BALSAMS DEVELOPERS COMMENT ON NEXT MOVES, WITH MAJOR MILESTONES REACHED
April 5, 2023
By Jake Mardin
The News & Sentinel
“After the county planning board approved the site plan application for the ski area and the commissioners and delegation approved the creation of the Balsams Resort Redevelopment District in recent weeks, developers say the project has taken ‘a good step forward’ but that there is still work to be done.
‘We are very pleased with the last several months of work with the county,’ said spokesman Scott Tranchemontagne. ‘Both the ski area site plan approval and the creation of the tax assessment district required a lot of work by the planning board, county administrator, commissioners, delegation and The Balsams team. Everyone has worked diligently and collaboratively to address questions, provide information and ultimately get these key pieces across the finish line.’
‘The fact that the county remains so supportive of The Balsams redevelopment speaks to the tremendous, positive impact our project will have on the region,’ he continued. ‘While it’s a complicated project with a lot of moving parts that must come together at the same time, having their support is incredibly meaningful. All of our project stakeholders and participants are aware of the role the county has played and the support they continue to extend, and it is much appreciated.’
The approval of the ski area and redevelopment district are important for Phase I of the project, which includes the Wilderness Ski Area, the new Lake Gloriette House, a New Hampshire and Dix House and lodging and residential units. ‘We have taken another good step forward with these recent approvals, but there is still some important work to do before all elements of the financial plan are in place,’ Mr. Tranchemontagne said.
‘Some of the third-party reports will need to be updated and we need the N.H. Attorney General’s office to review and approve our condominium application to enter into binding sales agreements with our buyers,’ he said ‘To date, we have reservation deposits on over $39 million of real estate.’ He said the developers continue to work with the N.H. Department of Environmental Services on remaining permit conditions.
‘Financial markets remain challenging and volatile,’ Mr. Tranchemontagne said. ‘While we have extremely credible and professional financing partners involved in the transaction, we want to ensure that we go to market at the most advantageous time. The reality is that between the war in Ukraine, lingering concerns of a potential recession, rising interest rates, rising construction costs, and the recent collapse of several banks, the right opportunity to go to the market has not yet coincided with our local, state and federal permits. It is not all doom and gloom, and we believe that there will be an opportunity for things to line up for us in the not-too-distant future.’
Mr. Tranchemontagne went on to note that ‘all markets go through periods of uncertainty, followed by corrections, stability and ultimate growth,’ and that developers continue to advance the project. ‘We are doing everything in our power to get this project across the finish line, and with these recent approvals, we are much closer to getting started on this renovation and expansion that will create thousands of jobs and contribute hundreds of millions of dollars to the North Country economy. While we do not have a time frame for the project to secure all of its required financing to start construction, having the framework in place for the tax assessment district bonds to be marketed is critically important. And having the strong support of the county sends a strong message to the market about this project’s viability.”