FOR IMMEDIATE RELEASE
Saddleback Mountain Announces $1.5 Million Charitable Pledge to Support Development of Affordable Workforce Housing
Rangeley, Maine (November 30, 2021) – Saddleback Mountain is very excited to announce a lead gift of $1.5 million to support the development of critically needed workforce housing for the greater Rangeley region. The donation is being made by Susan and Fritz Onion in collaboration with Venn Foundation.
Donors Susan and Fritz Onion explained, “Having grown up skiing and hiking in the area, we know Rangeley is a resilient community and one of the most beautiful areas in Maine. However, we also know that economic development is constrained because workforce housing is in very short supply. To attract and retain workers – to grow the economy – we wanted to do something to help increase the amount of affordable housing available.”
Saddleback was purchased by Arctaris Impact Fund in 2020. “Arctaris’ interest in Saddleback was in re-establishing its role as the largest employer in the region,” said Andy Shepard, Saddleback General Manager. “Our efforts to work with the community to help solve for challenges like affordable housing for employees, access to childcare and being able to provide seasonal workers with year-round benefits are all a part of the mission that goes along with being owned by an Impact Fund. To have partners like Susan and Fritz, who have been providing thought leadership to Maine for years, bring their leadership to this effort will be transformative.”
The $1.5 million major gift launches a campaign to raise a total of $2.5 million from the community to build housing for seasonal workers in Rangeley and to be located at Saddleback Mountain. Construction on the $4.5 million, 100-bed accommodation could start as early as late spring 2022. The remaining $2 million in construction costs will come from other sources.
With both private and shared rooms, common kitchen areas, as well as ski-in/ski-out or bike-in/bike-out trailside living, the lodging is designed to attract and retain staff who might work on Saddleback Mountain during the winter and at local restaurants, retail shops and other local businesses during the summer. The goal is to make Rangeley, Maine, with its stunning natural scenery, rugged mountain, world renowned waterways, plentiful jobs, and down-to-earth, hard-working people a national destination for those who want to live and work in this remarkable community.
Chris Massi, Saddleback’s Director of Development, added, “Fritz and Susan are making a huge difference in the region, and with their gift, we’re now more than 60% of the way toward our $2.5 million goal. Workforce housing helps every business in town, but it does so much more. As we raise the next $1 million with Venn Foundation, it brings us closer to meeting the needs of the people of Rangeley and the long-term future of the region.”
“Charitable impact can be achieved by many different types of organizations, and that includes investors like Arctaris Impact Fund and businesses like Saddleback Mountain,” said Jeff Ochs, CEO of Venn Foundation, “We are proud to be investing in Saddleback Mountain to create more affordable workforce housing in Rangeley, and we invite all other interested philanthropists to join Susan and Fritz Onion in advancing this work as well.”
To learn more about how philanthropy plays a role in economic development for Rangeley, please contact Chris Massi, Director of Development, at 207-208-0901 or chris.massi@saddlebackmaine.com.
About Saddleback Mountain
Located in the beautiful High Peaks and Lakes district of western Maine, Saddleback Mountain was founded in 1960 and has grown its reputation for exceptional snow, some of the best skiing terrain in the East and a friendly, laid- back culture. At 4,120 feet of elevation and 2,000 feet of vertical, Saddleback is Maine’s third largest mountain, and its base lodge elevation of 2,100 feet is the highest in the East. Just below the mountain is the iconic village of Rangeley, which is the gateway to Rangeley Lake, Mooselookmeguntic and Richardson Lakes. www.saddlebackmaine.com
About Arctaris Impact Fund
Arctaris Impact Investors, LLC, is a Boston-based impact investment fund manager focused on revitalizing disinvested cities and targeted rural communities. The firm has launched five funds over 10 years through partnerships with institutional investors, CRA banks, foundations, the U.S. Treasury Department, and state economic development agencies. In consideration of Arctaris’ commitment to deliver positive social impact in inner cities and rural communities, the firm has historically qualified for a set of federal and state government programs available to qualified managers. Arctaris has a successful track record of partnering with state and federal government agencies to achieve its dual mandate of creating jobs and generating returns for its limited partners.www.arctaris.com
About Venn Foundation
Venn Foundation is a nonprofit public charity on a mission to unleash the full power of Program-Related Investments (PRIs) to achieve charitable impact. Our vision is to create a new category of flexible, below-market-rate investment capital that can be directed creatively to projects and organizations across all sectors that are helping advance charitable goals. By opening a specialized donor-advised fund called a Venn Account, any individual or entity (including any business, private foundation, donor-advised fund, or public charity) can make and syndicate PRIs with their charitable donations. Any financial returns from these investments go back to participating Venn Accounts for donors to recommend redeployment into new PRIs or grants. More at www.vennfoundation.org