City Council approves revised Searchmont Deal

Duane Buchanan, chair of Searchmont Ski Association is all smiles this afternoon.

That's because he's holding a $350,000 cheque from the City of Sault Ste. Marie.

The cheque, signed just seconds before this photo was taken, revives hopes that Searchmont Ski Resort might survive after all.

With only Ward 6 Councillor Frank Manzo and his Ward 5 counterpart David Celetti opposed, Sault Ste. Marie City Council this afternoon approved new conditions for its contribution of $350,000 to Searchmont Ski Association.

Council reached the decision at a special meeting called after George and Frank Shunock offered to give Searchmont Ski Association Inc. a $350,000 letter of credit for its purchase of Searchmont Ski Resort.

Facing a deadline of 5 p.m. tonight, City Council was asked to approve new conditions on its own, previously approved contribution of $350,000.

Councillors agreed, and the $350,000 cheque was signed on the spot and turned over to Buchanan.

It appears the ski association's bid to buy the property will now close, but association officials said there are a number of due diligence requirements that still must be met.

If for any reason the deal doesn't close, the City's contribution will end up in the pocket of Searchmont owner Jack McDermott as part of a $500,000 non-refundable deposit.