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HOMEOWNERS BUY LAND UNDER SNOWBIRD LODGE

Homeowners of Snowbird's Iron Blosam Lodge have purchased the .85 acre upon which the lodge is built from owner Snowbird Ltd. for an undisclosed amount in a transaction that included the purchase and transfer of title of the Canyon Racquet Club.

Gump & Ayers Real Estate agency Kent Mommsen, acting as director for Iron Blosam, said terms of the transaction called for the Iron Blosam Owners Association to purchase the Salt Lake Canyon Racquet Club and turn over the title in exchange for the ground beneath the lodge.Mommsen said the agreement allows the IBOA to hold the land in perpetuity rather than face the expiration of the 55-year land lease in 2030. Financing of the loan was provided by Valley Bank & Trust.

Mike Justin, lodge general manager, said local, national and international homeowners of the 16-year-old, 159-unit, time-share facility were very supportive of the transaction and wanted to arrange for ownership of the land for eight years.

The 11-story, concrete slab and I-beam structure has 5,200 different owners because of the multiple use of some units for time-share purposes. The facility averages 90-100 percent occupancy.