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Thread: Balsams Update - Go Big or Go home

  1. #31
    Senior Member Scubahhh's Avatar
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    Go big then, eh?
    Add life to your years!

  2. #32
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  3. #33
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    A new update

    http://nhpr.org/post/renovation-prog...s+News+Browser

    When Les Otten owned Sunday River there were plans to run a pipe to the Androscoggin for water. There really is not an adequate snowmaking water supply for the Balsams so the right to bring water from the Androscoggin is important. Of course physically installing the pipe from Errol and up over Dixville notch is very expensive.

  4. #34
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    A new update, they are shooting for opening in 2016.

    http://www.colebrookchronicle.com/Jan22015.pdf

    I am still curious on the source of customers

  5. #35
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    The only time that I stayed there, a significant number of customers were Quebecois. They even had bilingual waitstaff in the restaurant. I imagine that they would have to advertise heavily in eastern Canada to regain that demographic.

  6. #36
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    A new update from the Colebrook Chronicle on the project, the article starts on the lower right hand corner of the front page but the "meat" of it later on in the paper. http://www.colebrookchronicle.com/Feb202015.pdf

    The rough summary is they have lot of financing lined up but they want the State to allow them to issue bonds that would be paid back with property taxes from the development. They need state action for that to happen but also the state ends up being potentially on the hook. To most folks I expect the details are akin to asking how hot dogs are made but it does indicate that there is a lot of behind the scenes activity. I expect with this winters snow fall, they are wishing they were open.

  7. #37
    Senior Member sardog1's Avatar
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    Sigh.

    "State and local governments across the United States use several types of property tax incentives for business, including property tax abatement programs, firm-specific property tax incentives, tax increment financing, enterprise zones, and industrial development bonds com- bined with property tax exemptions. The escalating use of property tax incentives over the last 50 years has resulted in local governments spending billions of dollars with little evidence of economic benefits.

    "This report provides an overview of use of property tax incentives for business and offers several recommendations. State and local governments should consider forgoing these often wasteful incentive programs in favor of other, more cost-effective policies, such as customized job training, labor market intermediaries, and the provision of business services."

    Rethinking Property Tax Incentives for Business
    sardog1

    "Å! kjære Bymann gakk ei stjur og stiv,
    men kom her up og kjenn eit annat Liv!
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    kom kjenn, hot d'er, som heiter Svevn og Mat,
    og Drykk og Tørste og det heile, som
    er Liv og Helse i ein Hovedsum."

    -- Aasmund O. Vinje, "Til Fjells!"

  8. #38
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    There is no local government in Dixville Notch, the major benefactor would be Coos County and the state room and meals tax. Colebrook would get subsidiary benefits as its basically a tourist based economy and adding Balsams would get a lot of folks employed (although I expect 70% would be seasonal). I expect Lancaster would also get a bit of boost as its along the way. Much as PILTs are abused, in this case I expect the majority of the land is currently in current use which pays almost no taxes if the project doesn't fly I expect they will rip down what is left and further reduce whatever tax base was there. If the state backs a bond and taxable properties are built, the PILT hopefully pays off the bonds and at least the surrounding economies gets a desperately needed short term boost from construction and a long term boost from service jobs. I realize seasonal service jobs aren't the greatest but it beats the alternative.

  9. #39
    Senior Member sardog1's Avatar
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    TIF is a government subsidy for businesses that can't get private financing on terms that are economically viable. There's usually a pretty strong reason.

    I'm not opposed to infrastructure improvements and the like that generally benefit a community or state or nation. But a thumb on the economic scale for an individual for-profit enterprise, not so much.
    sardog1

    "Å! kjære Bymann gakk ei stjur og stiv,
    men kom her up og kjenn eit annat Liv!
    kom hit, kom hit, og ver ei daud og lat!
    kom kjenn, hot d'er, som heiter Svevn og Mat,
    og Drykk og Tørste og det heile, som
    er Liv og Helse i ein Hovedsum."

    -- Aasmund O. Vinje, "Til Fjells!"

  10. #40
    Senior Member Vermonster's Avatar
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    Speaking of government subsidies...

    Woodburn’s Bill Aimed at Pease-Like Development Zone for Balsams Project

    With plans for redevelopment of the Balsams property moving forward, Sen. Jeff Woodburn has introduced a “Balsams Revitalization” bill that sets the framework for financing and redevelopment of the property. “My bill creates a local development district modeled after the redevelopment of the former Pease Air Force Base,” Sen. Woodburn said, and “allows the state’s Business Finance Authority, of which I am a member, to guarantee $28 million in bonds, which would be the largest bond guarantee in the BFA’s history.”
    <snip>(but of course then there is this little wrinkle)
    Mr. Donovan’s summary also cites two major risks associated with the project: if it went over budget and Phase 1 could not be completed, and if the property was built but the developer was unable to sell. “If the redevelopment of the Balsams were to fail, the state would have to work with the bank to protect its financial interest and recover its funds,”

    Source: Colebrook Sentinel http://www.colbsent.com/stories.php

  11. #41
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    Got an email solicitation from Les Otten tonight. Balsams is looking for 400 people to buy timeshares useful for 100 days stay at the future Balsams per year. I would have had to reply and send my contact info to them in order to receive further info, which I declined to do. I imagine the buy-in is quite expensive.
    Steve H.
    NH4000 1976-1984
    NE4000 1984-1991

  12. #42
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    Todays update, an architectural rendering of phase 1 and more details. As usual, you have to download the paper and read the article. The rendering is a few pages in.
    http://www.colebrookchronicle.com/Feb272015.pdf

    The website for the project is http://thebalsamsresort.com/ it is interesting that the local partners are not even mentioned as part of the team.

    I don't know where they will find 1700 employees but its a good problem to have for the region.

  13. #43
    Senior Member Scubahhh's Avatar
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    An interesting story in today's Berlin paper:
    http://html5.pagesuite-professional....7-07ab466afc1a
    Add life to your years!

  14. #44
    Senior Member sierra's Avatar
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    The problem with the Balsams is it's location, no amount of money can fix that.

  15. #45
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    I am not in their target customer base but it appears that they are planning to try to sell to a group who uses private as well as scheduled aircraft flights. Apparently some resorts out west have seasonal air service from airlines ( I have friends formerly with the airlines that got paid to live in a condo and run a seasonal gate near one of the big resorts). Milan Airport is larger than most people expect and large aircraft do land there on rare occasions. I think someone tied in with aircraft could probably compare the size of the airports near Saddleback and Sugarloaf.

    I tend to agree that the location is a challenge. Then again it doesn't have the Woodstock road block that Killington is saddled with.

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