Conneaut Lake Park wants to sell part of land to pay tax debt
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Conneaut Lake Park trustees are asking a federal bankruptcy judge to allow them to pay off some of the amusement park's $3.8 million debt by selling parts of the property. The plan includes raising as much as $1.5 million by selling park-owned property that fronts 330 feet of the lake. The so-called Flynn property is about 4 acres, Turner said. The plan calls for the school district, county and townships to get paid the $900,000 they are owed within a year.
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To me, the news is that expect to get 1.5 million. They have been talking about selling the land for a few months now. The first time I heard about it, they were hoping to get 0.9 to 1.2 Million. Then it was 1.3, now it's 1.5. Has this land magically become more valuable over the last few months? Were previous estimates conservative? Or, are they just saying they'll get more so the plan is accepted?
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And for only 4 acres? Maybe lakefront in California or something but not in this part of the country.
If the land is appreciating in value that quickly, they should just hold onto it a few more months until its value hits $3.8 million, then sell and payoff the full debt. ;-)
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Jason Hammond said:
Has this land magically become more valuable over the last few months? Were previous estimates conservative? Or, are they just saying they'll get more so the plan is accepted?
Nah, they just decided to throw in the melted light posts to sweeten the deal. That changes everything!
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