SB76 would have allowed for $25 million in state backed bonds for development of the resort and ski area.
Friday, February 20, 2015, NewEnglandSkiIndustry.com
Senate Bill 76, relative to the guarantee of bonds issued by the business finance authority, was killed on February 19, 2015, following a 5 to 0 Senate Finance Committee vote against it.
Introduced on January 8 by State Senator Jeff Woodburn (D-Dalton), the bill was geared to help the Balsams receive $25,000,000 in state backed bonds for Phase 1 of the redevelopment project. While Woodburn wanted to obtain public financing for the North Country resort and ski area, has has reportedly been unwilling to act to help save local non-profit Mt. Prospect ski area.
According to the Colebrook Chronicle, Phase 1 of the Balsams project is budgeted at $143 million. The February 20th edition of the paper states "[t]he proposed developer has secured over $76 million in equity and subordinated debt and an additional $19 million in construction financing for the for-sale housing, but need an additional $48 million in secured debt to complete the improvements. The developer has secured a private lender for $20 million of this sum." The bill would have attempted to cover the remaining debt needed.
There is no word on how this will affect the Balsams project or when construction is expected to start.
