News: Calif.'s Granite Park hits snag

Posted at 10:18 PM EDT (0218 GMT)

Oct. 26th, 2008 -- Granite Park, an entertainment project in Fresno, Calif., which was supposed to bring life to a neighborhood, is on hold.

The park opened four restaurants but may cost taxpayers $5.5 million. The city might sue the developer.

Of the land's 42 acres, 18 are home to Granite Park Kids Foundation, a nonprofit that got a $5.2 million loan through the City Council. But the foundation hasn't made a payment in a year, and the bank may foreclose the property. If it does foreclose, the city will have to pay the loan, which is at $5.5 million now.

Granite Park got the Lightning Bolt coaster from MGM Grand Adventures in Las Vegas. MGM Grand Adventures closed in 2000. Lightning Bolt is an Arrow Dynamics family coaster.

For more, visit the Fresno Bee.