Noah's Ark park project at risk due to lack of bond buyers
Posted
A Northern Kentucky theme park to be built around a full-scale replica of Noah’s Ark may sink unless investors purchase about $29 million in unrated municipal bonds by Feb. 6. Even though $26.5 million of securities have been sold, the project needs to sell at least $55 million in total to avoid triggering a redemption of all the bonds, Ken Ham, the nonprofit’s president, said in an email to supporters Thursday. Without the proceeds, construction funding will fall short, he said.
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Can't go to Pepsi, since there's nothing to "refresh."
This is the exact opposite of the GAdv hotel question...amusement anti-matter.
wow, didn't realize that the municipality has issued bonds. That's just about crazy. I have no problem with the tax abatements that were offered, as those only come into play as the business continues/thrives, and they are a customary part of cities/states luring new business. However, to issue industrial development bonds on behalf of this crowd is very surprising.
Anyone know if the money so far has been handed over to the Ark builders, or all the proceeds held in place pending full sale/subscription of the bond offering?
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