Balsams Grand Resort teams up with ski industry legend Les Otten

[machski]

Getting close now, targeting groundbreaking in April.
http://www.unionleader.com/article/20180128/NEWS02/180129381&template=mobileart

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[ss20]

I'll believe when shovels are in the ground...

 

[AdironRider]

I'll believe when shovels are in the ground...

Considering its been three years of consistent progress tackling at least 11 permit applications, I feel pretty confident they are going forward with this. New Hampshire is guaranteeing the financing for over 28 million.

 

[raisingarizona]

Considering its been three years of consistent progress tackling at least 11 permit applications, I feel pretty confident they are going forward with this. New Hampshire is guaranteeing the financing for over 28 million.

3 years is like a day in government time. I agree, this is pretty much a done deal.

 

[ThinkSnow]

Visited The Balsams on Saturday snowshoeing the XC trails & also Table Rock trail. Sweet to have the place all to ourselves (and the sledders traversing the property) with miles of virgin snow. It appears they're also having frequent visits from prospective buyers at the hotel as well.

 

[machski]

Well, another hang up this time from the state business board. Not sure if this speaks ill of the project or more to the state of affairs within NH Government. A lot of big projects haven't been getting through state boards for a variety of reason as of late.
http://www.newenglandskiindustry.com/viewstory.php?storyid=669

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[Jully]

Well, another hang up this time from the state business board. Not sure if this speaks ill of the project or more to the state of affairs within NH Government. A lot of big projects haven't been getting through state boards for a variety of reason as of late.
http://www.newenglandskiindustry.com/viewstory.php?storyid=669

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Interesting. Definitely not associated with anything the project has done, unless they've angered the board somehow.

I would be really shocked if this thing got stopped because of this. Seems to me like all the legwork has been done at this point. First time I've seen all the sources for funding in one place before. Pretty interesting to see the hodgepodge of stuff Les has thrown together.

 

[machski]

^^^^Yup

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[Killingtime]

Gotta give Les Otten some credit though. At an age when most men are just worried about not having their prostate gland fall out when they go to the bathroom, the guy it building a ski resort basically from scratch. And an ambitious resort at that. I hope it works out for him and his investors.

 

[Mreally]

3 years is like a day in government time. I agree, this is pretty much a done deal.

BFA is not going to come up with the backing delaying the vote (again) as of last night. James Key Wallace instead want to use BFA resources to fund out of state projects - take a look at SB537 - Gov & State will not back this Balsams project when they can make friends in other states.

NH Taxpayers do everything else out of state - gamble in Rhode Island and Connecticut, Beaches at the Cape and MA, Bikes in Maine, Ski in Vermont --- Now we will fund out of state projects instead of our own!

 

[ss20]

Just put a fork in this thing already...what a waste of time and money to get this total fantasy off the ground...

https://thebalsamsresort.com/balsams-withdraws-bfa-application/

DIXVILLE, N.H. (August 27th, 2018)

“The Balsams Resort redevelopment team, through its lead lender Service Credit Union (SCU), has withdrawn its application for a loan guarantee through the New Hampshire Business Finance Authority (NH BFA). Despite collectively working with all parties for several months to find a collaborative solution to advance a $28 million Tax Assessment Bond with a State of New Hampshire Loan Guarantee, the conditions ultimately required by the Authority do not allow SCU and the Balsams to proceed.

...After spending many months working through the Authority’s process, the withdrawal results from positions taken by the NH BFA on loan guarantee conditions that were unfortunately not contemplated by The Balsams and are inconsistent with its historical understanding of the proposed transaction.

...The Balsams development team is deeply disappointed by this outcome and believes that the redevelopment plan in place remains a tremendous economic development opportunity for the region and the entire state.

I'll believe when shovels are in the ground...

Getting close now, targeting groundbreaking in April.
http://www.unionleader.com/article/20180128/NEWS02/180129381&template=mobileart

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Considering its been three years of consistent progress tackling at least 11 permit applications, I feel pretty confident they are going forward with this. New Hampshire is guaranteeing the financing for over 28 million.

3 years is like a day in government time. I agree, this is pretty much a done deal.

 

[sull1102]

Yeah sounds like Les is looking to walk away and let this thing just die already.

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[ThinkSnow]

Not exactly

https://www.bostonglobe.com/busines...ers-setback/m9EPAmTAH1uXFA1mwEYznI/story.html

 

[Smellytele]

Not exactly

https://www.bostonglobe.com/busines...ers-setback/m9EPAmTAH1uXFA1mwEYznI/story.html

Damn can't read it as I have passed the free reads and need to subscribe - Damn Capitalists!

 

[Jully]

Not exactly

https://www.bostonglobe.com/busines...ers-setback/m9EPAmTAH1uXFA1mwEYznI/story.html

Not walking away, but appears to not have a clear plan B lined up without the state help.

 

[Killingtime]

"In a statement, BFA chairman Dick Anagnost said that after reviewing Otten’s business plan the agency grew concerned it might be putting public money at risk. Otten “wasn’t willing to meet the normal and customary conditions that are required as part of the regular application process,” he said. “We could not in good conscience risk taxpayer funds for a private venture with no assurance of repayment in the event the project was not successful.”

Probably wanted Les to put more skin in the game in the way of personal guarantees and Les didn't want to do it. Can't say I blame the NH BFA. Otten's track record with running ski resorts profitably isn't the greatest.

 

[ss20]

I hate to say this, but I think this is just a hiccup, same as any projected project will have. Is it bad enough to deep six this? I don't know.

Even if it does somehow get financed...it's a mega-resort in quite literally the middle of nowhere. It's been discussed for pages upon pages of how this won't work.

 

[ThinkSnow]

Even if it does somehow get financed...it's a mega-resort in quite literally the middle of nowhere. It's been discussed for pages upon pages of how this won't work.

What pages upon pages are you referring to? Sure its no Thunder Ridge, the plan appears to be a better version of what it was previously-- an all inclusive destination resort. Being in the middle of nowhere was never an issue, considering it was in operation since just after the Civil War, until the current owners couldn't make it work.

 

[deadheadskier]

What pages upon pages are you referring to? Sure its no Thunder Ridge, the plan appears to be a better version of what it was previously-- an all inclusive destination resort. Being in the middle of nowhere was never an issue, considering it was in operation since just after the Civil War, until the current owners couldn't make it work.

It was essentially a hobby for the old owner and lost money most years it was in operation. There is a business networking group for historic hotels in New England that a friend of mine is involved with. He knew the old ownership well.

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[Jully]

What pages upon pages are you referring to? Sure its no Thunder Ridge, the plan appears to be a better version of what it was previously-- an all inclusive destination resort. Being in the middle of nowhere was never an issue, considering it was in operation since just after the Civil War, until the current owners couldn't make it work.

I'm not sold this place will become Sunday River 2.0, but I'm far from the camp of this idea is incredibly foolish. I would not invest my own money in it though.

Now seeing DHS's post makes me more skeptical about the viability of the resort itself though. I had previously thought it got by and the old ownership got older and wanted to retire. Place was really outdated too, right?