New Breckenridge Gondola
BRECKENRIDGE SKI RESORT AND THE TOWN OF
BRECKENRIDGE ANNOUNCE GONDOLA CONSTRUCTION TO
START THIS SPRING

BRECKENRIDGE, Colo. -- March 13, 2005—Today, Breckenridge Ski
Resort and the Town of Breckenridge announced that construction on the
much-anticipated Breckenridge gondola will start this spring. The new gondola
will start from the Breckenridge Transportation Center located in the parking
lot right off historic Main Street and have terminals at both Peak 7 and Peak 8,
providing an integral link for skiers, riders and visitors from town to the ski
resort base areas. It will allow the ski resort and the Town to upgrade the skier
experience and improve the overall experience by reducing the number of
people that need to be bussed to the mountain. In addition to stops at the base
areas, the new gondola will include a mid-station at Shock Hill. Setting the
stage for the planned developments on Peak 7 and 8, the 8-passenger gondola
is expected to be completed by Christmas 2006.

“The gondola has been talked about in the community for 20 years and now
the timing is perfect as this project will continue the incredible momentum that
Breckenridge Ski Resort and the Town of Breckenridge have worked together
to build from the success of the Imperial Express, the popularity of the Skyway
Skiway and a strong real estate and development market,” said Roger
McCarthy, co-president of Vail Resorts and chief operating officer of
Breckenridge and Keystone.

In May 2002, the Town of Breckenridge and Breckenridge Ski Resort signed
a landmark agreement outlining a development plan for Peaks 7 and 8 designed
to maintain both the resort town’s world-class stature and quality of life. As a
part of this plan, the Mountain Thunder Lodge and Townhome project and the
Skyway Skiway have been completed in the past year ahead of schedule. The
gondola represents one of the last major steps in implementing the development
plan and the transportation framework as well as the continued relationship
between the Town and the resort.

As part of the agreement, the Town of Breckenridge has committed up to $6.7
million toward the completion of the gondola. For its part, the ski resort has
guaranteed parking at the gondola base, transferred density from the parking
lots to the Peak 7 and 8 base, sunset density consistent with the Upper Blue
Master Plan and reduced commercial density at the Peak 7 and 8 future bases.
In addition to the monetary commitment from the Town of Breckenridge, the
Breckenridge Land Company, the developers of Shock Hill, is giving
$500,000 to the gondola project and the necessary easements to complete the
gondola.

The mayor of Breckenridge, Ernie Blake, said, “The Town of Breckenridge is
thrilled with the ski area’s decision. We recognize that Vail Resorts has many
choices for its investment dollars and appreciate the confidence it has shown in
Breckenridge with this commitment. It comes years ahead of the agreed upon
schedule and is another example of what a model public/private partnership can
produce. We are fortunate to be economically capable of contributing to this
wonderful amenity upgrade for our guest.”

The Breckenridge gondola will be one of the most modern gondolas in North
America with seating for 8 and room for ski and ride gear inside. Right now,
the ski resort plans to operate the gondola in both the winter and summer
seasons. It will have a ride time of approximately seven and a half minutes from
the transportation center to the base of Peak 8 and will be able to carry 3,000
people per hour.

Breckenridge Gondola Facts:
§ 7.5 minute ride time from Transit Center to the Peak 8 terminal
§ Two mid-stations at Shock Hill and Peak 7 base area
§ 7,842 ft. in length
§ 391 ft. vertical rise
§ 25 towers
§ Capacity of 3,000 per hour
§ 143 cabins
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