FAME helps Saddleback expand
The Finance Authority of Maine, a quasi-independent state agency, is helping Saddleback Mountain pursue its plan to expand operations and create a four-season resort.
FAME's board of directors recently agreed to provide 90% insurance on a $3 million loan by Skowhegan Savings Bank to the ski resort. FAME Board Vice Chair Glenn Lamarr said in a statement, "FAME is very supportive of increased economic development in the Rangeley area and the retention and creation of an estimated 200 full and part-time jobs at the resort."
The ski area, which the Berry family bought in 2003 along with 8,000 surrounding acres for an estimated $8 million, is undergoing a 10-year, $150 million expansion. In the past several years, Saddleback has bought a marina on Rangeley Lake, built a new base lodge and lifts, expanded its snow-making capabilities, and offered more amenities for weddings and banquets.
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