Dear Neighbor

As you are probably aware, the two lots on either side of Christy Hill Rd are up for sale by the  Poulsen family. The East side lot (3.29 acres) contains the Olympic Valley post office, and the west side lot (1.90 acres) contains Backcountry, Olympic Bootworks, and the former home of Graham’s restaurant.

The lots are (almost entirely) zoned Village Commercial, meaning whatever is built on them can be 6 stories tall (60 ft), have 50 dwelling units per acre, and no requirement for existing retail shops or the US post office (although retail space is allowed). If a hotel developer were to buy it, the allowable floor space ratio would result in ~250 rooms. We surely do not need this on the main road into Palisades Tahoe.

Adam Fischer – a young entrepreneur, experienced real estate developer and Team Palisades Tahoe Jr. Devo Coach, and Travis Ganong – professional athlete, Olympic skier, community member and athlete alumni of Team Palisades Tahoe – are working to create a non-profit foundation to buy these lots (actually 4 parcels in all), and build what would be an outstanding addition to our community The buildings would be no more than 3 stories tall, and fit very well into the Olympic Valley environment. His tagline is, appropriately, “built by the community, for the community”.

Project Summary

Project Olympic envisions a future for Olympic Valley that provides access to the splendor of Tahoe and celebrates everything we cherish about the Sierras. Inspired by the spirit of the Olympics, the history of the Valley and legacy of the Poulsen Family, the project aims to create a development that embodies excellence, community, and sustainability for all. Their vision includes:

 Keeping the US Post Office
 A permanent home for Creekside School (TK-8 and/or 9 –12 )
 A world class athletic training facility for high performance athletes, named the
Poulsen Center of Excellence and Innovation open to public during certain hours
 Retail space for Backcountry, Olympic Bootworks, and more
 Provision for a community knowledge center (akin to Aspen Institute)
 A mix of housing options aimed at local workforce and “missing middle” income levels
 Provision for a café (if needed)

Benefits to the Community

This project not only would prevent a for-profit developer from coming in and building a massive high-end residential and/or hotel tower but also:

• A community development project, designed to meet the needs of the local community and Olympic Valley.
• The project is designed and built with a significantly reduced density and height in comparison to as of right.
• The perpetual recurring cashflow from the project would be used by the foundation to support athletics, education, innovation, and community development in Olympic Valley.
• Safeguard local businesses and services – Olympic Bootworks, Arcade Belts, & USPS

Next Steps / Support

The entrepreneur/developers have met with Alterra and the Palisades administration, and was met with a lot of support, and viewed to be complimentary, not competitive, to the Mountain Activity Center (in the proposed Palisades Tahoe Village). Additionally, they have met with Team Palisades Tahoe, community groups, and Creekside leaders to understand their needs to design Project Olympic to meet their needs.

The Developer has signed a Purchase and Sale Agreement, requiring him to show financial viability during the first two months of his 6 month diligence period. The key requirement of some potential backers is that there be considerable support within the community and no prospect of litigation.

They will be commencing a series of show-and-tell sessions (via videoconference & in-person) over the coming weeks.

Contact Information

If you are interested in learning more or getting involved, please enter your email address at http://www.projectolympic.com

or reach out to Adam Fischer directly at a@osornocapital.com.