By Jane Smith
03/07/08
March 06, 2008 10:57 pm
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National City Bank has filed suit in Crawford County Court of Common Pleas seeking a judgment against Conneaut Lake Park for more than $40,000.
The bank is seeking judgment for $43,992.98 for money it is owed from a revolving line of credit account set up April 20, 2001. The line of credit was established for $50,000 and the above balance is what has been left unpaid.
According to the credit agreement, the bank can charge 10.25 percent annual interest on the unpaid debt.
If approved by the court, the judgment then will be recorded against the financially-troubled park as a debt owed.
If a debtor chooses, it could seek to more aggressively collect the debt through a sheriff sale by identifying assets of the park that would be worth the amount of debt. Or, it could simply choose to have the judgment listed for the record should any money become available to make payments in the future.
Bill Eiler, of the public relations office of National City, said Thursday he was reviewing the filing, but because of the lateness of the request near closing time, he was unable to determine what position the bank is taking.
Jack Moyers, chairman of the Trustees of Conneaut Lake Park, wasn’t available for comment.
The 116-year-old amusement park has more than $2.7 million in outstanding debt. Last year, the only portions of the park that were open were Camperland, the docks and the Beach Club. Hotel Conneaut was opened for a few weekends, but closed after a building inspector wouldn’t grant an occupancy permit because of a problem with the fire escape.
The trustees are working to generate enough money to open portions of the park — including Camperland, the docks and the Beach Club — this year. Proposals are being sought for anyone interested in leasing all or portions of the park, but no further details have been announced.
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