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Thread: Balsams Update - Go Big or Go home

  1. #181
    Senior Member skiguy's Avatar
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    Bla, bla ,bla…..Happy New Year. Let's all talk about hiking in 2019.
    "I'm getting up and going to work everyday and I am stoked. That does not suck!"__Shane McConkey

  2. #182
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    An update (and a lot of background)

    https://www.nhbr.com/last-resort-for-a-grand-resort/

  3. #183
    Senior Member skiguy's Avatar
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    "I'm getting up and going to work everyday and I am stoked. That does not suck!"__Shane McConkey

  4. #184
    Junior Member briarpatch's Avatar
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    No comment on if they will be installing border crossing on the Long Trail once you cross into and out off Canada. The bushwack over to Big Jay could be interesting since you would likely be crossing the border at a non-designated crossing.

  5. #185
    Senior Member Hillwalker's Avatar
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    April Foolish Post

  6. #186
    Senior Member Salty's Avatar
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    “J’ai Pique" BWAAHAAHAA!

  7. #187
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    And here I thought that the Balsams revival was the April fools joke all along.

  8. #188
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    It does seem to have some Pythonesque aspects at this point. Its starting to resemble a Norwegian Blue with Les acting as the shopkeeper. For the locals sake lets hope its just part of the tangled history of a future project.

  9. #189
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  10. #190
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    The senate approved the TIF legislation yesterday

    http://indepthnh.org/2019/04/09/sena...ill-thumbs-up/

  11. #191
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    The governor signed the TIF bill so its in the developers hands again. Coos County now has to approve the package but two out of three Coos county commissioners are supporters of the project.

    Northern Pass just had their day in court and it could be six months before the court rules so the initial phase of the development will need to obtain financing without a NP backstop. Given its May, I do not see where there will be an significant construction effort this summer or fall so the NP timing may line up with a 2020 groundbreaking.

  12. #192
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    Last edited by peakbagger; 06-25-2019 at 04:46 PM.

  13. #193
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    Otten is spinning it, perhaps sincerely, to look more like a financing syndication that was planned all along, as opposed to a true sale. But as is common these days the byline is not particularly accurate. That said, it does look like a bit of a Hail Mary at this point.
    Last edited by NHClimber; 06-26-2019 at 07:17 AM.

  14. #194
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    The Tillotson estate was under great pressure to sell and after a couple of failed attempts they were under pressure to close the estate. Once the estate sold the development rights to SPNHF to block NP the estate had to dump the property to what ever buyer was willing to sign a check. Someone involved with the process commented to me that their initial hopes were to sell it to some entity that could reopen it but as the years dragged on they had no choice but to sell at whatever price they could. The partners that bought the facility from the estate, Dan Hebert and Dan Dagesse reportedly broke even and made some bucks by stripping the timber off the property and selling whatever wasn't bolted down (and even some stuff that was). They also were the ones that inadvertently ruined the chance to get historic tax credits by tearing "historic buildings" down before they filled out the proper paperwork thus making the project less valuable to developers. Dan Dagesse sold out in 2017 https://www.nhbr.com/why-dan-dagesse...-to-les-otten/. He was the one with deep pockets and bought out the Boch group dealers in Mass a few years ago. Dan Hebert is a local contractor that will do the construction if it ever occurs, he doesn't have deep pockets.

    I was at the Coos County planning board meeting last week and a minor agenda item was reviewing a list of open permits and commitments that the developers have not completed. It is quite a long list. One of the big issues is the proposed ski area expansion is dependent on the county changing the acceptable setback from the nearby wind turbines. This setback was set generously when the wind farm was permitted as there was nothing there but unless its changed, a big piece of the proposed expansion is not allowed. The set back is for ice throw from the turbine blades, some folks who work and ride near the turbines have commented that on occasion large car sized chunks are thrown long distances. The impact can be minimized but it may curtail operation of the turbines which is lost revenue to the owners. I expect that Brookfield the owner and the Balsams must have talked but to date no resolution.

    Thus its not a clean ready to go sale. In theory the new entity will need new permits although I don't expect the result will change before the planning board for already issued permits. Given that Jay and Burke are actively for sale as two complete resorts by a willing seller (US government receiver) with far better highway access, the latest Saddleback Mountain deal seemingly on hold since the prior potential buyer got busted for financial fraud, and the Haystack/Hermitage Club in VT Chapter 11, there does appear to be lot of options out there for someone interested in buying a ski resort. The selling point of the Balsams has always been it is a real estate play that happens to have future 4 season resort on land fully controlled by the developer. Therefore the developer can make money on all aspects of the resort and support businesses. I am not sure the other ski areas for sale are set up for this except Saddleback which is decidedly even more remote. Of course the sales price is most likely highly negotiable as the NP cash for the upfront work probably covered some portion of the expenses and Dan Hebert's share was basically free.

    As usual a tough reality for those in the North County expecting a job anytime soon.
    Last edited by peakbagger; 06-27-2019 at 04:42 AM.

  15. #195
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    BTW Here is link to listing https://www.cbredealflow.com/handler...HSOSwTcYc#_top

    Strange how all the photos are before they took a wrecking ball to a block of buildings

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