City approves water-park package
STAFFORD — The City of Fredericksburg has passed the necessary ordinances that will make the dream of a major themed water park a reality.
Kalahari Resorts received the votes needed from the Fredericksburg City Council last night to create a 68-acre tax-increment financing district, and to receive 20years of tax incentive deals.
The agreement between Kalahari Resorts, and the city is for Fredericksburg to rebate 47.5 percent of Kalahari's taxes over the course of 20 years of the resort's opening.
The project will be built in the Celebrate Virginia complex at a cost of $260 million dollars. Included in the design of the 125,000-square-foot water park are 700 hotel rooms and 100,000 square feet of conference space.
The complex is expected to generate up to 1,000 new jobs, and nearly $6 million in new tax revenue, according to the Silver Companies.
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