Powder Ridge Deal Falls Through
SAM Magazine--October 27, 2011--Powder Ridge, Conn., has once again lost the opportunity to reopen. Last week, Alpine Ridge LLC withdrew its offer to purchase the ski area for $1 million.
The deal was first approved last spring and the summer was spent getting permitting and surveys in place and going through the mandatory 90-day due diligence period. Then, on October 20, 2011, Alpine Ridge LLC sent a letter to the Middlefield Board of Selectman canceling the purchase and asking for its $25,000 deposit back.
"On October 20, 2011, Alpine RIdge LLC informed the board of selectman that it would not perform its agreement to buy Powder Ridge Ski Resort," said the board in a statement. "Alpine Ridge's letter came as a great surprise...town officials had worked for months with Alpine Ridge to prepare for the closing. During that time, Alpine Ridge gave no indication that it would not perform. The town satisfied or was prepared to satisfy every contract requirement within its power. Alpine Ridge's continuing failure to provide engineering plans for the intake facility and pump station prevented the town from obtaining an easement from the state to pump water from Lake Beseck...
"The board of selectman is deeply disappointed with Alpine Ridge's unexpected decision. The town must now consider its options with respect to Powder Ridge in general as well as Alpine Ridge's refusal to perform in particular."