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August 16, 2012 - 1:15pm

Darien Lake gets tax break to help refinance existing loans

posted by Howard B. Owens in business, GCEDC, Darien, darien lake theme park.

The Genesee County Economic Development Center is helping the owners of Darien Lake Theme Park refinance $57.5 million in loans by authorizing a mortgage tax exemption of $719,062.

According to a GCEDC release, the bank refinancing the loans is -- for an unexplained reason -- requiring a new mortgage on the property, which is triggering a mortgage tax.

The theme park is owned by Georgia-based Herschend Family Entertainment, which has invested approximately $15 million in upgrades to the facility.

There are 400 full-time equivalent jobs at Darien Lake with an annual payroll of $11 million and the park generates $2.5 million in revenue for local governments and school districts through property and sales taxes.

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