December 29, 2013, S. Lake Tahoe, CA: Extreme CEO and Snowboarder Liko Smith has reached a Settlement Agreement with the City Of South Lake Tahoe.
In 2009, Mr. Smith plead no contest for his failure to pay Transient Occupancy Taxes (Room Tax) during a period of one year related to his hotel, The Block in South Lake Tahoe. Smith also starred in a reality series of the same name “The Block” featured on the G4 Network.
The principal balance of his arrears totaled approximately $94,000. The balance including taxes, penalties and fines amounted to approximately $160,000.
South Lake Tahoe City Attorney Thomas Watson and Liko Smith have executed a settlement agreement dated December 19, 2013. The agreement stipulates that the City Of South Lake Tahoe will consider the matter settled if the amount of $100,000 is paid by Mr. Smith on or before February 28, 2014. Smith is to make the payment directly to the City Finance Department.
According to the agreement; upon receipt of $100,00, the city shall have no further disputes, claims or issues related to the criminal case against Mr Eneliko Sean Smith and shall consider the taxes “paid in full’. No further litigation shall occur.
“As I’ve said,… this was the hardest and most expensive lesson I’ve ever learned…It’s been hard, but I am blessed to be able to resolve this” says Smith. “I want to thank Thomas Watson and the City of South Lake Tahoe for working with me to the benefit of the City and for my own family who have seen me turn my life around since losing it all in 2009” says Liko Smith. “I look forward to paying my tax settlement and continuing to be an Entrepreneur in the greatest country in the history of the World“. Smith, a third generation Army Infantry Veteran, former Olympic Level Boxer and former Adjunct Professor in two CA colleges (while a full time CEO) is known for his patriotism, athleticism and respect for education.
Smiths attorney and the Lake Tahoe District Attorneys Office are working to rescind a bench warrant related to the matter so that he is able to travel while fulfilling his obligation.
Liko Smith plans to arrive at Sugar Loaf in January. He plans to organize the financing of the resort, meet with local contractors,as well as county code enforcement officials who have requested entry into the Sugar Loaf Resort. “We’re under the gun, we have a ton of work to do and not very much time – for now, the snow is falling and I love it, it’s definitely a sign of things to come” says Smith.
A reality series is planned to showcase the opening of the 500 plus acre property in late 2014. Filming may begin during Smiths visit.
Smith plans to re-open the Sugar Loaf Resort as the RoK at Sugar Loaf “The Worlds First Snowboarders Mecca” by November 27, 2014.