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ESPY Park in Pekin, IL
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[QUOTE="karterron, post: 569533, member: 29122"] Erick I think Wapella was up for sale to developers which would push the price much higher than the OHV fund would be willing to pay. An acre of farmland is 1/10th the cost of an acre of developed land. I have never seen what their asking price was for the place but you can bet it was high if they were marketing it to nearby developers. Now that they are faced with closure the price may come down, but you would need to know that before even considering OHV help. Even if it went into foreclosure you would need to know what the price was. For instance in Bankruptcy the Bank has an obligation to get the fair market value or close to it and use any excess to pay additional creditors, they then must show and get Court approval prior to the sell. If the land has been rezoned or the people in the homes nearby object to an OHV park nearby the problems and costs to keep it going would far outweigh anything you could hope to get in OHV funds. Just because it is a race track now would not obligate the City or County to issue a new owner a permit to do the same thing there. Like all things in life, price needs to be known first. If they were willing to sell for the right price and their lease to continue to operate an OHV park with the City or County is long enough and they were willing to allow a new owner to take it over, it may be worth exploration. If they are looking to sell to developers at 10k or more an acre there is no hope of anything for the place to continue as is. If the current owner feels he can sell at a cut rate to a developer he is never going to consider selling for the price of untillable farm land. It would be a huge risk to go in without knowing some of these things in advance. [/QUOTE]
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