Tamarack stiffs Idaho for $250K lease payment | VailDaily.com

Tamarack stiffs Idaho for $250K lease payment

BOISE, Idaho – Failed Tamarack Resort missed a $250,000 annual lease payment to Idaho earlier this month.

Department of Land Director George Bacon, whose agency oversees about 1,200 acres of state land near Donnelly the resort leased from Idaho for up to 49 years, says it’s still possible another outfit will seek to operate the ski hill.

If not, however, Idaho has $800,000 in bonding from Tamarack – to remove lifts and return the slopes to their traditional uses, grazing and timber.

Bacon says, “We’re playing a wait-and-see game right now.”

Tamarack was shuttered last March after a series of financial setbacks and failed to reopen skiing this year.

In the meantime, banks are trying to repossess their equipment, including ski lifts and groomers. And Credit Suisse Group is trying to recover $300 million from a construction loan for a syndicate of investors.

Copyright 2010 The Associated Press.

Support Local Journalism

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User