Governor Maggie Hassan has signed into law a bill that allows the state to back $28 million in bonds to help pay for the redevelopment of the Balsams.
The resort closed in 2011. And Hassan says re-opening it is worth the state’s investment.
“It is so important that we find a way to redevelop the Balsams it has been such an anchor for the economy up there, and that of course has a ripple effect for the whole state."
The state-backed bond will help Maine businessman Les Otten fund the $143 million he estimates is needed to reopen the Dixville Notch resort.
The bill also raises the bond limit for a single project from $25 million to $30 million.