From NEWS
COOS COUNTY COMMISSION APPROVES BALSAMS FINANCING PLAN
March 23, 2023
By Robert Blechl
Appearing in the Caledonian Record
Lancaster, NH
Approved Documents State First-Phase Redevelopment In Excess Of $270 Million
“Two days after unanimous approval from the Coos County Delegation, the Coos County Commission on Wednesday voted 3-0 to approve the financing plan for the redevelopment of The Balsams Grand Resort in Dixville.
The commission’s discussion and vote that lasted a few short minutes is the final authorization needed from the county for the financing plan…”
BALSAMS RECEIVES PLANNING BOARD APPROVAL FOR SKI AREA SITE PLAN
March 22, 2023
By Jake Mardin
“After several meetings over the past five months, the Coos County planning board has given conditional approval to Dixville Capital’s site plan application for the expansion of the Balsams Ski Area in Dixville…
…The plan includes seven new lifts and about 250 acres of ski terrain, along with a gondola and ski-back bridge that cross over Route 26. The new Lake Gloriette House will serve as a base for the ski area, and skiers will reach the slopes from and return to that location. There is a plan to allow for shuttles to transport guests if the ski-back bridge is not in place when the ski area opens…”
BALSAMS SECURES “CRITICAL” APPROVAL FOR REDEVELOPMENT
March 18, 2023
By Robert Blechl
Appearing in the Caledonian Record
Lancaster, NH
Balsams Secures “Critical” Approval For Redevelopment
Financing Plan Goes Before County Commission On Monday
“The planned redevelopment of The Balsams Grand Resort in the unincorporated place of Dixville has secured what a developer called a ‘critical’ approval…”
CONSULTANT OUTLINES PROPOSED BALSAMS FINANCING PLAN, RISKS TO COUNTY
February 20, 2023
By Robert Blechl
Appearing in the Caledonian Record
Lancaster, NH
“During a joint meeting of the Coos County Commission and Delegation in Lancaster on Friday, the municipal consultant for the county outlined the proposed financing plan to redevelop The Balsams and what he said are the risks to the county.
At the core of the proposal is the issuance of $35 million in bonds and the creation of an assessment district, which would have to be approved by both the county commission and delegation…”
THE BALSAMS: GOOD PROGRESS MADE AND GREAT THINGS AHEAD
June 17, 2022
By Les Otten
Appearing in the Colebrook Chronicle
“The Balsams Development Team has made significant progress over the last six months since the announcement of our collaboration with Provident Resources Group (PRG) and
Goldman Sachs to advance major components of the project’s financing. This announcement created a tremendous surge in interest, with more than 500 individuals inquiring about Balsams real estate since the relationship with Provident was announced, catapulting pre-sales commitments to approximately $30 million.”
Les Otten Talks about the State of The Balsams on NH Business Review
March 18, 2022
“With a new investor entering the fold, the long-awaited Balsams redevelopment will be a new North Country getaway for Granite Staters, hopefully in late 2023, early 2024. NHBR Editor Jeff Feingold and Associate Editor Amanda Andrews sit down with developer Les Otten to get the lowdown on what’s coming for the new project.”
Listen to the full episode from NH Business Review’s Down to Business Podcast here.
Les Otten Discusses The Balsams on the Bloomberg Baystate Business Podcast
December 17, 2021
“…we’re absolutely in great shape to be a year-round destination.
We’re looking at this with Coos County saying there’s 400 full-time year-round jobs that come out of this initially, up to 1500 jobs in the long term, and 600 construction jobs initially for at least two years. So it is a big economic driver for the region and potentially a game-changer.”
Les Otten discusses The Balsams future as a “Year-round, one-of-a-kind” resort on the Bloomberg Baystate Business Podcast – from all of the planning, permitting, real estate pre-sales, and pre-construction work that has been done so far, what pulled Les into a determined 7 years to bring the plan to fruition, to the future vision for the resort.
Listen to the Bloomberg Baystate Business Podcast Segment here.
Nonprofit lender allowed to redevelop The Balsams
December 15th, 2021
“‘The Commission’s vote affirms they support the Balsams’ rebirth and they welcome (Provident Resources Group of Baton Rouge) role in financing a central part of our renovation and expansion,’ said Les Otten, the owner of The Balsams, in an email Tuesday.
He said the vote was ‘for creating jobs and boosting the North Country’s economy, and is already stimulating great interest from people who want to put deposits on suites in Dix and Hampshire House. Inquiries are pouring in.'”
Read the full article from The Union Leader.
Les Otten lines up new financing for his Balsams resort reboot
December 14, 2021
“Les Otten has spent nearly $19 million and the better part of seven years working to reopen the tumble-down Balsams resort in Dixville Notch, N.H. It’s been a difficult, if not quixotic, quest, even for a man who built a skiing empire earlier in his career.
When my Globe colleague Janelle Nanos checked in with Otten in 2016, he was expecting the Balsams to be back in business the following year. But the obstacles were many, including financing setbacks, a painstaking environmental review, and, more recently, the pandemic.
Now, just as it looked like another lonely winter in North Country, Otten has struck a funding deal that might allow him to start construction on a new hotel and conference center as soon as March. Under that scenario, the resort could welcome skiers for the 2023-2024 season and summer guests in 2024.”
Read more from The Boston Globe »
View the Print Edition from December 16, 2021 – Boston Globe – Dream Destination
Otten outlines new plan to rebuild Balsams resort
December 11th, 2021
“‘To be clear, there is no financial commitment or liability of the county whatsoever. The bonds are not an obligation of the county in any way. They are solely the obligation of the Provident entity involved in the ownership of Lake Gloriette,’ stressed Otten.
In fact, once the bonds are paid off, the net-free cash flow will be used for qualified charitable projects in Coos County, boosting economic efforts here.”
Read the full article from The Concord Monitor.