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