VAIL, CO-Gore Creek Place LLC, a wholly-owned subsidiary of Vail Resorts Inc., recently entered into a construction loan agreement in the amount of up to $30 million with U.S. Bank National Association, as administrative agent and lender. Under the agreement, the non-revolving loan must be used for the payment of certain costs associated with the construction and development of Gore Creek Place, a residential development consisting of 16 luxury duplex residences.
The agreement matures on July 19, 2007 and principle payments are due at the earlier of closing of sales for the Gore Creek residences or maturity. Gore Creek has the option to extend maturity for six months, subject to certain requirements. The agreement contains non-recourse provisions to the company with respect to repayment.
In connection with the agreement, Vail, a wholly owned subsidiary of the Vail Corp., entered into the Guaranty Agreement, pursuant to which Vail guarantees the completion of the construction of the project, but not the repayment.
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