Darien Lake gets tax break to help refinance existing loans
Submitted by Howard B. Owens on August 16, 2012 - 12:15pm
The Genesee County Economic Development Center is helping the owners of Darien Lake Theme Park refinance $57.5 million in loans by authorizing a mortgage tax exemption of $719,062.
According to a GCEDC release, the bank refinancing the loans is -- for an unexplained reason -- requiring a new mortgage on the property, which is triggering a mortgage tax.
The theme park is owned by Georgia-based Herschend Family Entertainment, which has invested approximately $15 million in upgrades to the facility.
There are 400 full-time equivalent jobs at Darien Lake with an annual payroll of $11 million and the park generates $2.5 million in revenue for local governments and school districts through property and sales taxes.