Powder Ridge May Get Help From Town
SAM Magazine--August 1, 2006, Middlefield, CT--Powder Ridge Ski Area in Connecticut may have a new lease on life after the town of Middlefield's board of selectmen reached an agreement to purchase 300 acres of land the area sits on for $3.6 million.
Powder Ridge owner Ken Leavitt had approached the town several times about buying the land and leasing the area back to him. After several tough seasons, Leavitt was finding it difficult to come up with capital for necessary improvements and upgrades. The town agreed to the plan because the alternative for Leavitt would have been selling the land off to a developer, which would have meant higher taxes for everyone and the loss of the ski area.
The deal, as proposed, would give Leavitt a 50-year lease, with an option for 50 more, and Leavitt would still own the infrastructure.
The deal is not set in stone, however, as the board of finance needs to sign off on the purchase.