22 Aug 2014
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Powder Ridge Closing Delayed Again

Selectman approve short term financing.

Powder Ridge Closing Delayed Again

For the third time, Middlefield's Board of Selectman voted Tuesday night to extend the closing date on the sale of Powder Ridge ski area to Alpine Ridge LLC.

The town is now targeting Nov. 30 as a closing date to finalize the $1 million sale of the property.

First Selectman Jon Brayshaw said both the board and Alpine had anticipated some delays, which are due in part to the ongoing effort to secure a water diversion permit from the Department of Energy and Environmental Protection.

Previously the town delayed and closing dates.

"We're probably going to go month to month now," Brayshaw said.

During the meeting selectman also agreed to continue short term financing of Powder Ridge, which will result in a $38,000 interest payment over a nine months (Dec. - Sept.).

As of December 2011, Brayshaw said the town will have paid down $320,000 in principal and $266,323 in interest on the original $2.85M price.

Check back with Patch for more details from Tuesday's meeting.

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