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Ultimate Rollercoaster > Discussion Forums > Roller Coasters, Parks & Attractions > Conneaut Lake Park tax sale at the end of the season

Conneaut Lake Park tax sale at the end of the season

GoYanks34 GoYanks34 Profile

Posted:
5/28/13 at
2:33:41 PM

http://meadvilletribune.com/breakingnews/x1374698752/Conneaut-Lake-Park-headed-to-tax-sale-over-877K-in-property-taxes

I've heard from others how the conditions of that park are abysmal. Hopefully they can find someone who is willing to take it on and take care of the park the way it needs to be.

Jen

Re: Conneaut Lake Park tax sale at the end of the season by ray_p ray_p Profile at 5/28/13 7:18:25 PM
Oh, they are abysmal. I was there yesterday and will have my TR, pics and video up soon. It was a memorable visit to be sure...
Re: Conneaut Lake Park tax sale at the end of the season by Eric_Gieszl Eric_Gieszl Profile at 5/28/13 7:21:09 PM
It's not expected go to go auction until September 2014, not this fall.

I think this is just another step by the county to force the trustees to come up with a serious plan or forfeit the property. Personally, I think the county is making a mistake and they've been to harsh in their collection efforts.

There has to be some economic benefit of having the park for the local economy and businesses. My point is there should be a settlement that forgives some or most of the past taxes, reduces taxes going forward and allows the park to revive itself so it can really contribute to the future economy of the area.

Re: Conneaut Lake Park tax sale at the end of the season by GoYanks34 GoYanks34 Profile at 5/28/13 7:32:30 PM
Eric_Gieszl said:

It's not expected go to go auction until September 2014, not this fall.


I think this is just another step by the county to force the trustees to come up with a serious plan or forfeit the property. Personally, I think the county is making a mistake and they've been to harsh in their collection efforts.

There has to be some economic benefit of having the park for the local economy and businesses. My point is there should be a settlement that forgives some or most of the past taxes, reduces taxes going forward and allows the park to revive itself so it can really contribute to the future economy of the area.

Oops - missed the 2014. I thought it was very interesting that the next article in my Amusement Today e-mail was that Sea World would not have to pay any taxes until 2018 (due to mostly tax loopholes). You would think that the taxes would hurt a smaller park much worse than a conglomerate such as Sea World. I agree that tax figure should be negotiated but they seem unwilling to do that. No wonder why they haven't put any money into the upkeep of the park.


Jen

Sea World Article

Re: Conneaut Lake Park tax sale at the end of the season by Eric_Gieszl Eric_Gieszl Profile at 5/28/13 8:12:14 PM
That article written by the Orlando Sentinel is a bunch of crap as well.

It's not a loophole SeaWorld is using either. This is common sense. You don't pay taxes on losses. Taxes are due when you earn money or make a profit, not on a loss. If SeaWorld continued to loose money year over year they would eventually go out of business.

What SeaWorld has done is that they've made some large investments and for several years they've spent more money than they've made resulting in a loss. If the loss exceeds your income for the year then you can carry forward the difference and apply it on subsequent years.

The same basic rules apply to individuals who make investments and in the case of individuals you can offset your ordinary income by up to $3,000 per year with your investment losses. Ideally though you want to make profits, not losses.

The writer for the Orlando Sentinel is an idiot and is trying to make SeaWorld look bad when they've done nothing wrong. What people don't account for is those large investments which contributed to the loss probably created jobs and helped the economy in other ways. Taxes are on NET revenue (AKA PROFIT), not GROSS revenue, but so many clueless folks don't understand the difference!

Re: Conneaut Lake Park tax sale at the end of the season by Eric_Gieszl Eric_Gieszl Profile at 5/28/13 8:23:09 PM
Conneaut Lake Park is much more complicated of a situation.

It's not a profitable business at the moment if you account for past taxes and badly needed investment in the rides and facilities, but the operators of the hotel and rides have put some money back into the operation in the past couple of years. However, there is not much capital to invest. The limited amount has largely been spent on reopening a few closed rides and repairing rooms so more are in the hotel's rental pool.

Furthermore, based on my understand of the situation it's not the responsibility of the hotel or ride operators to pay the property taxes. They are not the property owners, but instead are just responsible for the operation of the business. The owner of the property who is collecting rent and so happens to be public appointed Trustees are responsible for seeing that the taxes are paid. Unfortunately, the current revenue is not going to pay off the back taxes due.

What's crazy is that park property and all permanent facilities (buildings, wooden coaster, permanent rides) are technically owned by the public already.

Re: Conneaut Lake Park tax sale at the end of the season by drachen drachen Profile at 5/29/13 5:55:59 PM
Eric_Gieszl said:

Furthermore, based on my understand of the situation it's not the responsibility of the hotel or ride operators to pay the property taxes. They are not the property owners, but instead are just responsible for the operation of the business. The owner of the property who is collecting rent and so happens to be public appointed Trustees are responsible for seeing that the taxes are paid. Unfortunately, the current revenue is not going to pay off the back taxes due.

What's crazy is that park property and all permanent facilities (buildings, wooden coaster, permanent rides) are technically owned by the public already.

Well said, Eric, on both counts (Sea World and Conneaut)

That's how I understand it too. The municipality is right to want tax revenue, but they need to understand that it's actually in their better interest to cut Conneaut a break so that they can grow into a profitable property.

drachen
Coaster to Park Ratio: 4.87 / Steel to Wooden Ratio: 2.57 / Wooden Coaster Percentage: 28%
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