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W W W. M A I N E B I Z . B I Z 9 F E B R UA R Y 1 0 , 2 0 2 0 Deal for Saddleback depended on incentives and community backing B y M a i n e b i z S t a f f T he Finance Authority of Maine's board of direc- tors paved the way for the long-awaited sale of Saddleback Mountain ski resort, approving leveraged loan insurance as well as a direct loan to developers Artaris Impact Investors LP. The Arctaris deal that will now gets Saddleback up and running depends on a package of tax incentives, community loans and grants and grassroots financing. FAME agreed to insure of 20%, or $2.5 million, on a $12.5 million loan by Arctaris to the Saddleback Community Loan Fund, as well as a $1 million FAME direct loan as part of the Boston-based investors' $23.5 million financing package. The loan is in addi- tion to a $1 million Maine Rural Development Authority loan approved in December. The money will allow Arctaris to complete a pur- chase agreement and get the ski resort operating, creating 71 full-time and 134 seasonal jobs. The new owners plan to open for the 2020-21 ski season. The sellers, the Berr y family of Farmington, announced plans to sell Saddleback to Arctaris in November, but the resort has been closed since 2015 and other deals have fallen through. The $23.5 million funding package includes pri- vate equity, New Market Tax Credits, community loans and community grants for the acquisi- tion of the ski resort at Saddleback. Arctaris has also raised approxi- mately $2 million in private donations from condominium owners, philanthropists and the community at large. Much of the backing is tied to the prospect of the resort providing jobs and economic development. Arctaris Impact Investors LP, which is based in Boston, provides capital to profitable growth-oriented businesses in underserved regions, "with emphasis on inner cities and targeted rural communities," according to the firm. It has "partnered with state government agencies and the U.S. Treasury Department to form fund programs with primary emphasis on economic development and jobs creation." "Arctaris is grateful for the support of state and local financing partners," Jonathan Tower, Arctaris man- aging partner, said in the release. "[Arctaris] plans to revitalize the mountain resort and provide 200 full-time and seasonal jobs, which will help stimulate the local economy and the state of Maine as a whole." After the business acquisition costs, the balance will be used for renovations, as well as facility upgrades, new equipment, primarily lifts and snowmaking machines. Saddleback Mountain is one of three ski resorts in Maine with a 2,000-foot vertical drop — the other two are Sugarloaf, in Carrabassett Valley, and Sunday River, in Newry. Saddleback is one of seven New England mountains with a top-lift elevation of more than 4,000 feet, and third in size in Maine as far as number of trails. The resort has five lifts, 66 trails and a 7-acre terrain park, and plans to expand more than 20 acres by the 2020-21 ski season. B I Z M O N E Y P H O T O / C O U R T E S Y O F S A D D L E B A C K Saddleback Mountain ski resort, seen here before it closed in 2015, is expected to open for the 2020–21 ski season after getting loan insurance approval from FAME.