January 4, 2003
Birminghman, AL -- Visionland amusement park bondholders are suing the city of Birmingham claiming the city failed to make its annual payment of $1 million.
According to the lawsuit filed in Birmingham's federal court the payment was due on October 15. The suit asks the city to be ordered to pay the $1 million, plus interest and various other amounts as they come due.
They payment results from an agreement made by Birmingham and other governments in 1995 to create the West Jefferson Amusement and Public Park Authority, which financed Visionland through the sale of $90 million in bonds. According to the suit the city, is obligated to pay $1 million a year from 2002 through 2006.
Visionland closed at the end of the 2001 and filed for bankruptcy. The park remained closed in 2002. The park was recently sold to San Diego based Theme Pro Parks LLC for $5.25 million as part of the park's bankruptcy reorganization plan. The bondholders endorsed the plan and sale. Theme Pro Parks plans to reopen Visionland this year.