The Garrett County Board of Commissioners unanimously voted this week to taken ownership of a man-made whitewater rafting complex, previously operated by Adventure Sports Center International (ASCI), as well as to pay $600,000 to secure debt.
The Cumberland Times reports:
“As part of that process, ASCI’s principal financial partners, First United Bank & Trust and Susquehanna Bank, proposed and offered a significant debt reduction opportunity to the county in the event that the county accepted ASCI’s offer,” said [Commissioner Gregan] Crawford. “The financial partners, who have contributed significantly to the process and the county’s consideration of this matter, have agreed to accept the assignment of debt in the sum of $600,000 in full satisfaction of ASCI’s debt obligations to those financial institutions.”
According to a Board of County Commissioners press release:
The financial obligations of ASCI to the County will be satisfied from hotel/motel accommodations tax revenue which is restricted and designated by State statute for economic development and the promotion of tourism. No County real property tax revenue will be directed to satisfy this obligation. There have questions by the Board appropriating additional funds to the Garrett County Public School System relative the 5 Year Plan proposed by the Board of Education. Hotel/motel accommodations tax revenue cannot be directed to the Garrett County Public School System therefore, a funding comparison between education and /economic development/tourism is not relative to this discussion.