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Swiss bank working on Tamarack land lease

UPDATE – Idaho officials said a Credit Suisse Group-led lender consortium is among those working to help cover Tamarack Resort’s tardy lease to use state land, as jockeying over the failed Idaho ski area’s future continues.

No agreement is finalized, but a payment could cover the $250,000 lease, plus interest of $40,000 because the money was due last January.

Department of Lands officials also say a separate $125,000 payment is part of discussions, to cover the first six months of 2011.

The parties have until Nov. 19 to reach an agreement.

Tamarack’s lease is for 2,100 acres of state land where most of its ski lifts and golf course are located.

Homeowners are counting on the lease being renewed, to help them realize their plan to open a ski season starting Dec. 20.

They’ve offered to help pick up a portion of the lease tab.

Tamarack Municipal Association board member and homeowner Dr. Michael Carey said in a statement, “The commitment of the homeowners of Tamarack Resort to restore wintertime recreation at this exceptional destination has paid off.”

The TMA has sold nearly 200 ski passes for the season. All funds are being held in escrow and are refundable until final approval is granted by a federal bankruptcy judge overseeing the case. They are also hiring 65 employees to oversee winter operations.

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