RANGELEY, Maine — The purchase of Saddleback ski resort will be delayed until early next year, pending a review from the state finance agency. That's according to NEWS CENTER Maine's partners at the Portland Press Herald.
Arctaris Impact Investors agreed to buy the ski area from its owners, the Berry family, in November for $6.5 million.
Arctaris was up against a Jan. 31 deadline to raise another $2 million in equity for the tax credit deadline, according to a November letter sent to prospective donors.
According to the Portland Press Herald, the Finance Authority of Maine asked Arctaris to put off discussion about enrolling in the state’s commercial loan guarantee program until its January board meeting.
The sale will be delayed, but according to the Press Herald, the buyers still plan to complete the purchase by next month.
Arctaris been pushing a fundraising effort by anyone who was willing to donate, in an attempt to acquire the necessary funds to meet certain deadlines.
Saddleback, which has been closed since 2015, will require millions of dollars to meet Arctaris’ goal of reopening by December 2020. The company plans to invest $38 million to upgrade lifts, the lodge and potentially develop more housing and lodging.
