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I also like the first concept the best. Here are a few comments to consider for improvement:
- I'd make the mountain peaks steeper to shorten the logo. This will make it more usable in other mediums.
- You don't need to emphasize the 'BEAR' text because you already have the bear image. Make these both the same font.
- The font looks a little stretched. Regardless of whether this is the font or the touch you added, I'd try to make the proportions more straightforward so the text is more legible. Moving forward, I'd make the text a different color than the mountains and bear.
- The construction text is way to stretched out. I also don't like how it is under the mountains, almost like it's on the side of the road and closer than the mountains. Significantly decrease the kerning and move this right under Bear Valley.
