Extell Utah Donates Parcel to MIDA for Conference Hotel
Press Release- EX Utah Development, LLC (Mayflower Mountain Resort) Donates Parcel to Military Installation Development Authority (MIDA) for Military Conference Hotel
Unique master plan establishes a path for first cornerstone hotel project for military personnel and their families.
Military Conference Hotel (MWR) will be developed in the initial phase of the nation’s largest new ski resort project in more than four decades.
MAYFLOWER MOUNTAIN RESORT, MIDA Project Area,Wasatch County, Utah – Sept. 1, 2020 –
EX Utah Development LLC (Extell) one of the country’s most prestigious development firms, has donated 4.78 acres of subdivided land for a new military Conference Hotel (MWR) at the base of Mayflower Mountain Resort in Wasatch County, Utah.
The Conference Hotel will be an integral part of the central Resort Village at Mayflower Mountain Resort, which is accessed via U.S. Highway 40 and across from the Jordanelle State Park and the Jordanelle Reservoir. Mayflower is less than 40 minutes from the Salt Lake City (SLC) newly remodeled $4 billion international airport.
Extell made the donation to the State of Utah’s Military Installation Development Authority (MIDA). One of MIDA’s purposes is facilitating development of land for the benefit of military personnel as overall welfare and recreational facilities. The location of such a facility in Wasatch County has been contemplated for many years.
Extell’s donation is a key step in creating one of the most innovative public | private mountain resorts in the ski industry’s history. The Conference Hotel will be one of the Resort’s cornerstone hotels and is fully designed and ready for issuance of building permits. It will include 387 hotel rooms, 55 private residences, and 60,000 square feet of conference, ballrooms and food and beverage facilities.
Mayflower Mountain Resort shares the same mountain as the renowned Deer Valley Resort in Wasatch County. The Mayflower base area will include additional luxury hotels, vibrant retail, estate lots, condominium units and multi-family residential. Extell has ensured the right to a direct lift connection from the Resort Village’s “ski beach” into Deer Valley’s Bald Mountain Sultan’s Nose area providing inter-resort connectively for owners and guests.
Mayflower Mountain Resort was envisioned more than 40 years ago and recently brought to life by Extell’s founder and chairman, Gary Barnett, a renowned New York-based developer. Encouraged by MIDA’s formation, Barnett began assembling 6,800 acres of contiguous land parcels in Wasatch County in 2014.
Working with MIDA, Wasatch County and the public through more than 50 public meetings and hearings, the master plan for Mayflower was unanimously approved by the Wasatch County Council and the MIDA Board. Since master plan approval, Extell and MIDA have been finalizing the details of the land donation, additional approvals, design and engineering of the Conference Hotel and the extensive infrastructure needed to support the Resort.
Construction at Mayflower Mountain Resort has begun. The location for the Conference Hotel’s foundation has been cleared and primary infrastructure initiated for roads, water, sewer, storm drains and ancillary projects. Extell is well-underway to completing a voluntary environmental cleanup (VCP) on site. Ski lifts serving the Village are scheduled to be operational for the 2023 -‘24 ski season, followed by the projected opening of the Conference Hotel in 2024 -’25.
MILITARY WELFARE RECREATION FACILITY (MWR)
The concept for a military welfare recreation facility (MWR), was contemplated prior to the 2002 Salt Lake City Olympics. In 2007, Utah passed the Military Installation Development Authority Act, creating MIDA as an independent, nonprofit, separate governmental body of the state.
MIDA’s charge is to assist with development of infrastructure projects that will benefit the military and the public and to stimulate the state’s economy. As an economic development entity, MIDA is able to exercise certain municipal powers such as issuing bonds, capturing tax increment, providing municipal services and initiating long-term infrastructure planning on underutilized sites.
“As an innovative and progressive development entity, MIDA has made this public | private collaboration for development possible,” said Senator Stuart Adams, president of the Utah State Senate. “Mayflower is a tremendous benefit for our nation’s military as well as an economic driver for the state and an extraordinary palette for the creation of a world-class resort.”
As the governing jurisdiction, MIDA has the authority to issue assessment bonds for the development of public infrastructure for the project. On August 27, 2020, $68.5 million of assessment bonds were issued, secured by assessments against land located within the Resort and underwritten by KeyBanc.
“Those globally secured funds go directly to infrastructure supporting the state, resort and ultimately the military welfare recreation facility,” MIDA Acting Executive Director Paul Morris said. A government-appointed board of directors oversees MIDA and includes Wasatch County representation appointed by the governor. Wasatch County’s continued collaboration will be instrumental in providing governmental services such as road and solid waste management and building permits,” Morris said.
“Thanks to MIDA, we have crucial entitlements in hand and many of the infrastructure construction commitments solidly in place. The state’s pro-business attitude spurred us early on to start environmental cleanup on the site, which is nearing completion. Utah’s forward- thinking has been remarkable from a development point of view,” said Barnett.
“The land is spectacular. The mountain is spectacular. The proximity and shared mountain with Deer Valley are spectacular. To work with the State of Utah, which supports thoughtful, environmentally sensitive development and moves forward with approvals and governance in a collaborative manner, makes this an amazing project,” Barnett said. “Under the MIDA terms, U.S. military personnel, active and retired, will have preferred rates, in perpetuity, on hotel rooms as acknowledgement of their service.”
Governor Gary Herbert praised the project. “This unique collaboration includes a public and private partnership between the State of Utah, MIDA, Wasatch County and Extell Development Company. We collectively can enact a sustainable and well-planned four-season luxury residential and commercial recreational development. In doing so, we add a major component to our tourism offerings while driving economic growth in Utah and honoring our military.”
“What has been contemplated for decades as a new ski resort and Village is coming out of the ground as envisioned,” said Steve Farrell, Chairman of the MIDA Mountain Village Public Improvement District. “MIDA, Wasatch County and Extell have created a cooperative public | private partnership and achieved milestones through hard work, public oversight and perseverance. There are few places this kind of progress could have happened where economic development and benefits for our community and the U.S. military are achieved at this level.”
“We are proud to be the recipient of Extell’s expertise and vision of what they are bringing to Utah,” said State Senate President Stuart Adams. “Mayflower is a once-in-a-lifetime opportunity and will be one of the finest summer and winter developments in the world.”
Patricia E. Peeples