OSOYOOS TIMES-September 9, 2009

By Laurena Weninger – Osoyoos Times

Despite rumours of financial trouble, the owners of the Mount Baldy Ski Area intend to open the hill this winter as usual.
“It’s been very difficult,” said Brent Baker, one of the ski hill’s three owners, from Sandpoint, Idaho.
He points to two seasons of poor snow conditions and economic slow-down as causes for their recent trouble.
“We’re looking to refinance our existing debt.”
The loan they had with the corporation’s primary lender, Quest Capital Corp., came due and was called in.
But the group has a line on some “bridge financing” to get them through the short term and a plan to secure some more long-term funds.
Baker said they have presented Quest with revised business and marketing plans and it looks like they might get their financing renewed after all.
He added that he hopes those details will be worked out by Sept. 11.
The ski hill operates at a loss each year, Baker said, with real estate sales helping to ease that loss.
In previous years, there were about 10 year-round employees, plus a number of seasonal workers.
This summer, almost all employees were laid off, including general manager Tim Foster, with the exception of one person who worked one day a week.
“We’ve had to go back to seasonal work until the real estate market heats up again,” Baker said.
Foster is going to be brought back “any day now,” Baker said, and then other staff will be added as the ski season approaches and the hill opens as usual.
The biggest change this year will be the start of sales for the ski area’s McKinney Subdivision.
The subdivision will have duplex lots, single-family lots, a “cabin-in-the-woods” portion, two four-plexes, a large condominium lot and a hotel lot up for grabs.
Baker said when those sales get going, the ski area’s financial situation should improve.
The ski area’s owners have two plans in the works – working with a smaller group of financers that will help them get going until December and a larger group coming in to look at 10-to-20-year financing, Baker said.
The bottom line is the ski area needs a good, solid snow year and some solid financing to fall into place for the season to begin.
“We’re definitely planning to open the ski hill on time, as usual.”
[email protected]