May 6, 2015 12:39 PM

NH House passes bill opening way for $28 million bond for Balsams

The Associated Press

CONCORD — N.H.'s House of Representatives has approved a bill that would pave the way for an ambitious plan to restore a faded North Country resort.

The bill creates 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 House passed the measure by a vote of 293-57 on Wednesday. The bill has already passed the Senate.

Supporters say it would help create jobs in a part of the state that has suffered economically. Opponents are worried that if the Balsams plan fails, taxpayers would be on the hook for the $28 million bond.


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