Balsams deal is still bad
December 06. 2017 10:59PM
To the Editor: Groveton lead developer Robert Chapman makes an unsubstantiated argument as to why the Balsams bailout should move forward. Chapman is wrong.
“I am proud to support Les and the Balsams project, and the incredible impact it will have on our beloved North Country,” Chapman says as one reason why this proposed $28 million state loan guarantee should move forward, which in essence has now become a delayed state boondoggle.
New Hampshire history is filled with the corpses of ski area real estate deals gone bad. All of the major ski areas at one time or another have gone bankrupt with this same type of proposed speculation. Ski areas like Loon and Waterville Valley, even part of Bretton Woods that had greater market capitalization, and the risky deals still went bust.
There isn’t anything incredible about bad history repeating itself. New Hampshire should not be in the real estate development business.