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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.