Bogus Basin, a nonprofit community ski resort, found itself refinancing this fall in the country's economic crunch after two decades of upgrades to the resort. The ski area also introduced cost-saving measures this winter, including cutting ski and snowboard checks.
The resort's financial status improved with a major refinancing program this fall. Bogus Basin's long-term debt was consolidated with Home Federal Bank and supported through a loan guarantee program from the United States Department of Agriculture. "All of our long-term lenders have worked very hard on this cooperative effort," said General Manager Mike Shirley. "It can make all the difference for us."
Bogus Basin completed more than $25 million in upgrades over the past two decades. A little less than $4 million remains outstanding with the resort's debt with interest totaling $1.1 million. The 20-year refinancing package includes $1 million of working capital and the extension of a seasonal credit line.
The resort also tightened its belt this winter with services in an effort to keep skiing and riding affordable. The free, staffed ski and snowboard checks at both lodges have been eliminated. Resort management realized it could save more than $70,000 annually by discontinuing the service.
New locking racks are now available outside each lodge this winter instead of the equipment check stations. The resort's Black Diamond Sports carries low cost combination locks, which are about the size of an iPod, for skis and snowboards.
More information. Or call 208-332-5100.