Governor to sign Balsams financing bill

Wednesday signing ceremony will allow $28m state-backed bond for $143m redevelopment project

Gov. Maggie Hassan will sign into law today the closely watched awaited bill that will pave the way for the redevelopment of The Balsams resort in Dixville.

The signing ceremony for Senate Bill 30 is scheduled for 4:15 p.m. at the State House in Concord.

SB 30 will allow creation of special taxing districts in unincorporated places – like the one around The Balsams – which will allow the state to back $28 million in bonds toward redeveloping The Balsams, which was shuttered in 2011.

The bill also raises from $25 million to $30 million the bond limit for an individual project and at the same time increases the NH Business Finance Authority’s total borrowing cap limit from $95 million to $115 million.

The bond is key to Maine developer and entrepreneur Les Otten’s $143 million redevelopment project, which has been eagerly backed by North Country lawmakers and businesses, since it could mean the creation of 500 jobs by 2016 and 1,700 by 2024.