ASC respects deal with City Hall |

ASC respects deal with City Hall

Too woo the American Skiing Co. empire to move its corporate headquarters to Old Town the Marsac Building negotiated an incentive-laden deal with the largest operator of alpine ski resorts in the U.S.

The 2002 agreement called for City Hall to help the company, which owns The Canyons, to receive state and federal funds for construction of a transit hub and parking structure planned at their local resort. The agreement also required the city continue to manage the bus system for The Canyons in exchange for American Skiing Company moving to Old Town.

Since the agreement, which required American Skiing Co. stay in Park City for at least five years, the company’s corporate headquarters has been inside the Gateway Center, which is the Heber Avenue building near Main Street.

At the time American Skiing Company officials said the move put the company’s executives closer to its marquee properties like The Canyons and Steamboat resort in Colorado.

But American Skiing Company, since the move, has sold Steamboat and has plans to sell four other resorts in April. The company’s stock price has plummeted since it began trading publicly and last week American Skiing announced plans to potentially sell two more of its resorts located in Maine.

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