AUGUSTA — A meeting Thursday between the potential buyers of Saddleback Mountain ski area and the Finance Authority of Maine to secure a loan guarantee critical to the sale was postponed Wednesday pending additional information.
William Norbert, FAME Governmental Affairs & Communications manager, said in an email Wednesday afternoon, “FAME has determined that additional analysis is necessary given the complexity of the transactions and recent modifications to the borrower’s application. We are awaiting more information from the borrower and will be happy to schedule a meeting once that has occurred.”
Boston-based Arctaris Impact Investors is seeking loan insurance from FAME and was set to meet with the board on Jan. 16. Arctaris signed a purchase-and-sale agreement with the Berry family in November to buy the ski area, which closed in 2015.
In December, FAME was expected to review a commercial loan guarantee application from Arc Saddleback Co. LLC that would help close the land deal by the end of 2019 and reopen the mountain for the 2020-21 ski season, according to Jonathan Tower, managing partner of Arctaris, but that review was also postponed because more time was needed for the review.
Arctaris has stated it plans to invest $38 million in the ski resort to upgrade lifts, the lodge and potentially develop more housing and lodging. The firm wants to redevelop the resort as a four-season destination and an economic engine for western Maine.
Arctaris has pledged to put $28 million into the project. The company plans to get $5 million from the New Markets Tax Credit program designed to encourage investment in low-income communities and raise $5 million from local donors through a philanthropic partnership with the nonprofit Saddleback Mountain Foundation.
In a statement in December, Tower said Arctaris was “close to reaching its $2 million December (fundraising) target, and we are focused on securing the additional $2 million required to complete the New Markets Tax Credit transaction in January.”
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