Aurora city leaders say they will take $1,341,527 from the city’s general fund and almost $1.29 million from its share of Covid relief fund distributions to pay for nearly 100 acres of land on and around the former Geauga Lake amusement park.
The total purchase price is set at $4.5 million, plus up to $140,000 in closing costs and other fees.
The city is negotiating with ICP Geauga Lake LLC, which is selling just over 53.5 acres of the former amusement park, plus another approximately 40 acres of land. Aurora city leaders continue to wait while its legal team irons out final details of the proposed park purchase.
City leaders have been saving money for the year the deal has been in the works, Council Member Brad Duguay said in September. Income tax revenue realized from additional employment in the city also helped, as did Aurora’s share of ARPA funds.
The balance would be spread over a couple years, again drawn from income tax revenues and the general fund. City officials have also included the cost of maintaining a park and its planned facilities and amenities into current and future budgets, Duguay added.
The purchase would encompass part of the former SeaWorld amusement park, which closed in 2001. Aurora’s plan is to use it as a city park, possibly including a public restaurant, a beach and other amenities.
Council has been considering the legislation to authorize the purchase since June 12, but started regularly postponing final approval in July.
Aurora Law Director Dean DePiero said Nov. 28 that negotiations are “very much on track,” with incremental progress being made toward a final deal, which he expects in January or February of 2024.
“As you can imagine, this is a complicated deal with lots of details to work through. I’m not surprised that it has taken this long to complete the closing,” he said.
Wendy DiAlesandro is a former Record Publishing Co. reporter and contributing writer for The Portager.