State Financing Approved for Ragged Mountain Snowmaking Pond Expansion
Construction could take place this fall if permits are issued soon.
Wednesday, September 7, 2016, NewEnglandSkiIndustry.com
Ragged Mountain is set to receive $350,000 in state financing, following Governor and Council approval of the loan on August 24.
Governor Maggie Hassan held a public hearing for the financing during the meeting, at which no one spoke. Four of the five members of the Executive Council voted in favor of the financing with Waterville Valley CEO Chris Sununu recusing himself.
The New Hampshire Business Finance Authority will provide the $350,000 to Ragged Mountain at a 6% interest rate for a 3 year term. According to BFA Executive Director Jack Donovan, Ragged Mountain was unable to secure a bank loan for the project.
According to Donovan, the project will expand the Ragged Mountain snowmaking pond from 4 million gallons to 25 to 32 million gallons in capacity. Donovan stated the balance funding for the $750,000-$800,000 project will come from Ragged Mountain. Donovan claims $25 million has been invested in the resort since RMR-Pacific LLC took ownership in 2007.
According to Donovan, pond construction could take place this fall if the Department of Environmental Sciences Alteration of Terrain permit is issued soon. Ragged will need 3 months to complete the project and may postpone construction if it cannot be completed in time for the ski season.
The $350,000 Ragged Mountain loan is the latest in a string of new state ski area debt proposals in New Hampshire. $28 million in BFA financing has been pledged to the Balsams project. More recently, the Governor and Council approved a $5,907,512 financing agreement with Pinnacle Public Finance to fund Cannon Mountain snowmaking improvements.
