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New ownership raises Geauga Lake questions
(by Joan Demirjian - December 23, 2009)
New ownership raises Geauga Lake questions
By JOAN DEMIRJIAN
With the future of 500-plus undeveloped acres around the former Geauga Lake Park still undecided in Bainbridge, local officials are wondering how the changes in the ownership of Cedar Fair LP will affect the property.
Cedar Fair owns the property, including Geauga Lake Park Wildwater Kingdom. The company announced last week that it has entered into a merger agreement to be acquired by an affiliate of Apollo Global Management, an alternative asset manager.
The board of directors of Sandusky-based Cedar Fair has approved the merger agreement and has resolved to recommend that Cedar Fair limited partnership unit holders adopt the agreement.
Cedar Fair is a publicly traded partnership and one of the largest amusement-resort operators in the world. The company owns 11 amusement parks, six outdoor water parks, one indoor water park and five hotels.
Cedar Fair closed the Geauga Lake Park amusement park, across the lake from the water park, in September 2007.
The future of the land around Geauga Lake and its redevelopment has been of interest for Bainbridge Township and City of Aurora representatives, as well as residents who live around the former amusement park in Bainbridge.
Cedar Fair has put the more than 500 acres in Bainbridge and Aurora up for sale, but so far no transactions have been announced.
In November 2008, the Richard E. Jacobs Group proposed a shopping center on 30 acres of the former parking lot of the amusement park on Aurora Road (Route 43). It called for big-box stores, restaurants and smaller stores. The plan was later withdrawn.
Most of the amusement-park rides have been sold and removed, along with many of the buildings. The historic Big Dipper roller coaster remains standing at its site in the park, although it has been purchased.
In an effort to be proactive with the land up for sale, a group representing Bainbridge, Aurora and the Chagrin River Watershed Partners walked the property in 2008 to view and evaluate the undeveloped areas.
About 270 acres is in Aurora, and some of it is zoned for industry. The property in Bainbridge is zoned for commercial recreation and includes retail sales.
Bainbridge Trustee Matthew Lynch said this week, "I am looking forward to the property being developed in strict accordance with our zoning rules. My only concern is a developer attacking our zoning. I would oppose any development not in strict accordance with our zoning.
"Creative ideas" for the land are not what he would consider in compliance with the zoning, he said.
"I don't want anyone to deviate from our zoning code, unless the township zoning commission suggests a change," Mr. Lynch said.
Trustee Jeffrey Markley said he sees a need for the township to begin now to work with Aurora to start a planning process for the land, so a developer knows the communities are working on it.
If the new company is looking to sell off pieces of the acreage, then there will not be a lot of control by Aurora and Bainbridge, trustees said.
Breaking it up and selling in smaller parcels without a plan or vision for the future is not what the township or Aurora desires, according to officials.
"And I'm not convinced commercial recreation is the best use of the property," Mr. Markley said.
When Geauga Lake Park used the property, it was at 80 percent lot coverage, in contrast to the 40 percent maximum required in the rest of the township.
"I'm not sure that's what we want," Mr. Markley said. "It may not be in the best interest of the township. The present zoning is too ambiguous, because it allows for everything, and we don't know what's going to go in," he said.
"I want to look at the options." He said the township zoning commission would like to look at it.
Bainbridge Zoning Inspector Michael Joyce said nothing has been proposed for the acreage. It is on hold until the owner decides what to do, he said.
"They will contact us and tell us what they want and we will work on it," Mr. Joyce said. "We won't initiate a use for them. They have to decide what they want. We would be more than happy to sit down and plan with them," he said.
According to the Cedar Fair statement, the transaction is valued at $2.4 billion, including refinancing of the company's outstanding indebtedness.
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