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  • City to Consider Making a Castaway Cove Offer 
    Reported by: Katie Crosbie

    Monday, Nov 2, 2009 @06:47pm CST

    It looks like decision day has finally arrived. Tomorrow's Wichita Falls city council agenda includes a vote on whether to make an offer to purchase Castaway Cove. And the big question is: If councilors make an offer, how much are they willing to spend? Katie Crosbie is following this. Katie, we know the investors asked for 4.3 million dollars. That's right, Gwyn ... But sources at the city tell us it's likely that the city will offer *less* than four million dollars for Castaway Cove -- plus the 49 acres of undeveloped land surrounding the park. "Dreams come true." Those three words -- etched into the concrete at Castaway Cove -- sum up Dr. Louis Wilson's feelings about the water park he created. “I love this park,” Dr. Wilson (General Partner) said. “The last thing I want to do is walk away from it and see it close.” But his labor of love has taken a financial hit. “We barely got open last year, honestly,” Dr. Wilson said. “We know that." So now it's up to Wichita Falls city councilors to decide if they want to take on the water park. Dr. Wilson says he's baffled by people who consider this a bailout. “That word kills me,” Dr. Wilson said. “It's not a bailout. The city would own this asset." He says the investors would be walking away from an eight million dollar investment. And he says it sounds like the city plans to offer less than 4.3 million - and wants the 49 acres of undeveloped land thrown in, as well. “It’ll be a difficult pill for the investors to swallow." From Castaway Cove, you have a great view of downtown - which city leaders are striving to revive. You can also see the abandoned Attebury building. And some say another closed facility would only hurt the city's image. “Girl, it is fun for a little bitty small town it is fun." “I think everyone would be upset - kids wouldn't have a place to go in summertime,” said Courtney Mawson. “I know people from Vernon that go to Castaway Cove.” “We’re from Vernon – a lot of people come here, too,” said Betty Tidwell and Diane Neel. But not everyone is entirely convinced. “Sometimes opportunities come up that – if you’re not able to take advantage of – or if it’s a struggle to do that, and it’s a big risk – then maybe you shouldn’t,” said Carol Murray. “This is a losing business,” said Shiful Sohel. “The city should think about that." And if the city and the investors cannot reach an agreement? “What happens to castaway cove?" "I don't know,” Dr. Wilson said. “We're looking at every scenario." If the city ends up purchasing the water park, it would be likely funded by 4-B sales tax revenue ... meaning your property taxes would *not* go up.
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