Garrett Co. In Deal For Whitewater Course
OAKLAND, Md. (AP) — Garrett County officials say they have struck a deal to pay off the debt of a manmade whitewater course near McHenry.
The county commissioners said Tuesday in Oakland that two banks have agreed to accept $600,000 as full payment for more than $3 million in loans on which the nonprofit Adventure Sports Center International had defaulted.
The county will pay the debt from hotel-motel tax revenue as part of a county takeover of the tourist attraction and athletic training site.
The nonprofit group opened the publicly funded course in 2007.
The group took out the bank loans to cover construction cost overruns.
The whitewater course is the planned site of the 2014 world canoe slalom championships.
The commissioners estimated the value of the complex at $24 million.
(Copyright 2012 by The Associated Press. All Rights Reserved.)