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Angel Fire Resort Finalizes PID Petition

July 7, 2006--Angel Fire, NM—Angel Fire Resort Operations is pleased to announce today it filed the Public Improvement District (“PID”) petition with the Village of Angel Fire and has asked the Village to consider the petition at its July 20th general meeting. This submission represents the culmination of more than 18 months of focused effort by numerous professional and local representatives, including the Resort, the Association of Angel Fire Property Owners (AAFPO), the Home and Land Owners, Inc. (HALO), and the Village of Angel Fire.

“Completion of the PID proposal brings to a close a process that was put into motion more than ten years ago,” said Dan Rakes, general counsel for Angel Fire Resort Operations.

In 1995, the U.S. Bankruptcy Court accepted an Amended Plan of Reorganization (“the Plan”) that codified the transfer of ownership of the Resort and its holdings to Angel Fire Resort Operations, LLC (“AFO”). Included in the Plan was a provision for the implementation of certain infrastructure improvements for several hundred lots in the Angel Fire area. The Plan provided that AFO would contribute $2,000,000 toward completion of the infrastructure improvements, and that this amount would be matched by assessments paid by affected property owners through the establishment of a Special Assessment District (“SAD”). Since 1995, despite efforts of the Resort, AAFPO, and the Village, previous attempts to establish the SAD have failed. Last spring, under the direction of Rakes, the latest attempt was commenced. Based on changes in New Mexico law, the assessment district is now known as a Public Improvement District, or PID.

The specific infrastructure improvements contemplated by the proposed PID include gravel roads, potable water service, fire protection, sanitary sewer systems, electricity, and telephone service. For the purpose of determining allocation rates, the petition organizes the affected lots into geographically compact groups according to their infrastructure requirements, location, and size. Based on these variables, the petition developers crafted a method of calculating the equitable percentage of the total assessment that each group should be apportioned.

The lots that are included in the proposed PID are:
Country Club 1A Amended (Lots 14-35, 51-54, 64-87)
Country Club 1B Amended (Lots 1-39, 41-44, 53, 54, 147-159, 161, 162-165)
Angel Fire Village West (Lots 12-94, 99-181, and Tract AH)
Country Club 1&2 Amended/Re-amended (Lots 108, 327, 328, 370, 456-460, 486-489, 1001-1005, 1007-1014, 1018-1033, 1072-1085, 1175-1190, 1192-1336)
Chalets Unit 4 (Lots 106-139)
Angel Fire Village North (Lots 5-14, 36A, 38-48, 72-282)
Chalets Unit 2G Amended (Lots 1-87)
Chalets Unit 1A Amended (Tracts A-1, A-2, B-1, B-2, B-3, B-4, C, D-1, D-2, E, F)

The Village of Angel Fire will review the PID petition. It will then be presented to the proposed district’s property owners for a vote. A 75% majority vote is required to implement the PID. It is the goal of the petition developers that this process will be successfully completed over the next few months and that infrastructure installation can begin in the summer of 2007.

“Implementation of the PID will ensure that property owners will finally have the infrastructure necessary to fully appreciate ownership in Angel Fire and will raise the standard of living in the community as a whole,” said Dan Rakes general counsel for Angel Fire Resort Operations.

Rakes gathered a team of highly qualified professionals to develop the current PID petition. These included Joe Moore, of Molzen-Corbin & Associates, civil engineer who prepared the PID petition’s Engineering Report, mapped the boundaries of the assessment groups, and participated in the calculation of the projected costs of implementing the infrastructure improvements; Larry Brooks, of Brooks, Lomax and Fletcher, appraiser, who prepared a detailed appraisal of the proposed district; Mitch Mosesman, David Taussig & Associates, Inc., public finance and urban economics advisor who developed the PID petition’s Feasibility Study and also provided significant input in the development of the petition’s General Plan and the Rate and Method of Apportionment; Thomas Mann & Associates, aerial photographers, who provided the aerial surveys of the proposed district and surrounding areas; Alan Hall, of Rodey, Dickason, Sloan, Akin & Robb, bond counsel, invaluable legal counsel to the PID petition developers and contributed to the petition’s General Plan, Rate and Method of Apportionment of Special Levy, and other supporting documentation; Paul Cassidy, RBC Dain Rauscher, who provided bond and financial advice throughout the process. Also participating were Angel Fire Village Planner, Mark Rivera and, on behalf of AAFPO, Curtis Jones, Pete Carlson and other AAFPO board members.

PRESS INQUIRIES:
Christy Germscheid
PR Manager, Angel Fire Resort
505-377-4424
cgermscheid@angelfireresort.com


About Angel Fire Resort
If you can do it on a mountain, you can do it here. Angel Fire Resort is the Southwest’s premier year-round alpine recreation destination. Tucked high in the Sangre De Cristo Mountains of northern New Mexico Angel Fire is the rare resort where you can ski, snowboard, tube, snow bike and cross country ski all on the same mountain. It offers a wide variety of activities for the summer outdoor enthusiast including golf, mountain biking, fishing and hiking. For more information on Angel Fire Resort, please call 800-633-7463 or visit the web site at www.angelfireresort.com




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To line up an interview with an Angel Fire executive or for more information contact:

Krysty Ronchetti
Public Relations Rep
Angel Fire Resort
505-821-9279
krysty@sjcommunications.com