Middlefield Will Be Paid In Full, Says Powder Ridge Owner

The following is a press release provided by Powder Ridge Mountain Park & Resort:

POWDER RIDGE'S OPENING EVENT A HUGE SUCCESS DRAWING HUNDREDS TO THE RIDGE, HAYES MAKES ANNOUCEMENT TO PAY OFF MIDDLEFIELD LOAN EARLY

Middlefield, CT (November 4, 2013) ─ Powder Ridge Mountain Park and Resort's 2nd annual Ski & Board swap 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," said Powder Ridge CEO Sean Hayes.

In addition to visitors seeking hot bargains in anticipation of the winter sports season, guest enjoyed tours of the rejuvenated mountain and took advantage of discounted season passes. "We're off to a great start," Hayes said, "It's great to see all the support and activity."

The biggest deal of the day for Middlefield residents came from Hayes, announcing that Powder Ridge plans to pay off the reminder of their loan from the town of Middlefield early. “We formally requested the payoff amount from the town last week and intend paying off the note in November".  Hayes continued, "November will also be the resorts grand reopening on November 29th, with man-made snow and jumps features," Hayes said. "The rest of the mountain will open as the season progresses. We had hoped to open the restaurant, Fire at the Ridge sooner, but because of setbacks with the town the opening has been delayed."
 
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.”
 
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.”