Up to $30 million in state backed bonds can now be allocated to the project.
Thursday, May 21, 2015, NewEnglandSkiIndustry.com
With Les Otten standing behind her, New Hampshire Governor Maggie Hassan signed SB30 into law on Wednesday, moving the Balsams project one step closer to reality.
With the new law, the state's Business Finance Authority can now provide up to $30 million in taxpayer backed bonds to the project. The Business Finance Authority also saw its debt ceiling increased by $20 million.
The Balsams ownership is currently requesting $28 million in state backed bonds, as well as a reported $20 million in other public funds, for its $143 million Phase 1. The price tag for the full project is now around a third of a billion dollars.
If funding is procured, construction could begin in June, with the intent of opening for the 2016-17 season.
The northernmost chairlift served ski area in New Hampshire, the Balsams Wilderness operated from 1966 until 2011, when the Dixville Notch Balsams Grand Resort was shuttered. While equipment has been sold and some hotel related structures demolished, the ski lodge and triple chairlifts remain in place.
Dixville Peak as seen from the top of the Balsams Wilderness ski area (2014)