Last updated on July 2nd, 2019 at 09:44 am
Zimmerman Ventures, the operators of The Rock Sports Complex (formerly the Crystal Ridge ski hill) in Franklin, lease the 142-acre facility from Milwaukee County.
The term for the lease, signed last year, is 15 years, and the parties have a mutual option for an additional 10-year term.
During the initial 15-year term The Rock will pay the county $25,000 per year. If the agreement is renewed for the additional 10-year term, the operators and county officials will renegotiate that amount. If they cannot come to an agreement, the amount to be paid by The Rock to the county will be $31,250 per year.
In addition, The Rock will pay 5 percent of their net earnings, per year, to the county during the first five years of operations. During years 6 to 10, they will pay 8 percent of their net earnings, per year, to the county. In years 11 to 15, they will pay 10 percent of net earnings, per year.
Also, The Rock is required to keep an endowment fund for capital repairs to the property. That fund must be kept at a minimum of $50,000, until the 14th year, at which point it must be kept at $75,000.