team Enters Second Season Supporting Ski Patroller Mental Health Across California and Nevada