EDEN -- Summit announced Tuesday it has completed the purchase of Powder Mountain, a sprawling resort often referred to as having the most skiable acreage in the United States.
"We couldn't think of a better home for the Summit organization and community than Powder Mountain," Elliott Bisnow, founder and chief executive officer of Summit, said in a prepared statement.
With more than 7,000 acres, Powder Mountain is the largest ski mountain in the United States, he said.
Summit, which is the sponsor of the leadership conference Summit Series, did not disclose the purchase price for Powder Mountain.
However, documents filed with the Weber County Planning Department indicate the cost for the first phase of development -- consisting of 103 lots at the resort dubbed Summit Eden -- will total $62.8 million.
The company plans to fund the project with $30 million in equity, a $13.5 million loan from Zions Bank and a pending $19.3 million county-backed bond for infrastructure improvements, documents state.
Summit Eden will become the home base for the Summit Series and the organization's cultural events.
"Our goal is to provide a platform that allows change-makers to amplify their positive impact through collaboration," said Jeff Rosenthal, co-founder of Summit Series.
Started in 2008 as a conference series in Alta for 19 entrepreneurs and nonprofit leaders, Summit Series has grown into an annual networking event that attracts leaders in the fields of business, nonprofits, academia and the arts.
Past Summit Series events have drawn numerous celebrities, including former President Bill Clinton; Dallas Mavericks owner Mark Cuban; Guitar Hero video game creators; and Craigslist founder Craig Newmark.
Summit Eden will focus on 500 home sites and a small residential village of similar scale, featuring modest homes with eco-friendly and sustainable design.
In addition, small cabins will be available as rotating residences for artists, musicians, nonprofit leaders and startup entrepreneurs.
Adjacent to Summit Eden, the group envisions developing boutique lodging options and retreat facilities over the long term.
"I couldn't have found a better group to partner with to help preserve Powder Mountain and the surrounding area from overdevelopment," Greg Mauro, chairman of Summit Mountain Group, said in a prepared statement.
Mauro, a Powder Mountain skier, partnered with Summit after attending one of the its Summit Series events.
Douglas Larsen, an official with the Weber Economic Development Partnership, said he's excited about Summit's plans.
"They engaged the local community in the process and designed a sustainable and environmentally intelligent development to bring a new kind of vision to Weber County," he said.
However, not everyone is thrilled about Summit's presence in Eden.
Cynthia Beck, who lives down the street from a spacious home Summit executives are renting at 1335 N. 5900 East, said large parties held on a regular basis at the residence have caused traffic problems.
"They have music and parties at 1:30 a.m.," she said.
The Weber County Planning Department also received complaints from residents about business operations being conducted out of the home rented by Summit.
However, that issue has been resolved with operations moved from the home to Wolf Creek Resort, said Weber County Planning Director Robert Scott.
Dennis Montgomery, another Eden resident, also expressed concern about the Summit Eden project.
"My concern is that they won't able to meet their debt service," he said.
"There is a risk. They are leveraged and in debt. Given the history up there, there is little or no market for development. They have to create a market that doesn't exist now."