Grayling, MI park proposal going nowhere, financier reportedly under FBI investigation

Posted | Contributed by Jeff

State officials say Patrick Crosson of Axiom Entertainment in Rochester, the developer, hasn't proved he has financing for the $161-million, year-round amusement park. And without financing, the state won't sell Crosson the land for the project. The firm said to be financing the project, Remington Financial Group Inc., is under investigation by the FBI and regulators in California and Pennsylvania over allegations that it took millions of dollars in up-front fees from hopeful developers for loans it didn't deliver, the Wall Street Journal reported last week.

Read more from The Detroit Free Press.

Anyone else hear "76 Trombones" playing softly in the background?

Frankly, I'd be worried if Crosson does come up with the financing from Remington and the sale of the land is approved, considering the land would likely be used as collateral. Sounds fishy to me.

"Crosson and his company said Main Street America would create 1,300 seasonal jobs and 700 full-time jobs and pull in 2.4 million people a year after five years of operation."

How can anyone predict how many people will go to the park more than 5 years in the future? Existing parks can't tell you how many guests they'll have this year.

An opinion article from the freep which basically says what I posted yesterday:http://www.freep.com/apps/pbcs.dll/article?AID=/20080709/OPINION01/807090326Many in the Grayling area cheer this proposal, hoping it will provide jobs and spin-off economic opportunities. But they must also recognize the possibility that Grayling Township could instead be left with a bulldozed stretch of former forest, damage to an area near headwaters of the Au Sable River, and no control over what happens to the property if the park doesn't happen or doesn't last. Anyone remember AutoWorld?Again, I'd be more concerned the financing falls through and the property is then re-sold and developed as condos.

(sorry, link isn't working and I'm not sure how to fix it)
*** This post was edited by CPLady 7/9/2008 9:07:43 AM ***

No surprise here... the deal didn't make any financial sense since the beginning.

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