GRAYLING -- A would-be financier of a proposed Crawford County theme park is under investigation for alleged business misconduct.
A federal probe of Remington Financial Group of Philadelphia, believed to be a potential financing source for a sprawling theme park near Grayling dubbed Main Street America, further clouds a project already rife with funding questions.
The Wall Street Journal reported last week that Remington is under investigation in California and Pennsylvania for allegedly taking millions in fees from clients but failing to provide loans.
"We can't confirm or deny an investigation, but we are looking into allegations that are being made and we take those allegations very seriously," said Agent Nancy Norris-O'Dowd of the FBI's Philadelphia field office.
Remington officials did not return calls for comment and neither did officials from Axiom Entertainment, the Oakland County development company that hopes to secure millions in public funding for the Grayling-area park.
Axiom wants to pay the state $5.2 million for 1,700 acres of public land, but the state demands that the developer prove it can finance the entire project. Axiom thus far has not been able to provide such proof.
News of the Remington probe raises concerns, said David Freed, chief of land and facilities for the state Department of Natural Resources. But it is unknown what the effect will be on the project's final financing, he said.
The theme park land sale will not happen without solid financing because the state doesn't want the development bungled, officials said.
Plans call for the theme park to be built on 600 acres, with the rest open for other developments, such as campgrounds, restaurants, hotels, windmills and other uses.
"One of the concerns we have as a department was to ensure that if this project goes forward, then the park is developed first. We don't want commercial development and no theme park," Freed said.
Opponents and supporters of the potential state land sale will testify at a public hearing in Munising on Thursday. Regardless, the theme park is at a standstill until the developer comes up with millions of dollars and can prove it can finance what's touted as a $161 million project.
Main Street America would feature roller coasters, waterslides, the world's tallest Ferris wheel and other attractions on a tract of vacant state land near Interstate 75. The primary developer, Patrick Crosson, will continue to pitch the park idea at the Michigan Natural Resources Commission in Munising, but some of his critics will be there, too.
"I'm confused as to why they're continuing to entertain this at all," said Marvin Roberson of the Michigan Sierra Club, who will testify against the theme park plan at the NRC hearing.
Roberson said the sale of public land for private use is problematic, as are questions about financial, environmental and economic elements of the theme park proposal.
Meanwhile, Axiom asked the DNR to commit to the land sale before the required public review and comment period to aid in courting potential financiers, Freed said.
"What Axiom wanted was a letter from the state saying if they got their finances in place, we would sell the land," he said. "There is a public input process and we're not going to tie the (DNR) director's hands before she's heard public input."
That was an insulting attempt to circumvent the rights of Michigan citizens, said John Bebow, a vocal opponent of the theme park who owns land in Crawford County. He also will testify at the NRC meeting.
"They want what the public has but don't want the public involved. That leaves a bad taste," Bebow said.
The plan has plenty of supporters who hope the state land sale will be approved so economically depressed Crawford County residents can have a shot at what Axiom promises are 2,000 theme park and affiliated construction jobs. Crawford County currently has a 9.6 percent unemployment rate, state records show.
"One of our goals is to improve the quality of life for the citizens of Crawford County," said Kay Cosgray, chairwoman of the county's economic development partnership.
A bevy of theme park jobs would do the trick in the tourism-based community, she said.
Jamie Greer of Grayling owns a downtown gift shop and is confused by pessimism surrounding the theme park, in light of the commercial possibilities for the town. She intends to go to the NRC meeting and also may testify.
"I don't know of any business that's guaranteed success when they start," Greer said, but at least the theme park is an attempt to improve the community, she added.
DNR Director Rebecca Humphries could approve the land sale as early as the NRC's August meeting in Lansing, although the state has not committed to that timeline, Freed said.
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