NewEnglandSkiIndustry.com
Connecticut
|
Maine
|
Massachusetts
|
New Hampshire
|
Vermont
SkiNewEngland.net
 
At Least $40 Million in Public Financing Needed for Balsams
At Least $40 Million in Public Financing Needed for Balsams
Federal and state backed loans are being sought for the development.
Friday, August 5, 2016, NewEnglandSkiIndustry.com
At least $40 million in taxpayer backed loans will be sought for the $143 Phase 1 Redevelopment of the Balsams, according to InDepthNH.org. Les Otten's Dixville Capital LLC has yet to file applications for the loans, despite its presently planned fall 2016 start of construction.

- $28 million of the financing is expected to come the state's Business Finance Authority, as a result of Governor Maggie Hassan signing SB 30 into law in May 2015.

- $12 million is reportedly being requested via a United States Department of Agriculture Rural Development backed loan.

- $58 million in loans are reportedly needed for the first phase of the project.

- $45 million is expected to be generated from private investment, including the Northern Pass's Forward NH Fund.

It is not known if Otten is including millions of state transportation investment in the $143 million figure. Millions set to be spent by the state to rebuild internal Balsams roads. Most recently, the state has been building a $850,000 tunnel under Route 26 for snowcats and snowmobiles.

Governor Maggie Hassan Signing SB30, May 20, 2015; Les Otten second from left
Governor Maggie Hassan Signing SB30, May 20, 2015; Les Otten second from left


  • Balsams Will Seek Government Backing on $40M of Balsamsí $143M Project - InDepthNH.org External link


  • Related Stories on NewEnglandSkiIndustry.com
  • STUDY: Probability of Lost New England Ski Areas Reopening - April 24, 2017
  • Balsams Announces $3 Million Loan from Northern Pass - March 26, 2017
  • Balsams 2017-18 Opening in Jeopardy - August 1, 2016
  • Balsams Construction Postponed Again - July 9, 2016
  • Balsams Developer Les Otten Accused of Pressuring Local Groups into Supporting Northern Pass - April 8, 2016


  • More Information
  • Balsams Wilderness Ski Area on NewEnglandSkiIndustry.com
  • Balsams Wilderness Ski Area on NewEnglandSkiHistory.com


  • comments powered by Disqus


    Have a lead for a story? Send A News Tip.
    NewEnglandSkiIndustry.com News on Facebook NewEnglandSkiIndustry.com News on Twitter
    Copyright 2014-17 NewEnglandSkiIndustry.com, All Rights Reserved