September 18th, 2018
LANCASTER – “Balsams Resort developer Les Otten last week asked Coos County legislators to support legislation that would allow the creation of a tax assessment district without the need for a $28 million loan guarantee from the N.H. Business Finance Authority.
Addressing a joint meeting held Sept. 12 of the Coos County delegation and commission, Otten said he remains committed to redeveloping the Balsams Resort.” Read the full article by the Conway Daily Sun.
August 27th, 2018
“The Balsams Resort redevelopment team, through its lead lender Service Credit Union (SCU), has withdrawn its application for a loan guarantee through the New Hampshire Business Finance Authority (NH BFA). Despite collectively working with all parties for several months to find a collaborative solution to advance a $28 million Tax Assessment Bond with a State of New Hampshire Loan Guarantee, the conditions ultimately required by the Authority do not allow SCU and the Balsams to proceed.” Read the full Press Release here.
June 13th, 2018
“Included in the NH BFA application are a work force study commissioned by PolEcon Research and an appraisal/feasibility study by CBRE Hotels on the value of the improvements that will be made to the Balsams’ property, and the overall feasibility of the redevelopment plan presented.” Read the full background here.
June 13th, 2018
DIXVILLE, NH – “The Balsams redevelopment team on Tuesday announced they are asking the N.H. Business Finance Authority, which is reviewing the team’s application to determine whether to recommend a $28 million state-backed loan, for more time.” Read the full article by the Caledonian Record.
December 19th, 2017
DIXVILLE, NH – “The Balsams Resort redevelopment has taken a significant step forward on financing, just weeks after announcing it has received pre-sale deposits representing more than $26 million of real estate. The project’s lead lender, Service Credit Union (SCU), has applied to the New Hampshire Business Finance Authority (NH BFA) for consideration of a state-backed guarantee on the credit union’s $28 million loan to the development.” Read the full press release here.
COLEBROOK, N.H. (December 8th, 2017)
“I think, fundamentally, the Balsams project would be terrific. I grew up going to the Balsams. To bring it back, and to do it in a modern, sustainable way, would be a huge boon to the North Country and a huge boon to the entire state, frankly.” Read the full interview from The Colebrook Chronicle.
November 22nd, 2017
“Lead developer Les Otten said the pre-sale contracts represent $26.1 million worth of future sales at the resort. He said deposits have been received from future purchasers in 18 states, including California, Colorado and Texas as well as Ontario, Canada…He also said the project’s lead lender is moving closer to taking its next step,” Read the full article by the New Hampshire Business Review.
November 20th, 2017
DIXVILLE, NH – “More than 120 families and individuals have made a 5-percent refundable deposit towards a future purchase of a residence in the historic Hampshire and Dix Houses, the first structures to be renovated under The Balsams $170 million restoration and expansion plan.” Read the full press release here.
COLEBROOK, N.H. (November 10th, 2017)
By Robert Chapman
“I ask you all to recognize the tremendous work that has gone into this development over the years by many folks, locally and across the state. And I ask you to support Les and his team as he continues to bring this incredible project to life.” Read the full article from The Colebrook Chronicle.
September 14th, 2017
“Colebrook – Plans for a key part of the redeveloped Balsams – a hotel and conference center – are moving ahead after the Coos Planning Board unanimously approved the site plan Wednesday night.” Read the full article from In Depth NH.