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Assessor: Park owner claims Great America worth $44 million {Bargain for the 49ers}
Bay City News Service via CoCoTimes ^ | 10/11/7

Posted on 10/11/2007 9:16:20 PM PDT by SmithL

SANTA CLARA - The Ohio-based company that owns the Great America theme park claims that it is worth much less than the $114 million county assessment figure that has been widely reported in the media, Santa Clara County Assessor Larry Stone said today.

Stone said Cedar Fair Entertainment Company has filed appeals of the Great America assessment for the last several years. The assessed value is used to determine how much property tax the company pays.

"There are active assessment appeals they've filed," Stone said.

For 2006 the assessor's office valued Great America at $107 million. In its appeal, Cedar Fair valued the park's structures and facilities, they lease the land from the city of Santa Clara, at less than half that figure.

"Their assessment appeal says its worth $44 million," Stone said.

Cedar Fair also filed appeals of the park's 2005 and 2007 assessments, according to Stone, who spoke by phone from a conference in Austin, Texas.

Stone, a longtime San Francisco 49ers fan and South Bay sports booster, said he does not want the company get away with asking San Francisco 49ers' owners Denise DeBartolo York and her husband John York for $114 million or more to purchase the park when the company is saying it is worth less than $50 million.

"You can't eat your cake off of both ends," Stone said.

The Yorks are exploring the possibility of buying the theme park after Cedar Fair announced it opposes building a new 49ers stadium on the site of the park's current parking lot. Because of Cedar Fair's lease with the city of Santa Clara, their opposition to the stadium would effectively kill the project on the parking lot site unless a settlement was reached or they sold the park.

Team officials are also exploring the possibility of building the new stadium on a nearby, ancillary parking lot that has less restrictions on it, 49ers Vice President Lisa Lang said earlier this week.

TOPICS: Local News; Sports
KEYWORDS: 49ers; greatamerica
$44 million if your the assessor, but $114 million if you're the 49ers.
1 posted on 10/11/2007 9:16:24 PM PDT by SmithL
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To: scott says

Uh-Oh, Busted!

2 posted on 10/11/2007 9:17:03 PM PDT by SmithL (I don't do Barf Alerts, you're old enough to read and decide for yourself)
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To: SmithL

The Yorks should consider buying the amusement park if it really has any value or has the potential to be turned around. The combination, plus some other improvements, would more than likely enhance the value of the 49ers organization as a whole. A big draw to the Red River Shootout at the Cotton Bowl is that it coincides with the Texas State Fair on the same grounds.

3 posted on 10/11/2007 9:39:38 PM PDT by neb52
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