Former Geauga Lake amusement park to become mixed-use Geauga Lake District

A Solon developer who purchased 377 acres that was previously the Geauga Lake amusement park and Sea World theme park plans to build homes, retail and restaurant space to create The Geauga Lake District, Cleveland.com reports. Industrial Commercial Properties “also plans to highlight the 50-acre lake on site and develop about 120 acres of green space for public use,” according to the article. Bainbridge Township and the City of Aurora formed a Joint Economic Development District (JEDD) “to share tax revenues and for Aurora to provide sewer and water services to the entire property.” Aurora and Bainbridge Township will each receive 25% of the tax revenue, 25% will fund maintenance and improvement, and the remaining 25% will support infrastructure and pay for water and sewer services. For more, read the full article.

Economic Development, Project Finance, State Updates