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Leader of Balsams project proposes new financing measure

December 11, 2018 GMT

WEST STEWARTSTOWN, N.H. (AP) — The leader of a project to redevelop New Hampshire’s Balsams Grand Resort has asked legislators in Coos County to support a measure that would restructure its financing.

The Caledonian Record reports Les Otten asked lawmakers to support a Tax Increment Financing district for Dixville and allow the county to issue a $28 million bond from a private lender, a critical financing piece in the total $175 million redevelopment package.

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Otten said Monday the county wouldn’t own the bond and its involvement wouldn’t leave it or its taxpayers on the financial hook. Legislators would need to pass it.

Some delegation members expressed concerns about the proposal.

In August, Otten’s team and the New Hampshire Business Finance Authority couldn’t agree on an application for a $28 million loan guarantee.

The resort’s been closed since September 2011.

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Information from: The Caledonian-Record, http://www.caledonianrecord.com