Wednesday, March 12, 2014

Desperate search for local analogies as Greenwood's water park is projected to generate a $200,000 shortfall.

Look ma, it's the first time I've linked to anything pertaining to Brownsville Station since 2009

Here's a submission from diligent daily reader K, who asks:

Hmm, this (Greenwood IN water park) reminds me of the Aquatic Center slated to be built soon in New Albany. Has anyone studied whether or not it will actually stay in the black?

Dear K:


Perhaps you forget that in New Albany, study hall is something to be skipped so we all can sneak a smoke in the boy's or girl's room, so no, I don't think it has been studied ... at least not yet, unless of course Erika conducted a study of the girl's room while she was smoking there back in 1943.

However, we do know that the pool will be open a full 94 days a year (thanks to B for this), and for approximately 24 of those days school will be in session (thanks to M) -- and it's only going to cost $10 every time you go for a swim (thanks again to B).

I hope that helps, even as I know it doesn't. I miss Cub Koda.

Greenwood expects $200,000 shortfall to operate water park, by Vic Ryckaert (IndyStar)

Greenwood leaders will consider design changes, partnerships and advertising to offset an estimated $200,000 annual operating loss on the $10 million water park due to open next year.


w&la said...

Seriously, there's no need to worry about paying for the aquatic park. If it doesn't earn it's way to repay the total 19.5 million dollar bond issue, the city will repay the loans by simply cutting current services.

Quoting Daniel Suddeath's New Albany Tribune's January 7, 2104 article:

"The bond will be repaid with TIF proceeds; however, it is backed up with property tax revenue, which means the General Fund would be cut to repay the loan if TIF funds couldn’t cover it.

David Duggins, director of economic development and redevelopment, said such a negative scenario is highly unlikely.

The financing was approved because banks have confidence in the city, he added.

“Obviously we have the ability [to pay off the debt] or we wouldn’t be able to sell the bonds,” he said."

Being approved for a loan automatically guarantees an ability to repay the loan?

Iamhoosier said...

If Home Depot is part of this TIF district and happens to win their property tax appeal, wouldn't that lessen the amount of TIF available?