RANGELEY, Maine — According to Mainebiz, the investment group buying Saddleback Mountain ski resort will go before the Maine Rural Development Association board on Wednesday, to discuss a loan application.
Mainebiz said Arctaris Impact Fund, as ARC Saddleback LLC, is looking to borrow $1 million from the MRDA, to provide financial assistance to developers, bringing underutilized property back to life.
According to a December release from the Saddleback Mountain Facebook page, the Berry family, who has owned Saddleback since 2003 reached an agreement to sell Saddleback to the Arctaris Fund.
Arctaris first showed interest in Saddleback in 2018, but this week they finalized an agreement with the Berry's to purchase and reopen the mountain.
Andy Shepard will be Saddleback's new general manager. Shepard is the former CEO of the Outdoor Sport Institute in Aroostook County, formerly known as Maine Winter Sports Center. He stepped down in July 2019.
The board meeting is Wednesday January 8th, at 1pm.
Arctaris plans to reopen the mountain for the 2020-21 ski season. Arctaris was close to reaching a $2 million fundraising goal for the sale. Another $2 million in equity is necessary to secure New Markets Tax Credits.