In 2015 Les Otten, your hat in his hand came to the Legislature looking for money. Senate Bill 30 opened the door. But Otten couldn’t get enough private backing to make that bond business work.
Related: Balsams Sits Idle While Otten Fishes for More Investors
Investors, and by that I mean New Hampshire taxpayers, should be concerned that 1) Otten keeps turning his entrepreneurial gaze toward even more public handouts because 2) he can’t find private money for this sure-fire long-term boon to the North Country Economy.
The Legislature had empowered New Hampshire’s swamp to create tax districts that could sell bonds. And while the NHBFA had clearance to land 28 million into Otten’s lap by late 2017 he still couldn’t prove it was worth the risk.
Otten “wasn’t willing to meet the normal and customary conditions that are required as part of the regular application process,” he said. “We could not in good conscience risk taxpayer funds for a private venture with no assurance of repayment in the event the project was not successful.”
The “hey buddy can you spare 28 million” had swelled to make that 40 million. And lacking any real interest outside the political process Otten and his legislative band of thieves have come back with HB540. Another bite at a rotten apple. It’s an amended version of SB30. And there’s some fancy dancing that goes with it. But all you need to know is this.
In a booming economy, Otten still can’t find private venture capital to make his “vision” for the Balsams Boondoggle into a reality. He needs the State to help him “move forward.”
Whenever politicians wave their magic wands, taxpayers always end up on the hook no matter what the language in the legislation claims.
