Park City landlord pledges to cut April rent by average of 50%, helping those suffering
A property owner with holdings at the Resort Center at Park City Mountain Resort will reduce rents for April, a representative said on Tuesday, a decision illustrating the actions taken by the private sector as the community reels from the impacts of the spread of the novel coronavirus.
The Resort Center property is the Marsac Mill Manor and the firm also has holdings at Newpark in the Snyderville Basin. A representative of the ownership said each tenant will receive a onetime rent reduction for April. The representative said the figure will be “significantly adjusted” downward. The reduction will average 50%, the representative said.
The reduction involves approximately 50 businesses or individuals.
“Right now, the attitude should be pay it forward for everybody,” the representative said. “People are suffering right now.”
April is usually a slow month for business in Park City as the mountain resorts close and the weather is iffy for other activities. The reduction of rent that month after an economically terrible end to the ski season will likely be a relief as the businesses recalibrate.
The adjustment of the rent in the properties at the Resort Center and Newpark is among the most direct private-sector moves publicized to date to assist businesses or individuals as the economic impacts of the virus grow in Park City.
Park City Mountain Resort owner Vail Resorts on Tuesday announced that PCMR and others owned by the Colorado firm will not reopen for the ski season. Deer Valley Resort is temporarily closed with a suspension until further notice.
The economic impacts are expected to be broad as the spread of the virus coincided with the final weeks of the ski season, during a normally lucrative stretch of March as spring-break crowds arrive in large numbers.
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Sales-tax collections in Park City in July beat City Hall projections by a wide margin, providing a key data point that illustrates a nascent economic comeback of sorts from the spring business shutdowns.