Interesting Theme Park planned for Bristol... (Chattanooga, Kingsport: for sale, leases, condos)

[rccrain]

Plan revealed for huge complex near BMS | TriCities (http://www2.tricities.com/tri/news/local/article/plan_revealed_for_huge_complex_near_bms/42135/ - broken link)

Will it work? Will Bristolians like it?

[jabogitlu]

A Bristol businessman plans to establish a new parking, camping and retail center near Bristol Motor Speedway, with plans to eventually add a retail district with a convention hall and hotel and a seasonal race-related theme park.

Slagle said the project will mean tremendous growth and economic impact opportunities for the region.

“Improved lodging, hotel and conference opportunities combined with the continual establishment of Bristol as a year-round tourism and convention destination is truly a win-win for the region,” Slagle said. “This project will have a sustained economic impact in the tens of millions of dollars.”

Businessman announces plans for 469-acre Thunder Mountain attraction at BMS - Kingsport Times-News Online

What do you guys think about this?

[jabogitlu]

Oops. Looks like we cross posted If the mods want to move my post under rccrain's that's fine!

[SarahSal]

You both beat me to it - posting good potential news for the TRI! Let's hope at least one of these comes through.. We all need a dose of something economically positive..

[kamoshika]

I'm incredulous about this project for several reasons:

1. Mr. Slagle said, " I believe we can get the city and speedway to work with us," and he also that he was "already prepared to invest $2 million to $3 million in the project’s first phase – creating the camping and parking spaces – once Bristol and BMS had agreed to support it." But per Bristol's deputy city manager, "We haven’t seen his plan at all or heard anything about it."

IMO, it seems odd to make a public announcement about such a grandiose project w/o having contacted a party whose support you seek, especially given the contingency factor...unless he's trying to use the publicity to "squeeze" out that support. But I don't think it's a good approach to take in the initial planning process.

2. Mr. Slagle's golf course, The Cedars, has not done very well and most reviews I've read it about have not been positive. Along with the surrounding land, it was listed for sale last year for $3.9 million.

3. Given the current state of the economy and the (apparent) declining interest in NASCAR, I question the feasibility of this project.

4. The only entity in TN named "Thunder Mountain, LLC" is a farm in Pikeville (between Chattanooga and Cookeville,) and Mr. Slagle is not listed as an officer. I also checked the corporation databases in VA, NC and FL but to no avail. Where is this company located???

5. And then there's this tidbit I found from two years ago, which may be irrelevant now but still makes me wonder about the $$$ needed to get this off the ground:
Delinquent Taxpayers for Paper Workbook Revised 3-4-08 (2)

Still, I wish Mr. Slagle success with his project and for the good of this region, would love to see him pull it off.

[mbmouse]

Hmmm..very interesting observations Kamoshika...I believe I agree with you on this one. It SOUNDS like a good project for the area, but something doesn't seem quite right. Something I noticed, from being a mortgage officer, I can see a few things...just speculation of course. He can't pay less than 7k in property taxes but speaks up to the press saying that he would invest 2 to 3 million??? Then I noticed that the property was up for sale for 3.9 mill...me thinks he believes he can get a cash out refi on the golf course at 70% to 80% of the 3.9 mill. My guess is that he has not talked to any bank, because unless he already has the leases in place and they are long term, no banks are doing cash out refinances on commercial properties and even with the long term leases, it is a real long shot in getting the loan right now with the current banking situation.
So, using that line of thinking I think you were right on your assessment of trying to force Bristol and/or the track to back him.

[beachcomberT]

If the Daytona area provides any guidance, International Speedway Corp. has had a 70-acre redevelopment project next door to the Speedway sitting vacant for about 5 years now. The only structure built so far is a new ISC-NASCAR corporate headquarters, replacing an aged building. The project originally was supposed to have a big theater complex, hotel, many restaurants, condos, blah blah, but it hasn't happened. But ISC was very happy to collect property tax breaks and a sweetheart land lease deal regardless. The France family rules Daytona, so city fathers never refuse their demands.