House To Vote On Bill Leading To $28M Bond For Balsams

May 6, 2015

 

Credit Chris Jensen, NHPR

New Hampshire's House of Representatives is considering a bill that would pave the way for an ambitious plan to restore a faded North Country resort.

The bill would create a special taxing district allowing the state to back $28 million in bonds toward redeveloping the Balsams, which closed in 2011.

Maine businessman Les Otten is seeking the state-backed bond to help finance the $143 million Balsams project.

The bill has passed the Senate; the House considers it Wednesday.

Supporters say it would help create jobs. Opponents are worried that if the plan is unsuccessful, taxpayers would be on the hook for the $28 million bond.