"This agreement is a great example of what can be accomplished by the publicand private sectors working together toward shared goals," says Mayor Wellington Webb. "The city is bringing Intrawest's expertise and resources to bear in this very competitive industry. I am convinced that this partnership will preserve and enhance the resort for everyone--visitors, local residents and businesses and the citizens of Denver."

Under the agreement, Intrawest would invest about $99 million over the next decade. It is guaranteeing $50 million of that amount for on-mountain investment over the same time period. Intrawest will guarantee 6% of the gross revenues for resort operating capital investments.

Additionally, programs of high community interest and support, such as children's recreational programs and support for the National Sports Center for the Disabled, are preserved.

"Winter Park is a fabulous mountain which has had strong and talented leadership," says Gary Raymond of Intrawest. "We are delighted to have the opportunity to build on what exists today and enhance it."

Denver will receive $2 million annually in guaranteed payments over the next 10 years under the agreement. After 10 years, the city is entitled to an annual payment equal to $2 million plus 3% of gross revenue over $33 million subject to cash flow.

Projections indicate this amount will equal or exceed the past annual city payments from the resort. These annual payments will be earmarked for capital repair, rehab and replacement of existing parks and recreation facilities.

Other key points of the agreement provide for the retention of most current employees, coverage of existing resort obligations by Intrawest and the development of real estate at the resort to generate economic activity for the resort, the town of Winter Park and Grand County.