Gunstock Agrees to Make Annual County Payment; County Approves More Debt
A state representative unsuccessfully attempted to fire the Gunstock Area Commission for non payment.
Wednesday, May 24, 2017, NewEnglandSkiIndustry.com
Following weeks of non-payment, the Gunstock Area Commission agreed to issue its annual $175,000 payment to Belknap County on Monday. Subsequently, the Belknap County Delegation authorized Gunstock to obtain a $650,000 bridge loan to fund off season operations.
State Representative Norman Silber (R-Gilford) had previously announced he would demand the dismissal of the Gunstock Area Commission for the lack of payment, however his motion on Monday was not seconded or passed.
Negotiations for a new annual payment plan are ongoing. Belknap County taxpayers have backed millions of dollars of Gunstock capital and operating debt and have previously bailed out the ski resort when it was unable to pay its bonds.
Belknap County's most recent audit shows $5.161 million in long term debt on the Gunstock books as of April 30, 2015. An additional $2.6 million in debt was approved three months later to fund the construction of a mountain coaster at the resort. A $950,000 bridge loan was needed to fund off season operations in 2016 at the county owned and operated ski resort.