NEWS RELEASE

Homeowners want Revelstoke Mountain Resort to deliver on original

vision

Revelstoke, B.C. April 20, 2017 -The Revelstoke Mountain Homeowners

Association (RMHOA) says the Revelstoke Mountain Resort (RMR) is not living
up to the vision of the original Master Development Plan and needs re-
energizing. The resort opened in 2007 and has not significantly changed
from improvements that were complete or already in hand at the time. The
original three lifts are the only major ones operating and there is no publicly
stated timeline to add any new lifts. In several other key areas such as
accommodation and restaurant capacity there have been no significant
upgrades and the resort is well behind in delivering on the vision outlined in
the Master Plan as proposed by the developer and approved by the Province
in 2004.

As home owners, our collective investment is approaching that of the

developer. We, along with many other enthusiastic stakeholders and
supporters, want to see the resort reach its full potential as a world class
destination. The hill is second to none with the longest lift-accessed vertical
descent in North America and some of the best snow and terrain on the
continent but investment is minimal for the scale of the resort and there
have been few new amenities and upgrades in the last 10 years, says
RMHOA vice-president and full time resident, Peter Brown.

The RMHOA contends the current structure of destination ski resorts in BC

may be inherently flawed. When the provincial government gives tenure of
public lands to a private operator, it does not seem to follow through to
ensure ongoing investments are made as envisioned in the master
development plan. In addition, homeowners who have made significant
investments have no place at the table to provide views in regulatory
discussions or approvals that may impact the resort.

Homeowners are major stakeholders. We support the vision of a world-class

resort at Revelstoke but there needs to be consistent slope side and
accommodation improvements. It was understandable after the world
financial crisis that plans were put on hold temporarily but that was nine
years ago and the economy has fully recovered by almost every measure
says Brown.

The Association notes that with an election underway and similar resorts
proposed for Valemount and Garibaldi near Squamish, it is time to reassess
how these projects are monitored for compliance and what can be done to
ensure the province of BC and local communities like Revelstoke maximize
the benefits, especially when it comes to employment and tax revenue.
RMHOA would like to see the Master Development Plan process include
specific development timelines and five year plans, outlining a minimum of
investment and expansion that will occur, along with a monitoring and
enforcement regime should a resort not live up to those obligations.

Currently, resorts do not have an obligation to make annual investments

which move a resort forward. In a recent letter to Peter Brown, the corporate
counsel of Northland Properties which runs RMR, stated: The approved
Master Development Plan for RMR did not include promises with respect to
lifts, accommodations, food services, any other resort facilities or significant
facilities and improvements.

On its website, Revelstoke Mountain Resort states that, on completion, the

resort will have more than 20 lifts, 100 ski runs and 5,000 housing units. But
there is no timetable for that to happen.
(http://www.revelstokemountainresort.com/resort/about-the-resort)

Today the original three lifts are still the only major ones operating with 56
runs and fewer than 250 units of accommodation.

Ten years from opening and we are a long, long way from even starting to
reach our full potential, says Brown. Installing more lifts, expanding runs
and making more housing or lots available for owners or investors would give
RMR a shot in the arm and would add badly needed jobs and taxes to the
local community.

RMHOA members say homeowners should be recognized as an official resort

stakeholder group. They recommend a resort advisory committee be created
so that homeowners are included in discussions about development
decisions and timelines.

We are not asking for authority over decisions. But we want to be part of the
process of planning RMRs future along with the City of Revelstoke, First
Nations and Northland Properties which holds the land tenure. We have
valuable insights into what owners and future investors are looking for, says
Brown. We have invested a similar amount of money but we have no
standing and it is unreasonable to shut us out completely. We simply do not
have a voice in the future of this amazing resort.

RMR is upgrading the capacity of two existing lifts by approximately 20%:

adding 24 cars to the gondola and 21 chairs to a chairlift which will bring
those lifts to full capacity, a move the RMHOA welcomes. However, there
have been no publicly stated plans or timeline to add additional lifts in the
future or address other homeowner and resort guest concerns.
That investment in adding capacity will make a positive difference. But now
is the time to look beyond next winter to the future of the resort and develop
a game plan that delivers on the original vision says Brown.

For more information, please contact:

Chris Olsen
Peak Communicators
Kelowna: 250-808-4910
chris@peakco.com
Alyn Edwards
Peak Communicators
Vancouver: 604 689 5559
alyn@peakco.com
Revelstoke Mountain Resort Background

Northland Properties Corporation is the majority owner of Revelstoke Mountain

Resort (RMR). Northland is also a partner in a proposed new destination resort at
Garibaldi near Squamish.
On the RMR website in April 2017, the company states that, upon completion,
Revelstoke Mountain Resort will offer:
More than 20 lifts

Over 100 ski and snowboard runs and areas

Over 5,000 new housing units (1,500 resort condominiums, 2,000 hotel
suites, 850 townhomes and 550 single-family lots)

More than 500,000 square feet of commercial and retail space

Plus a golf course

Source: http://www.revelstokemountainresort.com/resort/about-the-resort
Views of the planned village and ski lifts and runs Village Master Plan , Resort
Master Plan

Revelstoke Mountain Resort today after 10 years of operation

The original three lifts are the only major lifts in operation

o Two chairlifts and one gondola

o The lifts are entering their 10th year of service.

o RMR is adding additional 21 chairs to one chairlift and 24 cars to the

gondola which will bring those lifts to full capacity
 No publicly announced plans or timeline for adding new lifts

Enjoyment of the mountain is reliant on the single ten-year-old gondola; when

it shuts down as it did on occasion last year, access to the entire ski hill
including the mid-mountain lodge is cut off

56 ski runs with a mix that leans heavily towards the advanced and expert
skier

Fewer than 250 housing units have been built

Commercial space at the base currently consists of guest services, a retail

shop, rental shop, ski tuning and repair, ski school, restaurant, bar and cafe,
coffee shop and day spa.

The proposed golf course has not been started and there has been no
timeline for its development released. Part of the land proposed for the golf
course under the 2004 approved Master Plan is not owned by Northland.

A new condo development (Mackenzie Village) by a different developer is

being built on what would be part of that golf course. 60 per cent of the
units at Mackenzie Village sold on the first day at prices ranging from
$225,000 to $585,000 showing there is great demand for the resort which
would support immediate expansion of RMR.

In a letter dated April 5, 2017 to homeowner and RMHOA vice-president Peter

Brown, Northland Properties corporate counsel states: The approved Master
Development Plan for RMR did not include promises with respect to lifts,
accommodations, food services, any other resort facilities or significant
facilities and improvements.
About RMHOA

Revelstoke Mountain Homeowners Association was formed in April of 2017 in

response to a growing tide of owner concern about a seeming lack of
direction and commitment to the growth of the resort, increasing divergence
in timing and scope from the agreed master plan and an apparent lack of
action from the City of Revelstoke and the Province even when such lack of
growth and investment is negatively effecting employment and tax revenue
within the City of Revelstoke.

RMHOA is a legally constituted BC not for profit membership society

RMHOA voting membership is currently open to all homeowners, lot and land
owners and condo owners within the Revelstoke Mountain Resort (RMR)
master plan boundary and inside the City of Revelstoke. Supporter
membership is available to those who wish to support the mission of RMHOA
to promote and advocate for the sustainable and responsible growth of RMR.

RMHOA is a positive advocacy group which speaks on behalf of the owners

who wish to see RMR grow and reach its full potential as envisioned in the
original Master Development Plan including more than 20 lifts, over 100 ski
and snowboard runs, 5,000 housing units, and the necessary amenities and
slope-side infrastructure to support a world class destination ski resort plus
a golf course.

Its goals are:

Establish, grow and foster a homeowners group that represents a major
stakeholder interest in the resort;
Be invited to provide views in regulatory discussions and approvals that may
impact the resort, the master plan and timing of development; and
Create an environment in which Northland Properties is strongly encouraged
to invest consistently and regularly in slope side, guest services and
accommodation improvements in the Revelstoke Mountain Resort.