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Brayshaw: Powder Ridge Deal Moving Forward

Middlefield First Selectman Jon Brayshaw gave an update on the town's progress in selling the ski area during Tuesday's Board of Selectmen meeting.

 

A forensic audit is underway to determine whether , owner of Brownstone Exploration and Discovery Park in Portland, is financially prepared to buy Powder Ridge ski area from the town of Middlefield, First Selectman Jon Brayshaw said this week.

The audit, according to Brayshaw, is being conducted by an accounting firm in Middletown and is part of the town's ongoing due diligence efforts as it continues negotiations to sell the property to Brownstone for $700,000.

"Just like a doctor they see things that we don't see and they can see things that are either healthy or not healthy," Brayshaw said during Tuesday night's selectmen meeting.

Selectman Dave Burgess asked Brayshaw whether the public would have access to the information. Brayshaw said the town will receive a letter indicating whether or not Brownstone is financially prepared to buy the property but that no specific personal information will be provided.

Middlefield and Brownstone are coming to the end a 90-day due diligence period, which began on Feb. 15 when Hayes submitted a Letter of Intent to buy the defunct ski area and turn it into a winter sports park.

Hayes has invited boards and commissions from the town, as well as residents, to on Saturday, where he will talk about his success in Portland, his plans for Powder Ridge and answer any questions. The event is scheduled from noon to 2 p.m.

Brayshaw said as part of a  the town has received from the Department of Economic and Community Development for infrastructure repairs at the ski area, Middlefield will deed 10 acres of the property to the state. The property will be maintained as open space.

The town has contracted Angus McDonald of Old Saybrook to perform a survey of the entire 246-acre property, Brayshaw said. The firm will carve out a 22-acre piece of property that the town has decided to keep, he added.

On Monday, selectmen held an executive session to discuss . The company is trying to recoup a $25,000 down payment after an agreement between the two sides fell apart last year.

Brayshaw said no decision regarding the lawsuit had been made.

Just my opinion April 20, 2012 at 11:01 AM
maybe this is just me but this doesn't sound like what was voted for in the referendum How can we just have a selectman decide to lop off 10 acres for open space and lower a price from 1 million to 700,000. something is fishy and no it is not Bass from Beseck.
Concerned April 20, 2012 at 11:51 AM
Let's hope the forensic audit is better than the one done for Dan Frank/Snowtime. We paid $5000, and it was a joke. This isn't what we voted for, and they have expended $1Million more than was what agreed to for bonding. I think the whole thing should go back to referendum. How can they borrow a $1million more, and expect us to pay for it. Keep an eye on the debt service amounts in the budget...it won't be long before it is over 1mill. It would have been stabilized at around .3 mills, if the first selectman had gone to a long-term bond when interest rates were around 2%. We are still gambling with short term BAN, with no end in sight! If this deal goes through, Mr Hayes will be making money, and we taxpayers will be paying for years on end. Getting back approx. 13% of the purchae price.

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