Governor To Sign Bill Enabling Balsams Redevelopment

May 20, 2015

 

Credit Chris Jensen for NHPR

Gov. Maggie Hassan is going to sign a bill opening the way for a Maine businessman's plan to restore a historic resort in the economically distressed North Country.

Hassan is scheduled to sign the bill Wednesday that creates a special taxing district allowing the state to back $28 million in bonds toward redeveloping the Balsams, which closed in 2011.

Les Otten is seeking the state-backed bond to help finance the $143 million project that would reopen the Dixville Notch resort where the first presidential ballots are traditionally cast.

The state's Business Finance Authority would consider any bonds. The bill also raises the bond limit for a single project from $25 million to $30 million and raises the BFA's total borrowing limit from $95 million to $115 million.