Kalahari Resorts & Conventions will be able to raise funding through bonds to help pay for the infrastructure needed for its proposed massive water park in the Thornburg area between Interstate 95 and U.S. 1.
The Spotsylvania County Board of Supervisors, on a 6-1 vote, approved the creation of the Matta River Community Development Authority, a tax district that will allow for the funding to be raised.
Kalahari, which runs four other large water parks, including one in the Poconos in Pennsylvania, wants to build a 10-acre outdoor water park, an indoor water park, a 900-room hotel, and a convention center in Thornburg.
Last July, the supervisors approved the rezoning of 135 acres for the water park. They also approved incentives to Kalahari that add up to $185,234,273 over the life of the 20-year agreement, while generating about $83,596,100 in tax revenue.
The community development authority, approved May 9, will allow Kalahari to use a gap loan to split the costs of its development with the county and state by using water park revenues, The Free Lance-Star reported. Spotsylvania County’s cost for the gap loan would amount to $74.8 million over two decades.
The money is needed, in part, because costs have risen.
The water park may break ground by the end of the summer and could open by early 2026.
Feature image courtesy Kalahari Resorts & Conventions
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