Arctaris Statement Regarding Saddleback Mountain Transaction

Note to Readers: Arctaris Impact Investors released a statement today stating that due to a requested delay by the Finance Authority of Maine (FAME) to decide on the commercial loan guaranty, the closing of Saddleback Ski Area to Arctaris has been delayed to January. We have posted the statement in its entirety without edit.

December 19, 2019

Arctaris Impact Fund and the Berry family continue moving toward completing the purchase and sale of Saddleback Mountain, as part of the broader plan to reopen the mountain for the 2020-21 ski season.

The Finance Authority of Maine (FAME) was scheduled today to review Saddleback’s request to participate in FAME’s commercial loan guaranty program in support of this transaction. Given the complexity of this transaction involving support from both federal and state government partners, FAME requested today that we consider advancing this discussion to their January board meeting. While the Buyer and Seller have shared the desire to complete this transaction in December, Arctaris remains confident that the purchase will be completed in January and on the same terms as previously agreed. We appreciate the continued teamwork from our federal, state and philanthropic partners as well as the Berry family toward this effort.

Arctaris is also pleased to report that our philanthropic fundraising effort in partnership with the Saddleback Mountain Foundation is close to reaching its $2 million December target, and we are focused on securing the additional $2 million required to complete the New Markets Tax Credit transaction in January. This continued support through January remains critical toward reopening Saddleback and securing the federal funding to complete the mountain revitalization plan. Nothing about this transaction is easy, so we thank you all for your unwavering support and perseverance.

We view this delay as a brief pause on our path to the greater objectives for Saddleback and remain committed to closing the transaction.

Sincerely,

Jonathan Tower
Managing Partner

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A Family Skiing in Maine: Arctaris Statement Regarding Saddleback Mountain Transaction
Arctaris Statement Regarding Saddleback Mountain Transaction
Due to a requested delay by the Finance Authority of Maine (FAME) to decide on the commercial loan guaranty, the closing of Saddleback Ski Area to Arctaris has been delayed to January.
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A Family Skiing in Maine
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