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Buyers Postpone Saddleback Purchase While State Reviews Backing

Screen-Shot-2019-12-23-at-10.09.29-AM The prospective new owner of the Saddleback ski resort intends to build a new lift and refurbish others, part of a plan to invest $38 million in the resort. But the closing on the sale of property has been pushed back until the end of January to allow a state financing agency time to thoroughly review an application for loan guarantees from Arctaris Impact Investors, which agreed to buy the long-closed ski area for $6.5 million. Staff photo by Jack Milton

The purchase of Saddleback ski area will be delayed until early next year while a state finance agency reviews an application for debt insurance that the sale depends on.

Arctaris Impact Fund, a Boston investment group, planned to close the $6.5 million purchase of the shuttered Rangeley-area ski resort from the Berry family next week. The complicated deal would involve federal tax incentives, private investment, state loans and local philanthropy. Saddleback, which had been Maine’s third-largest ski area, has been closed for four years.

 Read the full story at SunJournal.com
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