By PETE KLEIN

Express News Staff

LAKE PLEASANT - With a poor winter so far for natural snow and making snow, the Hamilton County Industrial Development Agency has decided to extend two loans made to the Village of Speculator.

The village’s request for an extension of the $60,000 loaned it to operate Oak Mountain Ski Center was approved when the IDA met Jan. 25. The due date is now April 1.

The IDA approved a request from the village for a $35,000 no-interest bridge loan to start the season early in November. A $25,000 loan previously made for summer and fall operations brought the total to $60,000. The entire amount was to be paid in full by Feb. 1.

After some deliberation in an executive session, the IDA agreed to a request from Lake Pleasant Lodge motel owner Donald Rhodes for a change in the position of a $50,000 loan he has from the IDA.

The loan is current and up to date.

When the loan was made the Speculator lakefront property was a single parcel, with both the motel and a private home on it. Rhodes wants to subdivide the property so the motel and house are on separate lots.

Under the original loan agreement, the IDA held a third position mortgage. Under the new agreement, the IDA will release the house as collateral but will take a second position on the mortgage on the commercial property, the motel.

The agreement is contingent upon Rhodes providing the IDA with the bank appraisal on the motel portion of the property.

If, after reviewing the appraisal, the IDA determines collateral exceeds the $150,000 needed to support its second position loan, it will support Rhodes’ effort to subdivide the property as long as the subdivision meets all the requirements of state agencies and local municipalities.