Westcott proposes new $10 million ‘signature lift’ at Sugarloaf

CARRABASETT VALLEY – Olympic gold medalist Seth Wescott received nearly unanimous support from about 50 residents in a non-binding straw vote held Monday to see if his proposal to build a new $10 million gondola lift line at Sugarloaf should be further explored.

Wescott, a snowboard cross specialist and resident of Carrabassett Valley, proposed the town finance the new lift line through a bond issue which would be paid off in ski ticket sale revenue by Sugarloaf Mountain’s owner Boyne Resorts. The town’s financing through bond issue would provide lower interest payments on the lift. In providing financing, the town would own the lift line and lease it back to Boyne. 

Wescott said the financial arrangement would be much like the partnership formed by the town and mountain to build the Sugarloaf Golf Course 24 years ago. Boyne, who operates the resort; CNL investment group, which owns the mountain’s assets and the town would all need to sign off on the deal, said Town Manager Dave Cota. He stressed that everything at this point is in the conceptual stage and may change as the idea is researched.

In his pitch for the plan made at Monday’s selectmen meeting held at the Outdoor Center, Wescott said Sugarloaf lacks a “signature lift” that would rise 2,400 vertical feet, from the mountain’s base to summit. He said a new gondola would provide year-round access not only for skiers, but leaf peepers and summertime hikers as well.

According to its Web site, Sugarloaf provides the only lift-serviced, above-treeline skiing in the east with a continuous vertical drop of 2,820 feet and 134 trails on the mountain.

“We are dependent on the tourism trade” and, “we’ve been frustrated at not being able to return to the glory days at the ‘Loaf,” Wescott told the crowd.

Selectman Steve Pierce said a financial partnership between the town and the mountain has been going on for years and is nothing new. Besides the golf course, in 1994 the town helped cut the debt service at the ski area through refinancing which then allowed the mountain to built the super quad lift.

“Seth has a vision for Sugarloaf and it includes fixing the antiquated lift system,” Pierce said. Today Pierce said he was drafting a memo to selectmen and Town Manager Dave Cota that recommends forming a committee of 12 people that includes selectmen, mountain representatives, and other interested residents getting together in four meetings held over the winter to explore the financial plan that will include legal counsel and a financial bond specialist representative.

The committee’s proposal would then be presented to voters, possibly, he said, as early as at the annual town meeting in March.

“I was just blown away by Seth’s presentation. His heart and soul are in the right place,” Pierce said.

Pierce dismissed persistent rumors that Boyne, while pouring $14 million into upgrades over the last year including the first Chondola lift in New England at its other Maine ski resort, Sunday River in Newry, is looking to sell Sugarloaf. If that were to happen, a $10 million financial partnership between the town and mountain could complicate things.

“There are some who think Sugarloaf’s the weak sister, but that rumor has been around for a while and it’s totally unsubstantiated,” Pierce said. On Aug. 27 selectmen met with Boyne’s top officials who emphasized they are “totally committed to the area,” Pierce said.

Selectman Lloyd Cuttler agreed that Boyne has demonstrated a commitment to Sugarloaf and said a continued partnership between the town and mountain makes sense because “the mountain can’t do it alone and we need to support it because it supports us,” Cuttler said. “I think it (financing the lift) is a very good idea.”

“Let’s climb back to our summit,” Wescott urged those at Monday’s meeting.