peakbagger
In Rembrance , July 2024
Like the Energizer Bunny it keeps going and going and going. Probably the more accurate analogy is
Balsams Update - Go Big or Go home
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Andrew
Active member
Oddly didn't read this in yesterday's Colebrook Chronicle, but just read in this morning's Caledonian Record "Balsams Secures "Critical" Approval For Redevelopment" and goes on to describe that the Coos County Planning Board conditionally granted the site plan approval, contingent on meeting conditions set in the record of decision.
peakbagger
In Rembrance , July 2024
My understanding is the record of decision is pretty extensive. One of the big plusses of the delay in the project is the planning board has really upped their game in following the rules development rules that they brought up to date at the beginning of the project. The prior approach was basically shoot from the hip and trust the developer to do it right. There was a few prior personalities on the planning board that used to old approach that ae now off the board. They also have professional planner in the background making sure things are not forgotten. Sadly, some members of the ZBA, tens to stick to the old approach as they rarely need to meet. I think if an when the Cog goes for the big project up near the summit that the process is going to be lot more extensive than the cog would like.
Its interesting your comment about the Colebrook Chronicle, they seemed to have checked out of the latest Balsams permitting cycle. They used to be good source of news but of late they seem to be ignoring the project. It is strange as its going to impact Colebrook the most. The question is positively or negatively so the owner of the paper may not want to get advertisers upset. The Berlin Sun has also pretty well checked out on news in general. They didnt even report that Randolph voted to rebuild a big chunk of Durand Road in election results. I guess I need to see what the Caledonia Record charges for a subscription as its seems to be the only local source of news.
BTW the county is also meeting next week to approve the 35 million in economic development bonds for the Balsams. My guess is if there is no activity this summer up there its probably a good indicator that its not going anywhere.
Its interesting your comment about the Colebrook Chronicle, they seemed to have checked out of the latest Balsams permitting cycle. They used to be good source of news but of late they seem to be ignoring the project. It is strange as its going to impact Colebrook the most. The question is positively or negatively so the owner of the paper may not want to get advertisers upset. The Berlin Sun has also pretty well checked out on news in general. They didnt even report that Randolph voted to rebuild a big chunk of Durand Road in election results. I guess I need to see what the Caledonia Record charges for a subscription as its seems to be the only local source of news.
BTW the county is also meeting next week to approve the 35 million in economic development bonds for the Balsams. My guess is if there is no activity this summer up there its probably a good indicator that its not going anywhere.
Andrew
Active member
Yeah, that really struck me also but figured it was due to Friday publication date; meeting Wednesday so maybe not enough time to include before print? Likewise I might assume regarding 'real' news with The Sun; oh well, weekly now, so not so much the purpose of these papers anymore....but I think the Chronicle was always weekly. In the case of The Chronicle you could also think that the big school building vote and town meeting reporting could have taken up most of the available oxygen this past week. But I had already noted their lack of continuing reporting on Balsams for some time.
Edith really was an excellent, focused, and informed reporter.
Edith really was an excellent, focused, and informed reporter.
Good info. Thanks for the link!
peakbagger
In Rembrance , July 2024
Thanks for the link. My guess is DOT like many others did not place a high priority on requests by the Balsams group. The project has lost a lot of credibility over the years in the area with many, and with limited resources my guess is the DOT just set the priority low to respond to the latest request which was not presented until fairly late in the recent permitting process. If it looks like its going somewhere I expect DOT will redirect resources. The key to the Balsams group is to have a workaround that allows a permit to be approved so they can go out for financing.
The next issue is where the rest of the funding will come from? The 35 million Economic Development bond from the county was represented previously as infrastructure improvements. The developer had claimed previously that the hotel/base station will be funded by a separate group with the Balsams group funding the ski area, the golf course and the balance of the resort improvements. Ultimately the major profit to the resort is the build out and sale of thousands of vacation units. Phase 1 previously was claimed be in the 300 million dollar range but I expect that is no longer valid. Ultimately the claim was at the completion of the final phase that the project would be in the 900 million dollar range.
BTW more info on the bond CONSULTANT OUTLINES PROPOSED BALSAMS FINANCING PLAN, RISKS TO COUNTY
The next issue is where the rest of the funding will come from? The 35 million Economic Development bond from the county was represented previously as infrastructure improvements. The developer had claimed previously that the hotel/base station will be funded by a separate group with the Balsams group funding the ski area, the golf course and the balance of the resort improvements. Ultimately the major profit to the resort is the build out and sale of thousands of vacation units. Phase 1 previously was claimed be in the 300 million dollar range but I expect that is no longer valid. Ultimately the claim was at the completion of the final phase that the project would be in the 900 million dollar range.
BTW more info on the bond CONSULTANT OUTLINES PROPOSED BALSAMS FINANCING PLAN, RISKS TO COUNTY
True, but not enough willing day trippers to Dixville Notch is my bet when there are plenty of good mountains to the south, west and east.
peakbagger
In Rembrance , July 2024
Disregarding "locals", my assumption is that the typical day tripper is coming from the more prosperous south or if the exchange rates are good from the Montreal and possibly eastern townships. Jay Peak is an easy Interstate ride from the north via Autoroute 10 then south on Autoroute 55 to the border and Interstate 91. There are also several ski resorts on or near A-10. The A-10 also provides access to popular winter resorts at Bromont, Owl's Head, Mont Sutton and Mont Orford. Motorists travelling on the A-10 can see eight of nine Monteregian Hills: Mount Royal, Mont Saint-Bruno, Mont Saint-Hilaire, Mont Saint-Grégoire, Mont Rougemont, Mont Yamaska, Mont Shefford and Mont Brome. The ninth, Mont Mégantic is located beyond the eastern terminus of the autoroute.(Wikipedia). The Balsams can be reached from the Coaticook area via various backroads that are going to take longer than just heading to Jay Peak.
The closest Interstate from the south to the Balsams is I 93 in the Littleton area. Drivers will have gone past Waterville Valley, Loon, Cannon and a short ride to Bretton Woods. To get to the Balsams, the road choices are not great, either the run up the Connecticut River Byway RT 135 to Lancaster, a pleasant narrow curvy backroad on a nice warm day but a potential nightmare in winter weather or RT 116 through beautiful downtown Littleton (good for a 15 to 20 minute delay on Main street) up to Whitefield and then up RT 3 to Lancaster. From Lancaster there is no choice, a run up RT 3 to RT 26. Although 116 and RT3 have been upgraded over the years with some passing zones, they are not interstates, 60 MPH on a good day, less in gnarly weather. RT26 comes up from Maine driving right past MT Abrams (a family day trippers ski area for the Portland Auburn area) and of course Sunday River who under new ownership is doing major upgrades. The run up to the past Sunday River to the Balsams goes through two mountain notches and some pretty desolate territory prior to the Balsams just about as remote as the Kanc with far narrower shoulders.
BTW the proposed landfill in Dalton is going to be getting significant large truck traffic from both VT and NH over the same roads from the Littleton and St J area which most likely at minimum will slow down traffic and will destroy some of the rural roads that have not been upgraded.
The resort has already stated that it is intended to be a multiday destination resort, drawing customers from Southern New England that might fly to the west coast for a ski weekend. There is currently a claim that the Barlett/Jackson NH area is drawing on this customer base to sell very upmarket real estate to families that may have previously gone west, whether this is a self fulfilling prophecy created by real estate agents or some other driver, those million dollar places are selling and selling quickly. The Berlin NH airport runway, actually adjacent to the thriving downtown of Milan NH, is equipped for regional jet traffic and a prior plan was to shuttle guests from there to the Balsams. There have been no scheduled flights for decades and minimal facilities, but the runway is there and maintained. Its 5000 feet long versus the Bethel airport's 3800 and Sunday River traditionally flew folks into Berlin and shuttled them over.
The big selling point the Balsams is selling is that with climate change, they will be able to make snow and retain it for longer than resorts to the south. Sunday River at one point had permits to pull water from the Androscoggin for snowmaking, like the Balsams has proposed but elected not to. It would be interesting to see objectively how much the microclimate varies between Dixville and Sunday River.
There was an attempt in southern VT to build a exclusive "private" ski resort at Haystack in 2017 intended to attract the high-end crowd from the SW CT and NYC area but it ended in bankruptcy.
The closest Interstate from the south to the Balsams is I 93 in the Littleton area. Drivers will have gone past Waterville Valley, Loon, Cannon and a short ride to Bretton Woods. To get to the Balsams, the road choices are not great, either the run up the Connecticut River Byway RT 135 to Lancaster, a pleasant narrow curvy backroad on a nice warm day but a potential nightmare in winter weather or RT 116 through beautiful downtown Littleton (good for a 15 to 20 minute delay on Main street) up to Whitefield and then up RT 3 to Lancaster. From Lancaster there is no choice, a run up RT 3 to RT 26. Although 116 and RT3 have been upgraded over the years with some passing zones, they are not interstates, 60 MPH on a good day, less in gnarly weather. RT26 comes up from Maine driving right past MT Abrams (a family day trippers ski area for the Portland Auburn area) and of course Sunday River who under new ownership is doing major upgrades. The run up to the past Sunday River to the Balsams goes through two mountain notches and some pretty desolate territory prior to the Balsams just about as remote as the Kanc with far narrower shoulders.
BTW the proposed landfill in Dalton is going to be getting significant large truck traffic from both VT and NH over the same roads from the Littleton and St J area which most likely at minimum will slow down traffic and will destroy some of the rural roads that have not been upgraded.
The resort has already stated that it is intended to be a multiday destination resort, drawing customers from Southern New England that might fly to the west coast for a ski weekend. There is currently a claim that the Barlett/Jackson NH area is drawing on this customer base to sell very upmarket real estate to families that may have previously gone west, whether this is a self fulfilling prophecy created by real estate agents or some other driver, those million dollar places are selling and selling quickly. The Berlin NH airport runway, actually adjacent to the thriving downtown of Milan NH, is equipped for regional jet traffic and a prior plan was to shuttle guests from there to the Balsams. There have been no scheduled flights for decades and minimal facilities, but the runway is there and maintained. Its 5000 feet long versus the Bethel airport's 3800 and Sunday River traditionally flew folks into Berlin and shuttled them over.
The big selling point the Balsams is selling is that with climate change, they will be able to make snow and retain it for longer than resorts to the south. Sunday River at one point had permits to pull water from the Androscoggin for snowmaking, like the Balsams has proposed but elected not to. It would be interesting to see objectively how much the microclimate varies between Dixville and Sunday River.
There was an attempt in southern VT to build a exclusive "private" ski resort at Haystack in 2017 intended to attract the high-end crowd from the SW CT and NYC area but it ended in bankruptcy.
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Ha ha. But please do watch your speed when traveling that 100 yard stretch of road.
peakbagger
In Rembrance , July 2024
I do because there is school nearby but when they are not in session that farm stand and the Milan Store traffic can be a bear 
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Many of those mountains don’t have a reasonable product until mid January at best. If you start skiing in mid November and do so until mid/late April your making the ride farther North. Also if your looking for a different experience than other resorts have to offer The Balsams would certainly offer a unique experience. Also with aging boomers with time on their hands who actually still ski there is a wealth of just not number of skiers but the money to spend for that experience mid week in addition to weekends and holidays. One thing that does not seem to have entered this discussion is the fact that the Balsams also has an extensive trail network that supports Nordic Skiing, Snowshoeing, and hiking. Which is also a major draw. I have yet to talk to a fellow skier who wound not like to see this built. Plenty of Day Trippers to be had IMO. Skiers are a hardy breed. Build it and they will come.
peakbagger
In Rembrance , July 2024
If they build it with private money and they have a market that is great. It will really help Colebrook and the RT 3 corridor. They area is a designated Opportunity Zone so they should have private investors interested in participating
Investors can defer capital gains on earnings that have been reinvested in the zones through Opportunity Funds. Opportunity Funds are private sector investment vehicles that invest at least 90 percent of their capital in Opportunity Zones. Long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.
To date no EB-5 program mention although I think the Jay and Burke fraud cut back that gravy train.
Not so sure about Berlin as Berlin is starting to run out of labor when the big greenhouse opens this year (and doubles in size a year later). Full time work in town reportedly with benefits is probably going to keep the number of folks willing to commute to Dixville at a minimum.
Investors can defer capital gains on earnings that have been reinvested in the zones through Opportunity Funds. Opportunity Funds are private sector investment vehicles that invest at least 90 percent of their capital in Opportunity Zones. Long-term investments maintained for over 10 years do not have to pay additional capital gains taxes on earnings from Opportunity Zone investments.
To date no EB-5 program mention although I think the Jay and Burke fraud cut back that gravy train.
Not so sure about Berlin as Berlin is starting to run out of labor when the big greenhouse opens this year (and doubles in size a year later). Full time work in town reportedly with benefits is probably going to keep the number of folks willing to commute to Dixville at a minimum.
I wish I shared your optimism but just don't see the business plan for it without a broader resort.
Could you clarify what you mean by “broader”.
peakbagger
In Rembrance , July 2024
I have to say, the Balsams has been saying all along that the resort will be four season. There is steady demand for corporate retreats off season if the activities are there. They already have a golf course, I think I heard mention of revamping and reopening the cross country ski trails. They also have indicated they are going to market to ATV enthusiasts and to a lesser extent they have mentioned snowmobilers in the past and given the location in the Ride the Wilds trail network and the significant lack of higher end accommodations for people to stay in the network, if its done correctly I think they have a potential market. Gorham has the majority of the accommodations for Ride the Wild and its way off south of the main network and not that high end. The Balsams is currently renting a few of the remaining buildings at the resort for destination weddings (although the current disrepair of the resort and lack of accommodations for guests probably impact that current business. Once the hotel is in place if they get the right manager for that business it looks like the demand is there. The barn and now church complex in Jefferson seems to be booked out every warm weekend and its big business in VT. No doubt they will also try the mountain bike business that was somewhat successful at Sunday River at one point.
With the exception of gambling they seem to have rung all the bells except hiking and reportedly the Record of Discussion clarified that the existing hiking trails remain accessible with some relocations.
With the exception of gambling they seem to have rung all the bells except hiking and reportedly the Record of Discussion clarified that the existing hiking trails remain accessible with some relocations.
I mean coupling a ski area that far north that is not readily accessible, with a hotel and other amenities. Otten is many things but he’s not stupid. He knows what the business plan needs to look like in order to be viable and salable to investors. Need revenues from as close to 365 days a year as is possible.
This is on The Balsams’ web site:
https://thebalsamsresort.com/balsam...bo9ON4edxQMii0qG97PTu3j0KuLTjidnxQaXX--aiJnbI
https://thebalsamsresort.com/balsam...bo9ON4edxQMii0qG97PTu3j0KuLTjidnxQaXX--aiJnbI
Readily accessible is a relative to the user IMO. Serious skiers are travelers and regularly drive 2-3 hours or more each way to ski within the same day. On the other hand, The Balsams primary focus seems to be a Destination Resort Model thereby a lot of folks probably will be there for multiple days at a time so a multi hour drive is not going to be prohibitive at either end of that trip. I know folks that drive regularly up to ski from the south 4-5 hours each way almost every weekend. I disagree that The Balsams would just be too hard to get to for it to be worth it. Aside from mud season they would be offering activities that would fill close to 365 days per year.
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Otten knows that serious skiers aren't going to pay the bills at a Balsams ski hill. But I certainly hope the endeavor is successful if they do start first with the ski area by itself. Will be interesting for sure.
