House Panel Eyes Bill To Ease $28M Bond For Balsams Project

Apr 21, 2015

 

Credit Chris Jensen, NHPR

A House committee is set to take up a measure that would help an ambitious plan to redevelop the shuttered Balsams resort.

The bill being considered Tuesday would allow creation of a special taxing district required for the state to back $28 million in loans for the project.

The Senate already passed the bill.

Maine businessman Les Otten wants to turn the Balsams into a four-season destination. Located in Dixville Notch, the Balsams closed in 2010 after about 150 years and took with it hundreds of jobs in a region that has struggled to create or keep jobs.

Otten would renovate existing buildings, build a 400-room hotel, conference center, spa and retreat, and expand the ski area.

The full project has an estimated cost of more than $320 million.