Otten Doubles Down on State Funding Guarantee for Balsams
SB30 could allow for $25 million in state backed bonds toward the $143 million phase 1 project.
Friday, February 27, 2015, NewEnglandSkiIndustry.com
According to New Hampshire Public Radio, Balsams developer Les Otten claimed Thursday that the $143 million Balsams phase 1 proposal now has better than 50-50 odds of moving forward, but will require the passage of Senate Bill 30. Press accounts claim the legislation would allow for $28 million in state backed funding for the resort, however the bill filed by Senator Jeff Woodburn (D-Dalton) limits the amount to $25 million ("total outstanding principal amount of bonds guaranteed by the state under this section at any time shall not exceed $25,000,000").
According to Otten, the Balsams project will die if SB30 is not passed. "It is economics and it is not meant to be threatening. There is no Plan B. It is the last chance to save the ship before it goes down."
SB30 is currently being reviewed by the Senate Public and Municipal Affairs Committee.
In the same piece, Otten said he will contribute $1 million of his own money toward the $143 million project.
Current plans call for construction to commence in June for a mid 2016 opening. As such, the ski area would reopen for the 2016-17 season.