Benefits

View of Lake Tahoe from South Lake Tahoe

The Chateau at Heavenly Village (formerly known as Project 3) offers many advantages:

Destination Tourism

  • Completes the destination resort experience with a visually appealing, 4+ star resort
  • Dintinguishes South Lake Tahoe as a premier North American mountain resort

Economic Growth

  • $275,000 forcasted sale tax growth to the City
  • Generates approximately $6.3 million over the next 30 years for the Lake Tahoe Unified School District, Lake Tahoe Community College District, City of South Lake Tahoe, South Tahoe Public Utilities District and El Dorado County
  • Will generate $24,000,000 (24 million) in work force housing
  • Will contribute 78 million in annual spending
  • 180,000 meeting attendees annually

Environmental Upgrades

  • Uses Best Management Practices (BMP) for water quality with on-site storm water treatment
  • Reduces land coverage by more than 63,000 sq. ft.
  • Encourages pedestrian traffic and reduces automobile dependency
  • Energy conservation through LEEDs technology
  • Improved air quality

New Jobs

  • Addition of approximately 500 new jobs upon completion
  • Employs approximately 700 people during the construction process

Transit Occupancy Tax (TOT) Revenue

  • Increases Transit Occupancy Tax (TOT) revenue – an estimated $1.4 million a year – to  the City
  • Increases occupancy and TOT in other area lodging properties, expanding annual TOT by $400,000-$500,000

Community Improvements

  • Assumes no risk to the City of South Lake Tahoe/Redevelopment Agency because there is no up-front public contributions, land assembly or construction, used in The Chateau at Heavenly Village
  • Enables the Lake Tahoe Development Co, LLC to be responsible for all development costs, as well as all operations and maintenance for the multi-purpose meeting/convention facility
  • Creates a proposed pedestrian overpass across Highway 50
  • Eliminates deteriorating buildings and inadequate infrastructure

Fill Shoulder Season

  • Creates “shoulder season” revenue through a public-owned entertainment/meeting facility

Workforce Housing

  • Generates an estimated $800,000 a year for affordable/workforce housing within the South Lake Tahoe city limits from the 20% Tax Increment (TI)

Outdoor Areas

  • Provides a 1.2 acre public park/plaza for active and passive outdoor recreation
  • Improves landscaping, sidewalks and lighting
  • Increases setbacks on Highway 50 and enhances scenic quality