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Bankrupt resort to stay open (10/01)

A not-for-profit group will run the bankrupt Searchmont ski resort for the upcoming season after a coalition of Sault Ste. Marie development groups struck a deal with the bankers and receiver on Sept. 21. The city and the community development corp.
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A not-for-profit group will run the bankrupt Searchmont ski resort for the upcoming season after a coalition of Sault Ste. Marie development groups struck a deal with the bankers and receiver on Sept. 21. The city and the community development corp. will each give $25,000 to the Searchmont Development Inc. towards a $100,000-hydrological study to examine the resort's future water and sewer needs as information for any incoming buyer. FedNor may contribute the remaining $50,000. The city is also loaning $225,000 to the not-for-profit group, part of which will advanced to the bank as a non-refundable deposit that binds the lease arrangement. As well, the local hospitality sector has chipped in $150,000 in pre-paid tickets. Efforts to find a new buyer for the 550-acre resort continue.



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