After the nonprofit group Center Management Inc. took over the center last year, a new approach emerged for the building. Under former management of Snow King Resort, which also changed hands recently, the town leased the center to its managers for $150,000 per year.
Under the new structure and management, the town has allowed more leeway for lean years by changing to a profit-based structure. Center Management, starting in March 2014, will pay 8 percent of net profits for its lease, according to the Jackson Hole News&Guide. The group said it sees the renewal and new deal as an official stamp of approval for the planned direction on the facility.
However, the new structure means the town, which paid off the mortgage on the property in full last year, would be mostly left out in the cold in a profitless year. Instead, town manager Bob McLaurin points to sales tax and lodging tax revenues as benefits to the town if the center's not pulling in much profit.
The group hopes the restucturing allows for the addition of a $2 million additional ice rink and a new restaurant. Construction is already underway on the addition of a new conference room and several other improvements. The center hosts conferences, concerts, semi-professional hockey games and more, but lost money last year anyway.
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