by Brent Hovey

Reporter

Aurora -- It's been more than three months since bids came in for land at the former Geauga Lake Park, but the property is no closer to redevelopment.

On May 16, Cedar Fair Entertainment Co. accepted four sealed bids for more than 500 acres. Cliff West, managing director of land development for real estate consultant Colliers-Ostendorf Morris, which handled the bid process, said it would take six weeks to pick a buyer.

On Aug. 25, Stacy Frole, director of investor relations for Cedar Fair, said officials have sold one small parcel, but are still negotiating with bidders for two larger ones.

"We've received bids and we're negotiating with the bidders," said Frole. "We don't have a time frame [for closing a deal].

"It's a tough market to sell [real estate] right now and we don't believe the proposed terms are attractive, so [if we don't reach an agreement] we'll hold on to the land until the market is better."

The acreage was split into three parcels, and potential developers put in separate bids for each, but only one has been approved by Cedar Fair.

The American Coaster Enthusiasts -- the fourth bidder -- withdrew its proposal because it was submitted on the premise that the Big Dipper roller coaster would remain on the property.

HOWEVER, the Big Dipper was sold at an auction in June.

Eleven acres surrounding and including the former Geauga Lake Hotel has been sold, according to Frole.

She said she could not release the name of the buyer, how much was paid for that land or any future plans since the deal has not closed yet.

As for the other two tracts, parties are continuing to work to reach a deal.

Dick Kinzel, chief executive of Cedar Fair, reportedly told analysts Aug. 21 that the two remaing bids are not high enough. "We think the land is worth more," he said.

Thus it appears the land will remain undeveloped for a while.

Despite not knowing the future use of the land, rides and buildings are being taken down inside the 120-year-old park.

One ride that remains untouched, and has a future as unclear as the land, is the Big Dipper.

The 1926 roller coaster was sold to Tom Woosnam of APEX Western Machinery Movers on June 16 for $5,000.

At the time, Woosnam said he was acting for an undisclosed buyer, who would be revealed within a short time, as would plans for the ride.

SINCE THEN, neither of the two have happened and in a July 11 e-mail to the Advocate, Woosnam said, "The owner has informed me that no more information will be released."

An e-mail to Woosnam asking for an update and to clear up the many circulating rumors was not replied to, and Frole said Cedar Fair has had no communication with Woosnam.

"It was sold to APEX, so you'd have to speak with them about what their plans are," she said.

Frole added Cedar Fair has not set a deadline or timetable for Woosnam to move the Big Dipper. Woosnam also submitted a successful bid of $2,500 for the Raging Wolf Bobs, which still stands on the back of the property.

While the Big Dipper apparently will remain untouched for a while, demolitioin contractors continue to work around it.

"We keep moving along," Frole said. "We don't have a timetable as far as when we expect it [the demolition] to be complete, but we're pleased with the progress made."

The Villain, the last wooden roller coaster to be built at the park, has been dismantled, while the Skyscraper (space needle) still stands.

Several other roller coasters have been relocated to other Cedar Fair parks.

E-mail:

bhovey@recordpub.com

Phone: 330-688-0088 ext. 3115