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So now we wait…

30 May

I had a great meeting over the New Orleans Park project today.

Here’s the plan, they put forward to their angel investors to put up what I think is a modest amount of money for me to start working on the project. I need to redo the business plan, finish and compile the numbers, price attractions, plan footprints, renovations, do the park map, the creative, web site, overhaul the logo, etc. etc.

I would then have a sellable, polished package to present to my investors. At the point at which we are funded, my salary then comes from that pool of money. This is the same process I went through in attracting the funding for the Florida park that I decided to wait to do. The Florida project was funded by my seed money.

The initial modest sum is just enough so that I can rent a condo in New Orleans, spend two weeks there every month and two weeks back in Palm Beach every month. Palm Beach is my quite, creative, development time. New Orleans is my research, culture and leg work.

I see a lot of business potential in this project and I think it has sat undeveloped for far too long in New Orleans. The reason the Six Flags park was flooded during Katrina has now been fixed and there are some additional, cost effective engineering solutions that can be put in place to prevent that from happening. Unlike Six Flags, I would not under insure the park. In order to alleviate investor fears, I’ll willing to double insure the park if I have to do it. There are already companies who are willing to insure the property. Basically, Six Flags only got $32 million for a park that cost several hundred million. There was no way they could rebuild.

I also have ideas for multiple revenue streams.

So I have to sit back and wait for a couple of weeks and see if the modest seed money can be raised. If it is, then it will be full speed ahead. I know other companies have tried to pitch a park project, but the reality is that I am the most qualified person to do this project. Tonya has done a great job of moving the project forward to this point. I think she and I will make a great team.

A number of the assets are salvageable on the property and can be rebuilt.

Now the ball is in the Louisiana court. Let’s wait and see what happens. I hope they can move quickly. And I wouldn’t rule out Florida being the second park.

I have an interest in the New Orleans park because of it’s location, history and the fact that there was a park on that property that was making money prior to Katrina. I think we could make it into something far better than what Six Flags was doing.

So now we wait…

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