It had such a bright future. Now, Tamarack Resort, 90 miles north of Boise, Idaho, is about to take a siesta; possibly for good. One of the west's newest resorts has notified employees that they would close up shop Wednesday March 4.
In receivership since last fall, the resort faced a mountain of foreclosure lawsuits and bankruptcy and just couldn't get in front of the eight ball.
It opened with promise in December 2004, but Tamarack, relying on real estate sales to grow and thrive, fell victim to the hard economic times. They defaulted on a $250 million loan last year but continued to operate on funds provided by the lender group that has been attempting to foreclose on the resort said news reports. But the well's run dry and Credit Suisse reportedly refused to reach a financing agreement that would keep the resort open.
Though the ski area itself will rest, some amenities like the public mountain bike trails, condos, and homes will be maintained. According to KTVB in Boise, the $6 million Osprey Meadows golf course at Tamarack will not reopen this spring, but to preserve the course for the future, the greens and fairways will be tended.
Tamarack's lenders, owners and manager will visit a judge to discuss its future Thursday, March 5. New owners have been sought since last year but so far no one has stepped up.