Friday, January 20, 2012

Star News: Resort Homeowners Save Ski Lift

Posted By on Fri, Jan 20, 2012 at 9:02 AM

A group of Tamarack homeowners has purchased one of two chair lifts at the resort that had been threatened with foreclosure. The homeowners raised a total of $400,000: $300,000 to purchase the Buttercup lift from Bank of America and an additional $100,000 for maintenance.

The McCall Star News reported Thursday that the fate of a second lift, the Wildwood, is still in doubt. The Wildwood lift climbs 1,650 feet to the north side of the resort and the main Tamarack run. Bank of America said it lost more than $4 million on the two lifts when the owners of Tamarack stopped making payments. B of A was given permission to dismantle the lifts by a bankruptcy judge last year. Homeowners had offered to purchase the Wildwood lift for $2 million, but the bank said it wanted at least $3 million.

Meanwhile, the Tamarack Municipal Association continues to operate the ski area at the bankrupt resort, awaiting a potential buyer.

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