Apr 21, 2015 4:10 PM
NH House panel eyes bill to ease $28M bond for Balsams project
The Associated Press
A House committee is weighing a measure that would help an ambitious plan to redevelop the shuttered Balsams resort.
At a public hearing on Tuesday, lawmakers heard testimony mostly in support of the measure to create 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. The Balsams closed in 2011 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.
Opposition to the bill centered on taxpayers possibly being responsible for the $28 million loan.