HOF Village is taking steps to fund the water park, lodge and parking storage
CANTON — Corridor of Fame Village has obtained approval for a $70 million mortgage to fund water park and lodge enchancment initiatives, and is searching for $45.5 million in bonds for an accompanying parking storage.
The Canton Metropolis Council and the Canton Regional Power Particular Enchancment District just lately accepted a $70 million clear vitality (PACE) financing settlement. It locations particular assessments on village property that may in flip be used to repay a mortgage from Lieef Actual Property Power Companions for energy-efficient initiatives — equivalent to HVAC and lighting programs.
Learn extra: How is PACE funding used at Stark?
At a Particular Power Enchancment District (ESID) assembly on Dec. 13, Canton Mayor Thomas Bernabé famous that the town has used PACE funding for 5 earlier initiatives related to the village.
“All the growth initiatives are very useful to the town, and this would be the sixth and largest venture (to make use of PACE funding),” he mentioned. “Let’s go waterslide.”
Corridor of Fame Village just lately introduced that the water park will likely be named Gameday Bay after a naming contest. The 144,000-square-foot indoor park will function swim-up bars, areas for each youngsters and youths, giant TVs, a wave pool, lazy river, water slide tower and different rides and facilities. It’s scheduled to be accomplished within the fall of 2024.
Anne Graves, govt vice chairman of world advertising and marketing and public affairs for Corridor of Fame Village Resort & Leisure Co., thanked the ESID Board of Administrators.
“We imagine that what we’re doing collectively is already making an affect,” she mentioned. “However what we will do sooner or later may be very thrilling.”
Stark County Port Authority Bond Software
Corridor of Fame Village Resort & Leisure Co. Additionally from the Stark County Port Authority is the issuance of $45.5 million in particular obligation income bonds. The bonds will likely be repaid from extra tax revenues levied within the village’s tourism growth district.
The Port Authority’s board of administrators on Thursday gave preliminary approval to the deal, which requires a further resolution to truly challenge and promote the bonds. They may present funds to construct an 850-space public storage subsequent to the indoor water park and a number of the prices related to the Hilton Tapestry Resort.
The patrons of the bonds and ultimate phrases and circumstances haven’t but been decided, mentioned Mike Naso, financial growth companies coordinator for the Stark Financial Improvement Council. The Port Authority Board mentioned the necessity for an up to date feasibility examine and income projections associated to the property.
The Port Authority, a public entity exempt from property taxes, plans to personal a parking storage and enter right into a upkeep and working settlement with the village.
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Reporter Kelly Weir contributed to this report