HANOVER – Northern Chautauqua County will soon have its own water park for area residents and out of town visitors.
At its most recent meeting, the Chautauqua County Industrial Development Agency board approved a $700,000 AL Tech Revolving Loan Fund financing for MMM Real Estate Development, Inc.’s upcoming hotel and water park development in the Town of Hanover.
Located at the intersection of Routes 5 and 20 and Beebe Road, adjacent to Tim Horton’s, the hotel-water park will be just one component of the greater 11.6 acre planned development. The three-story, 70-room hotel will boast a year-round 20,000 square foot water park for tourists, with day passes also available to the general public. Meeting and conference space will be available as well, along with an arcade, snack bar and gift shop.
The loan financing, to be used toward the water park for slides and related equipment, will be provided to the borrower at a 4 percent fixed annual percentage rate for a seven-year term.
Th park will be operated by Michele Borrello Grisanti, who said that construction jobs could be anywhere between 75 and 100, with permanent jobs also estimated at 100. Construction is expected to commence this fall, with an opening projected for early summer 2014.
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