A defunct resort located in northern New Hampshire’s Dixville Notch, Balsams Resort is a luxury ski area featuring an iconic old hotel. Sitting on on 11,000 acres near the U.S. – Canadian border, the resort went through financial hardships in the 2000s and closed its doors back in 2011.
Since the closure of the Balsams, there’s been an effort to revitalize the historic resort. Spearheaded by Les Otten, the plan includes expanding the ski resort as well as bringing back the grand hotel. In August 2018, an effort to secure a loan of $28 million fell through as Otten and the lender couldn’t agree to terms.
Related: Financial Curveball Creates Uncertainty Around Effort To Revitalize Historic New Hampshire Ski Area
Yet all is is not lost. Otten continues to push forward to revive the Balsams. Instead of working through New Hampshire Business Finance Authority (BFA), Otten is hoping to create a separate tax assessment district. If he can that district near the resort, Coos County can issue a bond that would support the desired loan.
Otten explained that the tax assessment district was what really enticed him to go ahead with the project. Establishing a district would allow property taxes on the new development to be used to pay the $28 million bond. He said the ability to create such a district is the foundation to their financing plan.
Otten noted he has been working on the project for over three years now and the Balsams has now been closed six or seven years. Going to the Legislature to remove the BFA participation would push the project into 2019. – Conway Daily Sun
Otten acknowledges that time is of the essence for this project. The resort in the economically depressed Coos County is sitting unused. The reopening of the resort will stimulate the economy and create up to 1,500 jobs. Let’s hope Les Otten and his investors can work this out.
Find the entire Conway Daily Sun article here: Otten asks Coos legislators to help Balsams project