On Monday, California resort town Mammoth Lakes announced that it will file for bankruptcy after being unable to pay $43 million to a developer. The city council voted to submit to bankruptcy after Mammoth Lakes Land Acquisition won a court order requiring the city to make payment in a contract dispute. The developer had sued the town for allegedly reneging on a deal that would allow the company to build homes and commercial properties near the Mammoth Yosemite Airport. The judgment was almost three times the size of the town's operating budget in a year where poor snowfall struck a blow to the local economy. “Bankruptcy, unfortunately, is the only option that the town is left with,” the city council said in a statement.
Read more at the Los Angeles Times
Support Outside Online
Our mission to inspire readers to get outside has never been more critical. In recent years, Outside Online has reported on groundbreaking research linking time in nature to improved mental and physical health, and we’ve kept you informed about the unprecedented threats to America’s public lands. Our rigorous coverage helps spark important debates about wellness and travel and adventure, and it provides readers an accessible gateway to new outdoor passions. Time outside is essential—and we can help you make the most of it. Making a financial contribution to Outside Online only takes a few minutes and will ensure we can continue supplying the trailblazing, informative journalism that readers like you depend on. We hope you’ll support us. Thank you.