North Country
11:03 am
Wed July 25, 2012

Balsams Renovation Delay Amid Financing Glitch

The new owners of the Balsams are still looking for financing and the renovation of the resort is months behind.

NHPR’s Chris Jensen reports.

Earlier this year the Balsams owners were seeking historic tax credits as one of several ways to attract investors.

The credits are available for the renovation of certified historic properties – like the Balsams.

But owners Dan Dagesse and Dan Hebert are dropping that idea, says Balsams’ spokesman Scott Tranchemontagne.

The reason is a plan to tear down  some parts of the Balsams complex.

That might affect it historic rating, making it ineligible for tax credits.

Tranchemontagne says the owners are still seeking other financing.

Faced with a short building season the goal had been to start demolition around May 1 and renovations by July 1.

The work was to be finished next July.

But the demolition work hasn’t started yet.

That means several hundred North-Country workers may be out of a job a little longer than they hoped.

For NHPR News this is Chris Jensen