(Olympic Valley, CA) — After several years of discussion, an agreement has been reached to limit the future development of Palisades Tahoe. The League to Save Lake Tahoe, known as Keep Tahoe Blue, and Sierra Watch announced the agreement on Tuesday. It is with Alterra Mountain Company and Palisades Tahoe. The ski resort will significantly reduce the size and scale of its proposed redevelopment project. The number of bedrooms is dropping by 40 percent and the amount of commercial square footage is dropping by 20 percent. Plans for a massive indoor water park in Olympic Valley are also being axed.