News: Investor considering future park on Libertyland site

Posted at 6:24 PM EST (2324 GMT)

Dec. 7th, 2006 -- Kansas investor Robert Barnard has sent a letter of intent to the city of Memphis, saying that he is interested in building a new amusement park on the former site of Libertyland. In the letter, Barnard says he wants to put $5 million into the property, hoping to have it open by May 31 of next year.

The letter proposes an annual lease of at least $90,000 and a maximum of 2.5 percent of the park's revenue. Plans for the park include a waterpark, a city-owned hand-carved carousel, and the Zippin Pippin roller coaster, which was sold to the tourism bureau of Roanoke Rapids, NC.

The Memphis City Council will debate the issue on Dec. 19. Libertyland closed last year after financial problems.

See the Kansas City Star for more.