Incorporate Olympic Valley is Not Fiscally Viable

Beautiful Olympic Valley will always be remembered for the astonishing 1960 Olympic Winter Games. But the ongoing idea for city hood in Olympic Valley is sure to be a complete downfall for the land and the community. The beautiful landscape and stunning views is known as a wonderful tourist attraction during the winter season, but with fewer than 1,000 full time residents living in the area, fiscal analysis already concludes that the city will not be able to financially support itself. Due to the lack of varieties of income, the largest revenue source Olympic Valley has is their occupancy tax on hotel guests, and with such a limited source of government revenue, attempting to build a city out of Lake Tahoe’s Olympic Valley could prove to be more of a burden to the community than a blessing.

Incorporation has been viewed as an outlook to those who are interested in making a city out of Olympic Valley, but even under two separate test scenarios, it has been determined that, even if incorporation moves forward in the next year, Olympic Valley will still grow a financial deficit of $1.8 million dollars annually by the 2017-18 fiscal year and, if incorporation doesn’t ensue during that time, the experimental scenarios have determined a possibility for an even larger deficit. These facts are in line with the predictions made by local CEO and resident Andy Wirth of Save Olympic Valley.

The land-use forecasting firm, RSG, has also concluded that Incorporation would not be feasible at this time. The community has been pushing for Incorporation for the last two years due to new proposals arising of condos and an increase of commercial space, people believe that, if incorporation begins in Olympic Valley, they will have more say in the acceptance of these proposals.

 

For more information regarding the Cityhood of Olympic Valley, please visit Sacramento Biz Journal.