Developers for a proposed theme park outside of Williams, Ariz., brought out a leaner, revised plan during the City Council meeting on Thursday night, reports the Arizona Daily Sun.
[I]t appears the land on which the project will be built has been secured and financing from private investors — to the tune of $250 million — is also in place.
Now, members of Grand Canyon Northland Amusement and Entertainment plan to approach Coconino County officials and share their proposal in order to create a special taxing district to secure another $500 million for the project. […]
The amount is a departure from the original $1 billion the project originally sought to borrow through the passage of the law, and the amount from private investors is about half of what legislators said would be necessary as proof the group could raise cash on its own. […]
Cordova said he wants to have the bond package together by the end of the third quarter this year. He then anticipated another nine to 12 months to establish a credit rating.
He estimated the project would break ground by late spring or early summer 2008. […]
There will be a Route 66 element, a Grand Canyon element, an Arizona Country frontier town and a tribal village, with “flex space” anchored by Renaissance in the Pines. Additionally, on the 22-acre parcel, there will be a themed auto service, rental, sales and RV park component, which was formerly headed by Buitenhuis.
Grand Canyon Northland Amusement’s Web site is here. As complex as the financial and governmental arrangements are, I’d be quite surprised the project breaks ground in its projected early-2008 time period.
C’mon already. By the time they build they would have cut the themepark by 95% resulting in a 50 acre park.