Telemark Purchase Agreement Delayed
Interested Buyers Have Title and Environmental Concerns
HAYWARD, Wis.-Telemark Development Partners has announced it’s choosing not to move into the next phase of the purchase of Telemark at this time, due to some title and environmental concerns.
The sellers of the property were notified Jan. 19, prior to the deadline for the purchase agreement.
“We remain optimistic these issues can be resolved in a reasonable period of time and will continue to pursue solutions to these areas of concern” said Steve Hedberg, a partner in TDP. “Through our due diligence process we have found obstacles that have yet to be addressed so that we can be assured a clean title as required.”
TDP wants to be assured all obstacles are out of the way so a resort can be built that is not only profitable, but also sustainable moving forward.
“The due diligence process has taken far longer than TDP expected, but just when the developers are close to removing one issue another seems to come to the surface which also needs time to be resolved,” the company said in a statement. “A clear title is necessary for the banks, investors and other debt providers who have expressed interest in Telemark to give TDP final approval. This property has had an unusual amount of problems due to its long undocumented history.”
“We are still extremely optimistic that Telemark can be a profitable and sustaining resort that will generate tax dollars, employment and bring a substantial guest spend not only at the resort but for local businesses,” said Jim Kelley, also a partner in TDP. “We have a plan that has been verified by an independent feasibility study to be sound and obtainable. We have had tremendous support from local business owners, the community, county and the state.”
TDP has plans in the works to reopen the downhill ski facilities, while also enhancing the cross country ski trails with the help of the Birkebeiner Foundation. Golf facilities at the site are also going to be expanded.
In addition the to the outdoor activities being upgraded, they will also add in a conference and training center for different businesses organizations who want to use the site for those purposes.
The reconstruction project is expected to lead to 150 to 200 construction jobs and another 150 jobs once the site opens permanently.