COVID-19's impact on life in Wasatch County has extended to the largest economic project in the county. Non-essential construction at the Mayflower Mountain Resort has come to a halt.
Senior Vice President of Development at Extell Kurt Krieg reported to the MIDA Development Review Committee on Tuesday that for safety reasons, related to COVID-19, non-essential construction activity has been suspended at the project area located near the Jordanelle.
“I have to be clear on nonessential,” Krieg explained. “So, our water tank valve housing was going on, but we did complete the water tank and are getting ready to fill that. The pedestrian tunnel, the retaining walls, the roadway, all of those are really nonessential.”
Krieg says they’re continuing to move forward on environmental projects such as the voluntary cleanup program. He adds they’re working on acquiring a type of bonding known as Commercial property-assessed clean energy or CPACE. Krieg says they’re looking to have 78 million dollars in costs issued through the CPACE, which is to be used for energy efficient building construction. CPACE must be issued in conjunction with a construction loan.
“So right now, we're monitoring the lending markets on construction loans,” Krieg continued. “As you all probably read and hear the leisure market has been hit the hardest with this pandemic. Most hotels have a zero percent occupancy. So, lenders are a little bit nervous now. So, we're monitoring that as we come and get ready to go vertical.”
Once they can, Extell will get restarted on those suspended projects. Including civil improvements.
“The water tank is fully completed, 1.2 million gallons and are on the valve station and the pumps,” Krieg said. “They are furthering retaining walls on Mayflower Villa Drive as well as grading. We have the pedestrian tunnel from a concrete standpoint complete. We need to go back and put in the lighting and finalize that. Then the other major initiative is we're nearly complete with the voluntary cleanup. We're in what's called the voluntary cleanup RAP 1 which is a remedial action plan one. Which basically encompasses the entire development area and we will look to finish and finalize that RAP.”
Krieg says they’re close to finalizing their military hotel building permit with MIDA. He also says they’re closing on a decision for hotel branding, as they are down to two candidates.
