VR says move will cost up to $4.5 million
AVON ” Vail Resorts’ decision to move its corporate offices from Avon to Broomfield will cost up to $4.5 million, the company said Friday.
The company said $900,000 to $1.5 million will be spent for severance and retention. Expenses for relocation, contract terminations and other expenses will total between $2.1 million and $3.6 million, the company said.
The total cost of the move will be between $3.6 million and $4.5 million, the company said in filings with the Securities and Exchange Commission.
On Feb. 28, Vail Resorts announced the appointment of its new chief executive, Rob Katz, and that the company would move its headquarters to the Denver metro area. About 100 employees who now work in Avon will be affected by the move, the company said. The relocation will allow for better access to its properties, more efficiency, lower rent and better recruiting, the company said.
Earlier this month, the company announced that it had picked at 10-story office building in the Interlocken area of Broomfield for its corporate headquarters. The move is supposed to happen this summer, Katz said.
Outgoing chief executive and Chairman Adam Aron will receive $2.7 million in the separation, the company said earlier. That amount wasn’t included in the moving expenses.
Vail Resorts also released how it will reimburse employees for the move.
The company will pay back employees up to $10,000 for home-search expenses, temporary living expenses and other expenses. Employees will also get half of what they don’t spend of the $10,000.
Employees will also get a Realtor from Slifer Smith and Frampton “who has committed to providing a lower commission rate” to sell their homes as well as reimbursement of closing costs. Vail Resorts also will cover costs associated with buying a new home, such as appraisals, fees and taxes. The company will also pay for moving and storage services.
At least one employee, Vice President of Human Resources Rick Smith, has told the company that he won’t be moving to the Denver area.
Staff Writer Edward Stoner can be reached at 949-0555, ext. 14623, or firstname.lastname@example.org.