August 16, 2008

Tamarack Bails out with a $670 Million Dollar State Bond

Will Tamarack get the funding it needs to move forward?

One of the biggest boom-to-bust stories in ski resort news is the story of Idaho's Tamarack. Back in 2003, Tamarack was expected to be one of the premier luxury ski resorts in the Western United States.

Now, though, Tamarack is bust. Its primary stakeholders are in bankruptcy, loans are in foreclosure and construction has come to an almost complete stop. While ski lifts and some condos were open and operational last winter, there just weren't any visitors.

Tamarack CEO Jean-Pierre Boespflug hopes to get conventional funding, but he is also hoping that perhaps a bond issue facilitated by the State of Idaho could bail out the beleagured ski resort. An initial resolution has been approved, but has yet to see the final go ahead.

With the bond issue, though, investors would still need to be found for the taxable investments. And in the current real estate climate -- and with the credit crunch causing problems -- finding investors may be hard to do.

by John Helmering

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