Vernon, NJ – The owners of Mountain Creek in Vernon are looking for state bonds to finance a new $120 million hotel and indoor water park at the New Jersey ski resort.

According to an article in today’s Bergen Record, Mountain Creek would ask the state Economic Development Authority to guarantee bonds to finance the project, and would give Vernon Township an annual payment in lieu of taxes split between repayment of the bonds and payments to the town, county and school district.

Resort officials recently presented the proposal to Vernon’s town council. Vernon’s mayor has been quoted as saying that he would refuse that the town guarantee the bonds, but the resort plans to go to the state authority.

Mountain Creek is Vernon’s largest employer and taxpayer. The ski area is owned by Crystal Springs Resort in nearby Hardyston Township.