A troubled ski hill in the southern Thompson Okanagan has secured its financial future for at least the next two years.
Mt. Baldy Ski Resort, located 35 km east of Osoyoos, has reached an agreement with lender Quest and the Business Development Bank of Canada to extend its financing until August 1, 2011, with an extension option to August 1, 2012.
Mt. Baldy president Brent Baker said, “The beauty of this agreement is that it has a mechanism to release funds from imminent real estate sales to meet operational needs, while simultaneously providing a parallel repayment of underlying debt.”
Mt. Baldy’s master plan calls for a number of real estate development areas adjacent to the ski area. Its newest real estate release, a “ski-in” community named The McKinney, is located next to the future Upper Village Core. It is currently in the final stages of approval. The sales launch was expected to start in July and lots should be available this month.
The subdivision will include a condo/hotel, three condominium lots, a cabin-in-the-woods development, a bed-and-breakfast lot and 22 single-family lots.
“We expect that The McKinney lot sales will be brisk, as the pricing [from $99,000] is the best value of any comparable ski mountain in British Columbia,” said Fred Brown, manager of Landquest Realty Corp., who will co-ordinate the sale.