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Thread: Balsams Update - Go Big or Go home

  1. #121
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    Interesting article in todays Colebrook chronicle http://www.colebrookchronicle.com/Sept82017.pdf regarding delays in the project.

    Its been the history of the project that they try to rush through regulatory decisions and then blame the bureaucracy for delays when the developer doesn't follow the rules in place. There was no reason why the permitting had to be rushed, they could have applied earlier. Previously the project had admitted that in order to get the state bonds they would have to expend funds for required studies and had elected to delay the effort.

    Sort of interesting that the news of the delays come out four or five days after the SEC decision on NP is delayed 6 months.

  2. #122
    Senior Member Barkingcat's Avatar
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    Quote Originally Posted by peakbagger View Post
    Its been the history of the project that they try to rush through regulatory decisions and then blame the bureaucracy for delays when the developer doesn't follow the rules in place. There was no reason why the permitting had to be rushed, they could have applied earlier.
    Thanks for posting this. I'm pretty certain, too, that for a project of this size the developer met in advance (many months ago?) with the planning board to determine what information was needed as part of this site plan review application process. The board probably indicated to the developer how much time might be required to do this review, as well. That the planning board is actually trying to review this information is part of the process -- it doesn't need public pressure from the developer to hurry that process, especially for a project that has attracted so much attention.

  3. #123
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    The proverbial cat is out of the bag, wasn't like it was blatantly obvious.

    http://indepthnh.org/2017/10/07/les-...northern-pass/

    I expect Les hopes that now he has deposits in place that he can still pull off the Balsams project even with this disclosure.

  4. #124
    Senior Member Vermonster's Avatar
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    My favorite part:

    "During Pappas’s questioning, Otten acknowledged that he did not have to provide financial information or other documentation to receive the loan, nor is there a re-payment schedule, but he did say the money does have to be repaid."

    Doesn't sound like any loan I ever got.

  5. #125
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    Quote Originally Posted by Vermonster View Post
    My favorite part:

    "During Pappas’s questioning, Otten acknowledged that he did not have to provide financial information or other documentation to receive the loan, nor is there a re-payment schedule, but he did say the money does have to be repaid."

    Doesn't sound like any loan I ever got.
    Sounds more like a bribe to me.

  6. #126
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    He did more than testify and support NP, he reportedly threatened a local development board that if they didn't change their stance on NP that it would kill the Balsams project.

    I have run into developers in the past and they generally are quite "fluid" on their ethics, If they pull it off they get a huge paycheck and quickly cut and run before the consequences of their compromises come to light, if they don't, they end up like Jay Peak and Burke https://vtdigger.org/tag/bill-stenger/#.Wdn_aIeGOM9.

  7. #127
    Senior Member Raven's Avatar
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    Another good part:

    Prior to the loan, had Otten publicly supported the project? Reimers asked.

    “I don’t have a recollection,” Otten said.
    Humankind has not woven the web of life.
    We are but one thread within it.
    Whatever we do to the web, we do to ourselves.
    All things are bound together.
    All things connect.
    ~ Chief Seattle, 1854 ~

  8. #128
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    Tearing down the house

    http://www.berlindailysun.com/newsx/...hing-dix-house

    One of the big hits to the project was the loss of historic tax credits when the prior owners (one sold out and the other may be a minority in the new venture) tore down historic buildings without the proper permits losing some of the potential tax historic credits. Realistically the old Dix house structure wasn't designed or built to any known code and I expect they would have essentially had to build a new structure under the old shell plus deal with lead paint, asbestos and other legacies of the past. Its probably a good business move and far better for life safety but another case of holding back information until the last minute from authorities and the public.

    Getting kind of cool up north for the start of construction this fall, I expect it may be more of the start of destruction at best If the NP permit goes the wrong way it may end up being a empty field after all.
    Last edited by peakbagger; 10-12-2017 at 07:35 AM.

  9. #129
    Senior Member Vermonster's Avatar
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    Somehow they are still claiming a possible start of "late this fall". I guess technically December 21 is still fall.
    Source: http://www.pressherald.com/2017/10/1...alsams-resort/

    Financing delays redevelopment of Balsams resort
    DIXVILLE, N.H. – An ongoing resort redevelopment project in the New Hampshire town of Dixville has been delayed because of changes in financing.

    The Caledonian-Record reports The Balsams Grand Resort project spokesman Scott Tranchemontagne says delays have been caused by updates on an appraisal. Northern Bank and Trust, the project’s chief lender, still has to submit a loan application to the New Hampshire Business Finance Authority.

    The BFA will review the appraisal before it is approved. The process could take up to two months.

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