Bonfante Gardens will miss bond payments

Posted | Contributed by Jeff

Bonfante Gardens' board is changing its bond agreements, a move that will allow the park to miss payments to bondholders without its assets being seized. In addition, park officials are trying to persuade Santa Clara county to grant the park an exemption from property taxes because it operates as a nonprofit, a move that could save the park $1.6 million a year.

Read more from The San Jose Mercury News.

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Gilroy Gardens Family Theme Park

This is a beautiful park. The landscaping and gardens are of botanical quality. the mine train that they have is top notch. and the merry go round is really nice. this place needs to be preserved in every way shape or form.

I thought they were already exempt from property taxes...

Only a few portions of the park are tax exempt, much of the park is considered amusement and commercial. The park is making efforts to designate more of the park as educational to help with the tax situation:

http://gilroydispatch.com/news/newsview.asp?c=89301

The trials and tribulations of the last few months are covered here, really wish this poor little park the best of luck, they are going to need it!:

http://www.norcalcoasters.com/phpBB/viewtopic.php?t=73

I thought Paramount Parks was doing some of the managing at Bonfante.

Right, they were hired only to manage the park. All financial obligations are still the responsibility of the park itself, Paramount doesn't invest any money in BG, but did help their attendance last year by cross marketing with PGA.

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