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Investors race to raise money to close on Saddleback purchase

Arctaris Impact Investors agreed to buy ski area from the Berry family in November for $6.5 million.

RANGELEY, Maine — The Boston-based group that wants to revive the idled Saddleback ski area needs to line up the $2 million ahead of an approaching deadline.

Arctaris Impact Investors agreed to buy ski area from the Berry family in November for $6.5 million.

But before the deal closes Dec. 23, the resort has to finish fundraising. The Portland Press Herald reports that Arctaris has commitments for $1.7 million from local philanthropists, supporters and condominium owners.

General Manager Andy Shepard said that the fundraising is necessary to show investors that Arctaris can raise money from the community.

If it completes its present fundraising goal, Arctaris is 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.

RELATED: Boston-based investors to purchase and reopen Saddleback Mountain

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.

First on the list is replacing the old Rangeley double chairlift with a fixed-gear quad that can handle larger numbers of skiers. The old lift is now unsafe and cannot be re-certified, Arctaris said.

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