“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.”Visiting First Selectman Jon Brayshaw said “I am thrilled for both the town and Sean Hayes to hear the news. There is no downside, Sean is moving ahead and the town gets to pay down its debt five years early. It’s funny how things work out. Brayshaw continued, "I don't have the exact figures but suffice to say the town will save tens of thousands in interest costs because of Sean's willingness to pay us early.”
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.