Sno Mountain LLC Willing to Overpay

[Ski]

Breaking News: Montage appraised at $4.3 million

6:10 p.m.

By Roger DuPuis II / Staff Writer

08/17/2006

 

SCRANTON -- Montage Mountain Ski Area is worth $4.3 million, according to an appraisal made public by Lackawanna County majority Commissioner Robert C. Cordaro Thursday afternoon.

 

The appraisal, prepared by New Hampshire-based ResortNorth Valuation for local appraiser Nasser Real Estate, was received by the county within the hour prior to its release at a 5 p.m. press conference, Mr. Cordaro said.

 

The county is in the process of selling Montage to a Philadelphia group, Sno Mountain, LLC for $5.1 million. Mr. Cordaro also announced Thursday that Sno Mountain has made an offer to increase its guaranteed investment in the property from $14 million to about $20 million.

[Schif]

The county is in the process of selling Montage to a Philadelphia group, Sno Mountain, LLC for $5.1 million. Mr. Cordaro also announced Thursday that Sno Mountain has made an offer to increase its guaranteed investment in the property from $14 million to about $20 million.

 

Thats what I like to hear. Even with the slight over pay, they're getting a great investment relatively cheap. I'm glad to hear that they'll invest more money now. Sno Mountain you

[Ski]

The deal is set to close right now. If the injunction is denied, I suppose the pens will be ready. Sno Mountain can absolutely back out of the deal. But they've already made a huge investment and did their research. They knew what the ski area was worth. But SM LLC is investing this money to create a year-'round attraction.

 

90+ days should be plenty of time to get at least a good number of new guns installed. At this point, though, we'd probably all just take getting the new owners in place and be happy with whatever they can get done. The alternative is very bad.