Posted Monday, February 26, 2007 10:21 AM | Contributed by Jeff
More than two years after announcing plans to move Mount Vernon Road to make a water park expansion possible, Lake Compounce is ready to move forward with the project - and wants the state to pick up the tab. Jerry Brick, general manager of Lake Compounce, said he hopes the state will cover the $3 million cost of moving the road. The state should pay for the road, Brick said, because it will clear the way for a $15 million expansion at the park.
Read more from The Herald Press.
It'll be interesting to see how this plays out....contrast it with the situation at King's Island where ONE business would potentially suffer from a tax levied against *only* the park.
There's a difference between footing a bill that a business can't/won't pay to increase the economy, and just saying "ok, even though you're willing to pay that, let me take care of it anyway."
If I were a taxpayer in that area, I would applaud the helping a struggling business succeed. I would not be too happy about the second situation, though. $3million is a lot of money, and if it's not necessary, why pay for it with taxpayer money?
I think a good compromise that would benefit both parties would be to either split the cost and each pay $1.5million, or have the city pick up the $3million bill, and then Lake Compounce pay the city $100k per month for 30 months... essentially an interest-free loan. They could even constrain it to operating months from May to September (5 months/year for 6 years).
There is a provision in place from the park saying that if the park's attendance numbers don't pan out that they must pay the government back for the road, a certain amount per year. Essentially, if the tax dollars don't pay for the road, Compounce has to foot the bill.
^^ How much do you want to bet the city would pick up the bill if the land were sold to a developer that wanted to build condos?
Depends...how much did that developer contribute to my election fund... ;)
You must be logged in to post