11/11/06 — CONNEAUT LAKE PARK — There may be a new owner of 3.3 acres of land in Conneaut Lake Park by the end of January 2007 if all goes on schedule.
The Economic Alliance Progress of Crawford County will start accepting proposals from anyone who wants to purchase the land, located where the former Flynn House stood and in the area known as the Lakeview picnic area.
Advertising for proposals will be sent to newspapers in Buffalo, N.Y., Pittsburgh, Cleveland, Ohio; Erie and Meadville as well as “at least 20 developers” who have expressed an interest, said LeRoy Stearns, the park’s court-appointed overseer.
Though it’s uncertain what amounts may be offered, Stearns said the idea of selling the land is not just to pay off the park’s $2.2 million debt. It’s part of an overall plan for revitalizing the 114-year-old facility.
For example, he said the park currently pays $5,000 a month for interest payments alone on back debt, including bank loans, personal loans, real estate property taxes, former credit cards and certificates purchased by individuals.
“If we can get rid of the monthly interest costs, we will have more operating money and can do more,” Stearns said.
“I’m confident the back debt is going to be paid off,” he added.
The land to be sold for development is between Reed Avenue, Center Street, Kepler Avenue and the lake front, east of Lake Street at Conneaut Lake Park.
Proposals will be received until 5 p.m. Nov. 30.
A cash deposit equal to 10 percent of the bid price will be required of the selected developer. Closing must take place within 60 days.
Crawford County Court of Common Pleas Judge Anthony Vardaro has to approve the land transfer.
The area to be sold is in a business district. Permitted uses include retail, restaurants, taverns, antique shops, personal service establishments, medical clinics, financial institutions, multifamily residential and single family dwellings, among other uses.
Since the property is held in public trust, sale of the property will not be based on price alone.
The park was declared a charitable trust several years ago after a civil trial when a former board member filed a lawsuit against the remaining board of trustees because of an agreement it had made with the former owner/operator. Since it now is a charitable trust overseen by the county court, any major changes in ownership or the operation must get court approval.
Local News
Conneaut Lake Park accepting proposals for 3.3 acres of land
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