News Fun Spot Atlanta (& ArieForce One) Closing August 2nd
- Thread starter TPoseOnTantrum
- Start date
I'm no lawyer so if anyone here is more qualified to read this doc, please come forward. From what I can see though, it looks like Fun Spot Atlanta just got done renegotiating $20,000,000 in debt with Truist a few months back?
I don't know anything about the doc but we're in the clear for info. Here goes.
Multiple different managers have come forwards and told people that the park will be closed and demolished by year's end. Within the chain Kissimmee performs quite well financially while Orlando and Atlanta suffer severely, and they would rather keep their Florida parks intact. There will be no sale of the park as-is, all permanent structures are being used as a tax write-off and will be demolished outright rather than salvaged (ArieForce One and Go-Karts included). They will sell the land under it for the write-off, they will sell some of these smaller rides, but no company is coming in to "save" the park or ArieForce One. Real estate agents are also actively working on it, per that side of the business.
Multiple different managers have come forwards and told people that the park will be closed and demolished by year's end. Within the chain Kissimmee performs quite well financially while Orlando and Atlanta suffer severely, and they would rather keep their Florida parks intact. There will be no sale of the park as-is, all permanent structures are being used as a tax write-off and will be demolished outright rather than salvaged (ArieForce One and Go-Karts included). They will sell the land under it for the write-off, they will sell some of these smaller rides, but no company is coming in to "save" the park or ArieForce One. Real estate agents are also actively working on it, per that side of the business.
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Any idea how long the park will remain open? Gonna try to make a trip down there this summer if possible.
Get COTAland on the phone NOW, we have an RMC to save.
Damn. Crazy if true.
Damn. Crazy if true.
Indiana Beach! They failed to save wild one, but this is their second chance!
ArieForce One has to be worth money, no? I'm positive there are buyers out there for it. Is there really a financial incentive for them to bulldoze vs liquidating all the assets they can (specifically AF1)?
It'd take a miracle or extremely special circumstance for that ride to find a buyer, it's just very big. They could do it, sure, but is that necessarily going to wield a guaranteed and higher value than just claiming it as a tax write-off and vanquishing the asset from existence?
Clearly I need to lock in an emergency trip to Georgia this summer. Was already throwing the idea around, but never having the chance to ride AF1 would be a massive missed opportunity.
ArieForce One has to be one of the biggest contributors to the potential closure, right? Where else would that level of debt have come from?
The steel support structure and relatively straightforward layout would seem to make it one of the easier RMCs to relocate, and it would make an incredible E-ticket attraction almost anywhere.
The steel support structure and relatively straightforward layout would seem to make it one of the easier RMCs to relocate, and it would make an incredible E-ticket attraction almost anywhere.
ParkFans roadtrip to FunSpot Atlanta! /s
Unless….
Unless….
Oh HELL no! Someone get a few million dollars to relocate Arieforce to your backyard until a park buys it!
I attached the original agreement that your document modified. It appears that the property and everything on it were used to secure the debt, so it belongs to Truist Bank unless Fun Spot has a method to pay back the loan. The original agreement has a maturity date of August 16, 2026 and the amended agreement extends the maturity date to August 31, 2027. It is possible Fun Spot is working with Truist on a sale or liquidation of the property and bought some time to complete the deal.
AF1 would be a huge loss to the community if it’s true. Hopefully some park like worlds of fun, valley fair, damn maybe even Fun Spot Orlando could maybe find space and reopen it.