“Greater ‘ranklin 1.0. Box 107, Faring, MEE 04388 ment Couacil ‘Yel: 207.778.5887 * Fax: 207.778.3442 infogegreaterfrankin.com March 9, 2018 Douglas Ray Acting Director of Business Development ‘Maine Department of Economic and Community Development douglas.ray@maine.gov Re: Submittal in support of becoming a Qualified Opportunity Zone Rangeley Maine and the adjacent plantations of Sandy River, Rangeley and Dalla: Opportunity Zone Designation Criteria ‘+ Available Growth Areas ‘© Avaliable High-Speed Internet ‘Transportation Infrastructure Existing planning and developing projects that are underway in same and contiguous tracts ‘Close connections to Colleges, Aduit Education and Trades Schools ‘Comprehensive Plan in place identifying growth area Opportunity | Rangeley and the adjacent Plantations of Sandy River, Rangeley and Dallas tract 23007970601 Justification: ‘+ Formerly vibrant year-round Recreation economy (infrastructure is in place) ‘* Saddleback Mountain - A dormant alpine ski area that recently employed almost 300 seasonal workers. + Full offering of Recreation Economy (Rangeley Lakes, ponds, rivers, fishing, hunting, Appalachian Trail trails, hiking, mountain biking, Rangeley Lakes Trail Center, Nordic skiing, Snowmobiling (2" largest club in the state) ATV's + New Market Tax Credit (NMITC) eligible region + EB-5 eligible region ‘+ FAA and Town approved Airport Expansion to begin Spring 2018 ‘+ Encompasses the iconic Rangeley Lakes region, with commercial and recreational ‘opportunities. ‘© Gig speed Fiber is available along Rt 4 ‘+ Identified as a growth areas in the town’s Comprehensive plan ‘+ Engaged and active town-supported Economic Development committee ing Business 10 Greater Franklin Count} Aine ieee ee eel al‘Greater Franklin ro 107, Farmington, ME 049: 7785887 + Fax: 207.778.3442 + infog@gy Development Council Tek 207, -aterfeankliv.com Downtown Revitalization Plan to be complete by November 2018 ‘Active partnering with State and Federal agencies to implement the above plan, Existing services of sewer and water utilities Close to University of Maine at Farmington with their Outdoor Recreation Business Administration (ORBA) major Close to high-functioning Adult Ed and Tech schools - Foster Tech, Spruce Mtn, CMICC Transportation Infrastructure The primary transportation infrastructure adjacent to these communities are: Rangeley is 74 miles from 95 US Rt 4, part of National Highway System, provides direct access to Lewiston and I-95 Maine Turnpike State Route 17, access to the Pan Am Railway in Rumford, access to US Rt 2 FAA and Town approved Airport Expansion to begin Spring 2018, Charlie Woodworth Executive Director cwoodworth@greaterfranklin.com 207-778-5887 to Greater Franklin Count Cee Sree el tereteFARTS RAISED IMPACT FUND ARCTARIS IMPACT FUND, LP 1830 BOYLSTON St, SUITE 600. @ CHUSTNUT HILL, MA 02467 March §, 2018 Ms, Deborah Johnson Department of Economic & Community Development 59 State House Station ‘Augusta, ME 04333-005, Deboraf johnson@maine.2ov Dear Deborah, {As you consider selections of Opportunity Zone census tracts for the State of Maine over the next several days, | would request your attention to a significant economic development opportunity for the City of Rangeley involving Saddleback Mountain. Your designation of census tract 23007970601 as an Opportunity Zone would create hundreds of competitive-wage jobs in the area, while also attracting upwards of $75-100 million of development capital. These tracts are eligible for Opportunity Zone selection and consistent with the spirit of the Investing in Opportunity Act. By way of background, | am the managing partner of Arctaris, a Boston-based impact investment firm ‘which has partnered with the U.S. Treasury Department and state government economic development ‘agencies to stimulate small business jobs growth and economic development. Our firm invests equity and debt into small- and mid-sized businesses located in U.S. inner cities and targeted rural communities, frequently in partnership with federal and state economic development agencies. Arctaris has worked closely with the architects of the Investing in Opportunity Act, and we are founding members of the policy working group that is advising stakeholders on the launch of this new federal initiative. Our firm is assisting 7 states and cities on their strategies for prioritizing census tracts, and we believe that Rangeley is uniquely suited for success in this program. Additionally, Arctaris is already approved lender with Finance Authority of Maine for economic development projects in the State of Maine. For more on Arctaris: ww, arctarisimpact.con Through our contacts at DECD, Arctaris was introduced to the principals of Saddleback Mountain, The Rangeley, Maine-based ski area was shut down in 2015, eliminating 120 direct jobs at the mountain, plus ‘many more in the surrounding community, and real estate values have dropped precipitously as a result of the mountain’s closure. Arctaris sees an opportunity to buy the mountain and invest $20-25 million in the first year of operation and $70-100 million over 3-5 years. Our project plan would reopen Saddleback, revitalize the Rangeley community, and attract local and tourist visitors to the area’s winter and summer benefits. We project that reopening Saddleback and development in the surrounding area will createIMPACT FUND ARCTARIS IMPACT FUND, LP 1830 BOYLSTON St, SUITE 600 @ CHESTNUT HILL, MA 02467 ‘more than 200 Jobs in the first two years after the mountain reopens. Over the life of the project, we forecast the creation of 300-500 jobs with additions from construction, hotel management, and other businesses that cater to Rangeley’s visitors. Arctaris is proposing to purchase the 6300-acre parcel of land surrounding Saddle Mountain because we see a prime opportunity for expansion, including but not limited to the addition of the ski mountain's first hotel to attract higher volumes of both winter and summer visitors, In addition, we propose to upgrade the aging chairlift infrastructure, expand the skiable terrain to an adjacent slope, make improvements to, the existing base lodge, and open the way for sustainable development of the real estate. By their very nature, Opportunity Zone projects are long-term investments. While Saddleback includes significant acreage among its many assets, this project requires a long-term view and the Opportunity Zone designation that we have requested is integral to completing this transaction, ‘Toward this goal, Arctarls is requesting that DECD give its full consideration to the census tract surrounding Saddleback Mountain (23007970601) for designation as a Qualified Opportunity Zone under the Investing in Opportunity Act. As reflected in the map enclosed with this letter, the tract is eligible as ‘an Opportunity Zone for more than one reason. First, family income levels are less than 80% of the median. Second, with fewer than 2,000 full ime residents, it qualifies as a sparsely populated tract. For your convenience, the address is 976 Saddleback Mountain Rd., Rangeley, ME 04970. Please let me know if you would like to discuss any aspect ofthis opportunity in greater detail, or if Arctaris can be helpful in any way. Thank you for your consideration and please let me know if you would like to discuss any aspect of this opportunity in greater detail or if Arctaris can be helpful in any other way. Kind regards, Jonathan Tower ‘Managing Partner ‘Arctaris Impact Fund, LP ionathan@arctarisen office (617) 535-9928, ext. 704 mob. (646) 831-9455ARCTARIS IMPACT FUND ARCTARIS IMPACT FUND, LP 1330 BOYLSTON $1, SUITE 600 # CHESTNUTHILL, MA 02467Ray, Doug From: Crystal Canney Sent: Monday, March 05, 2018 11:29 AM To: Johnson, Deborah Subject: Please confirm receipt - Saddleback Mountain Foundation / Opportunity Zones To: DECD From: Crystal Canney, Executive Director Saddleback Mountain Foundation Re: Opportunity Zones ~ Census Track Dear Ms, Johnson, The Saddleback Mountain Foundation (SMF) is submitting this letter regarding Opportunity Zones specific to the Rangeley area. Saddleback Mountain has been elosed for more than 3 years and the Rangeley area reported that during the first year of its closure the community lost between $15-20 million. Saddleback was the 3"! largest employer in Franklin county. SMF continues to express interest in developing a year-round recreational opportunity for this area. Historically, SMF believes a minimum 300 jobs would be returned should the mountain become operational once again. SMF’s plan includes year-round recreational opportunities which could potentially more than double employment in this region, Thank you for consideration, Best, Crystal Canney Executive Director Saddleback Mountain Foundation Crystal Canney CEO‘The Knight Canney Group www.knightcanney.com 207.615.5968 crystal@knightcanney.com LinkedIn Profile a Knight Canney Group This message is a private communication. If you are not the intended recipient, please do not read, copy, or use it, and do not disclose it to others, Please notify the sender of the delivery error by replying to this message, end then delete it from your system, Thank you. For more information on The Knight Canney Group, please visit our website at www.knightcanney.com