The water park portion of the Great Wolf deal is planned to occupy 86,138 square feet.
If someone wanted to build an indoor water park of that size and not build a hotel how much would it cost?
Let’s use one thousand dollars per square foot. Industry reports actually put the number at $600 but let’s use the thousand dollar number so we can remove whether or not we have allocated enough money to the project.
This park would cost $86,138,000.
If the city and county were to contribute half of this amount the total cost to the public would be $43 million with the developer paying the rest.
We would then have a property that paid $2,763,495 to our local taxing authorities each year (roughly half of that would go to the schools).
Then the hundreds of thousands of tourists that the city claims will be attracted would stay in our existing hotels and we would get the hotel occupancy taxes as well as the sales taxes that the city and county have given away.
Even this $43 million dollar deal would be stupid but it sure would beat the $100 million deal we have been stuck with.
We deserve better