Saturday, 02 August 2003
A Sandusky city committee has recommended that Cedar Fair, L.P. receive a 10-year, 100-percent tax abatement for its proposed indoor water park at the Radisson Harbour Inn, the Sandusky Register reported.
"This is pretty impressive considering that the city and Cedar Point aren't getting along that well," Sandusky Economic Development Specialist Mike Will told the Register.
Under the abatement agreement, Cedar Fair will pay the Sandusky City Schools $70,000 per year. That amount will make up for the property tax lost because of the abatement.
By giving Cedar Fair a 10-year, 100-percent abetment, the Sandusky City Schools will be able to maintain its state funding. Cedar Fair had originally asked for a 10-year, 75-percent abatement.
"This is a win-win situation for all of us," Bruce Jackson, Cedar Fair's CFO, told the Register. "It was important that they took this seriously and we are pleased on how it turned out."
Despite $235 million in capital improvements at Cedar Point over the last 13 years, this marks the first time Cedar Fair has asked the city of Sandusky for a tax abatement.
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