North Country
11:20 am
Wed July 17, 2013

Another Setback For Balsams' Financing

Broadcast version

Another effort to obtain financing for the renovation of the Balsams resort has fallen through.

The owners of the Balsams resort in Dixville Notch have run into another problem coming up with the $30 million needed to renovate the closed resort and put as many as 300 full or part-time employees back to work.

Owners Dan Hebert and Dan Dagesse hoped to use federally backed New Market Tax Credits to attract some investors.

But that has fallen through with a deadline being missed, says spokesman Scott Tranchemontagne.

“We did our best to try to get through the application process for New Market Tax Credits but the clock ran out on us.”

Tranchemontagne says now the owners are looking for investors and exploring the government’s EB-5 program.

In exchange for a $500,000 investment the program offers a green card to a foreign investor and immediate family.

“We realize that EB-5 does take a lot of work and does take some time to implement but we are talking to a company right now to explore the idea.”

Hebert and Dagesse previously hoped to use historic tax credits to help finance the renovation. But that fell through because the renovation would alter the Balsam’s historic status.

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