Powder Ridge Paying off Loan to Middlefield Early

Powder Ridge plans to pay off the reminder of its $500,000 loan from the town of Middlefield early, the business announced in a press release.

“We formally requested the payoff amount from the town last week and intent paying off the note in November," said Powder Ridge CEO Sean Hayes. "November will also be the resorts grand reopening on Nov. 29, with man-made snow and jumps features."

"The rest of the mountain will open as the season progresses," Hayes said. "We had hoped to open the restaurant, Fire at the Ridge sooner, but because of setbacks with the town the opening has been delayed." 
 
Here's more from a press release Hayes sent to Patch:

Enthusiasm over the news was shared by Middlefield finance board member Robert Yamartino, an avid skier who brought his wife to Saturday’s event in anticipation of hitting the slopes in his own backyard.“This will reduce the annual Powder Ridge expenses and help lower taxes.” Yamartino added, “More importantly, we will have effectively retired the entire taxable portion of the debt, meaning when we go for permanent bonding it will be at the lower interest rate of non-taxable bonds, a further savings.”

The news came during the Powder Ridge Mountain Park and Resort's 2nd annual Ski & Board swap, which the business said was a huge success. The first event of the season brought hundreds to The Ridge looking to sell their outgrown items and take advantage of the great deals offered by other swappers and local vendors like Alpine Haus, Suburban, Action Sports and Cutting edge. 

"The word is out and people are coming home to Powder Ridge," Hayes said.

Editor's Note: We incorrectly reported that the cost of the loan was $800,000. The actual remainder cost of the loan was $500,000. We have adjusted this in the article.