Steven J Connolly

Entries in DRED (12)


Blonde Bombshells And Lies. 

It should come as no surprise that Lynn Tilton and her "Patriarch Partners" have been investigated and charged by the Securities and Exchange Commission with fraud. I'm confident the SEC has a real case. This needs to get locked up.

No Surprise At All.

For those of you that might not be up to date Tilton and this investment scheme are the paper owners of the paper mill in Gorham, NH and were much touted by the Governor and state agencies including the DRED Commissioner about how many jobs would be saved and what a boon it was for Gorham.

I'm confident that the SEC investigation involving fraudulent financial statements is rock solid and Tilton herself will definitely be indicted. This whole project was a complete sham right from the start. They're now trying to blame Natural Gas prices another sham. Any company that has exposure to any volatile commodity like Natural Gas has a hedging strategy or forward contract(s) in place.

Lynn Tilton needs to get locked up.

But it doesn't end here unfortunately, I think there is another investment scheme vis a vis sham in the New Hampshire offing. It's called Senate Bill 30 sponsored by Sen. Jeff Woodburn which proposes to uses a $28 million dollar loan guarantee to reopen the Balsams. It is my understanding the next hearing from S.B. 30 is on the 14th at 10:00am in the LOB.

Please contact your legislator and kill SB 30.


Promoting The Straws. 

For the second time in as many days the Union Leader is running another story about the Balsam’s Resort stalled redevelopment project up in Dixville Notch.

Just like the last story the developers are pinning their $15-$20 million dollar hopes on this EB-5 programme where Chinese or at least asian investors are going to pour in serious money in exchange for U.S. citizenship. Of course the Vermont example continues to be used and like I stated in my last blog on this same subject the entire Vermont Congressional delegation has been working on their application for years and their projects despite this coordinated effort still aren’t a “done deal.” I’m actually reading in the Caledonian Record newspaper that some of the Vermont developers are now seeking U.S. financing sources in addition to the EB-5 application. This says something.

Back in New Hampshire I’d like to ask:  Where is Gov. Hassan on this Balsam’s project? Gov. Hassan touts this whole “innovation idea.” so where is the capital to finance the ideas?  

Where is Rep. Anne Kuster on the Balsam’s project? Might she take some time from her busy Washington schedule to actually do something of substance for her district?

Beyond this the Balsam’s is a historic property and I’m sure the redevelopment effort has some merit in terms of local job creation but is it really that fair for U.S. taxpayers to be offering a subsidy for this redevelopment effort especially since it’s a resort and its market area and usage isn’t as large as the taxbase it’s drawing from?


Vermont Creates Jobs. New Hampshire Does Not. 


There was a front page story in today's Caledonian Record newspaper about a $39 million dollar expansion of Widemann's in St. Johnsbury. This is an industry that makes equipment and components used in electrical transformers.

Creating jobs imagine that.

And Vermont has a sales and income tax too.

Take that Tea Partiers from New Hampshire.


Vermont Is Creating Jobs. New Hampshire is not. This is a shot of Stowe Ski Area in Vermont.  


The Dreaded Call. 


Why Can't Cannon Generate A Profit?

If I have the time this week I'm hoping to make a call that probally won't be very productive or much fun. Hence my delay in making it.

I'm going to call DRED in Concord and try and find out out how the ski season went.

I've already heard the rumors. Cannon closed early, no profits this year "they're blaming the weather."

There are never any profits at the state run Cannon and it has nothing to do with the weather either.

Why is it that every other ski area in the region generates a profit except for Cannon?

Why is this?

I'll report my findings here on NH




Save Money. Create Jobs


This  Maine has helped New Hampshire with Economic Development. And they've done a good is an idea I’ve been thinking for some time.

A short history lesson:

-Back in the day of the stagecoach northern New Hampshire was a major crossroads of commerce whether this was to Vermont, Canada and beyond. What is now U.S. Route 302 was a major route of this commerce and the construction and initial maintenance thereof was paid for by Maine because New Hampshire refused to provide funding for it.

-The history of Berlin, NH is filled with finance of projects and infrastructure from sources outside of New Hampshire mainly from eastern Canada and Maine. This includes capital items like paper machines and natural gas pipelines.

It would seem that Maine would have more of an interest in economic development in northern New Hampshire than DRED does so why not let them have this responsibility and save NH taxpayer money at the same time. Examples include:

Eliminate the DRED position in northern New Hampshire including office space and travel expenses:     Savings to N.H. taxpayers.           $122,000.00 year.

Eliminate all Economic Development Functions of North Country Council Inc. (Regional Planning).     Savings to N.H. taxpayers.           $850,000.00 year.

Eliminate Economic Development Councils like the Grafton, Coos Economic Development Councils.      Savings to N.H., taxpayers.         $750,000.00 year.

Total Savings to N.H. taxpayers.  $1,722,000.00 year.

Then sign a contract with the Maine Department of Economic Development to perform the same functions as the expenses above for $250,000.00 a year with a $75,000.00 performance bonus for every taxbase increase that results in either 50 fulltime jobs or taxable property improvements in excess of $2.5 million dollars.

With history as a basis imagine what might happen.

New Hampshire taxpayers still save money.