Saddleback Update: fundraising goals outlined




People in Rangeley and beyond anxiously wait for news of a successful closing on Saddleback Mountain. Arctaris expects to complete the sale in the second half of January. (Annie Twitchell photo)

People in Rangeley and beyond anxiously wait for news of a successful closing on Saddleback Mountain. Arctaris expects to complete the sale in the second half of January. (Annie Twitchell photo)

RANGELEY — While the closing date on Saddleback Mountain was pushed back to January 2020 instead of Dec. 23 2019, Jonathan Tower from Arctaris Impact Fund shared with The Original Irregular that the $2 million fundraising goal set for December had been met.

“Arctaris expects to complete the purchase of Saddleback Mountain and the New Markets Tax Credit transaction during the latter half of this month following the Jan. 16 Finance Authority of Maine board meeting,” Tower stated in email correspondence with the Irregular.

Arctaris will be working to raise an additional $2 million by the end of January, and a further $1 million by the end of 2020, for a total of $5 million. The fundraising efforts are necessary to unlock the larger New Markets Tax Credits benefits, as they require matching funds from non-government sources.

Once the sale is completed, the process begins to reopen the mountain in time for the 2020-2021 ski season. Under the guidance of former LL Bean executive Andy Shepard, tentative plans include renovations in the base lodge and repairs on the lifts.

Donations may be made through the Saddleback Mountain Foundation, a non-profit which has recently partnered with Arctaris to work towards the goal of getting the mountain operational once again.

The Irregular spoke with Wolfe Tone, president of the Saddleback Mountain Foundation, about the deal with Arctaris. “We want this to be the beginning of a new chapter for the Foundation,” Tone said, going on to explain that he feels the new role of the Foundation is to support Shepard, and create a link between the community and the mountain.

For more information about Saddleback, visit www.saddlebackmtnfoundation.org.

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