HOF Village takes additional steps to fund waterpark, hotel and parking garage
CANTON ‒ The Hall of Fame Village has gotten approval for a $70 million loan to fund waterpark and hotel improvement projects and is seeking $45.5 million in bonds for an accompanying parking garage.
Canton City Council and the Canton Regional Energy Special Improvement District recently authorized a property assessed clean energy (PACE) financing agreement worth $70 million. It places special assessments on Village property that will in turn be used to repay a loan from Lieef Real Estate Energy Partners for energy-efficient projects ― such as HVAC and lighting systems.
Read more: How is PACE financing being used in Stark?
At the Energy Special Improvement District (ESID) meeting on Dec. 13, Canton Mayor Thomas Bernabei noted that the city used PACE financing for five previous projects associated with the Village.
“All development is very helpful to the city, and this will be the sixth and the largest (to use PACE financing)," he said. "Let’s go water sliding.”
Hall of Fame Village recently announced the waterpark will be called Gameday Bay after a naming contest. The 144,000-square-foot indoor park will be feature swim-up bars, areas for both children and teens, large televisions, a wave pool, lazy river, water slide tower and other rides and amenities. It is scheduled to be completed in fall 2024.
Anne Graffice, executive vice president of global marketing and public affairs for the Hall of Fame Village Resort & Entertainment Co., thanked the ESID board of directors.
“We believe what we are doing collectively is already making an impact," she said. "But what we can do into the future is very exciting.”
Stark County Port Authority bond request
The Hall of Fame Village Resort & Entertainment Co. also asked the Stark County Port Authority to issue $45.5 million in special obligation revenue bonds. The bonds will be repaid with revenue from the extra taxes levied in the Village's tourism development district.
The port authority board on Thursday gave preliminary approval to the transaction, which requires an additional resolution to actually issue and sell bonds. They would provide money for the construction of an 850-space public garage adjacent to the indoor waterpark and some costs associated with the Hilton Tapestry hotel.
The bond buyer and final terms and conditions have yet to be determined, said Mike Naso, economic development services coordinator for the Stark Economic Development Board. The port authority board discussed the need for an updated feasibility study and revenue projections related to the properties.
The port authority, a public entity that's exempt from property taxes, plans to own the parking garage and enter a maintenance and operation agreement with the Village.
Reach Kelly at 330-580-8323 or kelly.byer@cantonrep.comOn X: @kbyerREP
Reporter Kelli Weir contributed to this report
This article originally appeared on The Repository: HOF Village takes steps to fund waterpark, hotel and parking garage
