... The first phase of the project will cost $73 million to build, and $6 million has already been spent on land acquisition and design. So far, Answers in Genesis has raised $7.5 million, with private investors pitching in an additional $15.5 million to the LLC, leaving $22 million left to raise before they have enough money to break ground, and $44 million left to complete the project. Boone estimates it will take 12-24 months to secure the funding to break ground, then it will take another 24 months to complete construction.
The company will then have to raise $53 million for additional phases of the park throughout next decade.
Such a delay in construction makes the potential for a full $43 million in tax incentives impossible, as the state will only rebate sales taxes for 25 percent of what they’ve spent constructing the project by May 2014. This in turn could hurt private investment for the park, as there is no longer the virtual guarantee of $4 million in rebates every year. ...
