October 28, 2016

One day later, here's what we know about Saddleback sale

Courtesy / Flickr, Jack Flanagan
Courtesy / Flickr, Jack Flanagan
A skier on the slopes of the Saddleback Mountain ski resort. A group of business owners, skiers and nonprofits say they've reached verbal agreements to purchase both the core ski area and surrounding land.

A group of area business owners, skiers and nonprofits say they've reached verbal agreements to purchase both the core ski area and land surrounding the Saddleback Mountain ski area. But how are they going to do it?

Here's what we know:

Who is buying the Saddleback Mountain ski area?

The Saddleback Mountain Foundation, a newly formed nonprofit of Rangeley-area businesses and season-pass holders, said on Thursday that it has a verbal agreement to purchase the core ski area for $6 million, plus future land sale royalties, according to Maine Public.

That will come in the form of a $2.2 million down payment and seller financing of $3.8 million. The buyers need to raise $4 million, which would cover the down payment and operating capital to run the resort.

How are they raising the needed funds?

According to the Saddleback Mountain Foundation's website, the buyers will collect donations. As of now they can only accept non-tax deductible donations, but say that they expect to be able to accept tax-deductible donations in the future.

Qualified investors can also buy membership shares in a private placement, according to the foundation's website.

Peter Stein, the foundation's chairman, told the Portland Press Herald that it received $5 million in pledges over the summer when it was gauging interest in purchasing the resort.

How much land is that?

The Press Herald also reported that ownership of the 723-acre ski area and an additional 2,330 acres around the area would be transferred for real estate development.

Will the ski resort be open this season?

Stein told Maine Public that it depends on how much money the foundation can raise and how fast.

What about that land conservation effort?

The Trust for Public Land and the New England Forestry Foundation say they've reached a verbal agreement to purchase approximately 3,300 acres north of the Saddleback Mountain resort, according to Maine Public. That land will be conserved forest to be used for sustainable forestry and select public use.

How much will that cost?

Wolfe Tone, Maine state director for the Trust for Public Land, told the Press Herald that no price has been agreed on. However, the Saddleback Mountain Foundation's website says the Trust for Public Land is purchasing the conservation land for $2.7 million.

Photo: Jack Flanagan, Flickr

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