RANGELEY, Maine — The board of directors of the Finance Authority of Maine (FAME) approved leveraged loan insurance of $2.5 million on a $12.5 million loan by Arctaric Impact Investors, LP in the firm's effort to get Saddleback Mountain back up and running.
FAME also approved a $1 million FAME Direct loan to Arctaris as part of the financing package, which now totals $23.5 million. In December 2019, the Maine Rural Development Authority (MRDA) approved a $1 million loan to Arctaris as well.
In addition to helping Arctaris, FAME said the financing is expected to benefit area business and help stimulate the local economy. FAME said it's expected to help create 71 full-time jobs and 134 seasonal jobs.
The FAME and MRDA funds will be used as part of a $23,509,000 funding package that includes private equity, new market tax credits, community loans and community grants for the acquisition of the ski resort at Saddleback Mountain. After the business acquisition costs, the balance of funds will be used for renovations, as well as facility upgrades and new equipment.
“I am happy to be able to support the great work happening in the Rangeley area, led by community members,” Heather Johnson, Commissioner of the Department of Economic and Community Development, said. “Tourism is one of the top economic drivers in our state and we are excited to see that the revitalization of Saddleback will bring more visitors to this beautiful area. In addition, outdoor recreation is a vital part of Maine’s economy, as well as important for the public health of our communities.”
Skiing has been dormant at the mountain since 2015. Arctaris has said it plans to reopen the mountain by December 2020, and that it plans to invest $38 million to upgrade lifts, the lodge and potentially develop more housing and lodging.