From NEWS
The Balsams amendment to SB30 explained
January 23rd, 2019
DIXVILLE NOTCH, N.H. “New legislation was recently introduced to amend SB 30 in regards to financing the redevelopment of the Balsams Hotel located in Dixville Notch. The prime sponsor of the bill is State Rep. Edith Tucker of Randolph. Some confused residents were looking for a clear explanation of what the proposed amendment would actually do.” Read more from the Coos County Democrat.
Bringing Back The Balsams
December 4th, 2018
DIXVILLE NOTCH – “Les Otten likes to fix things. After moving to Maine in 1972, Otten bought Sunday River Ski Resort 8 years later and turned it into one of the premiere ski destinations in the northeast.
In 2001, he helped form the current ownership group of the Boston Red Sox and spent 5 years as a minority owner with the task of ‘saving’ Fenway Park. His newest labor of love is located in Dixville Notch, New Hampshire, the Balsams.” Read and watch more from News Center Maine.
Otten asks Coos Legislators to help Balsams Project
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.
Balsams Application Withdrawn from New Hampshire Business Finance Authority
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“The Balsams Resort redevelopment team, through its lead lender Service Credit Union (SCU), has withdrawn its application for a loan guarantee through the New Hampshire Business Finance Authority (NH BFA).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.
Business Finance Authority Application Background
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.
Balsams Development Team Requests Delay In BFA Process
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.
BALSAMS RESORT REDEVELOPMENT TAKES MAJOR STEP FORWARD ON FINANCING
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.
GOVERNOR SUNUNU SPEAKS ON THE BALSAMS
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.
Balsams tops $26 million in real estate reservations
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.
BALSAMS RESORT TOPS $26 MILLION IN REAL ESTATE RESERVATIONS
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.