Squaw Valley Ski Holdings has created the nonprofit Squaw Valley Foundation.

The Squaw Valley Foundation will be responsible for the management and distribution of millions of dollars generated from the 1.5 percent project transfer fee related to the redevelopment of the Village at Squaw Valley.

It will be run by a seven-member board, which has yet to be picked. It will be comprised of a mix of local residents and business owners, second homeowners and a public service district appointee.

It is estimated that the fees from the village redevelopment could generate as much as $15 million in first-time real estate sales, and more than $2 million annually in re-sales.