Six Flags intends to buy the city's $55 million interest in Discovery Kingdom theme park, thus ending a multi-million dollar profit-sharing agreement, the Times-Herald learned Tuesday.
Although Vallejo stands to lose a projected $1 million because of the deal, city officials welcomed the news, saying the buy-out will lessen the city's debt load and improve its bond rating.
The park's president announced the company's intentions in a private meeting with City Manager Joe Tanner Friday, officials said.
Both sides said the deal is financial only and does not signal a downturn in the park's dedication to Vallejo.
Full Article: http://timesheraldonline.com/fastsea...lts/ci_6073730
I thought since SFDK has been getting some attention on here, I'd post this news for you guys. For those not in the know about this Six Flags park, the city of Vallejo took over the park in 1995 when the former owners defaulted on their debt to the city. When the city bought the park they allowed Premier parks to manage the park, which lead to Six Flags eventually managing the park.
I think the city owning the park was one of the reasons that kept Six Flags from selling it along with their last big sell and forced them to revamp it, so I'm not really sure I like that they are completely buying it. But I do like that all of this money coming into the city after our recent money problems.