New law could help Balsams redevelopment
CONCORD, N.H. (AP) — New Hampshire Gov. Chris Sununu has signed into law a bill that could help redevelop the Balsams Grand Resort.
The Caledonian Record reports the bill allows counties to establish redevelopment, or tax increment financing, districts in unincorporated places and issue and administer bonds for revitalization projects.
It allows county commissioners to authorize bonds that would be bought by a private buyer and repaid through assessment revenues generated by the redevelopment district. A financing plan must be established by the bond recipient and approved by the county commission.
Balsams developer Les Otten asked lawmakers to support a Tax Increment Financing district for Dixville and allow the county to issue a $28 million bond from a private lender, a critical financing piece in the total $175 million redevelopment package for the resort, closed since September 2011.
Information from: The Caledonian-Record, http://www.caledonianrecord.com