Wild Rivers lease is ready for the Irvine City Council to approve
The 20 acres southeast of Great Park Boulevard and Skyhawk would be leased for 30 years; the city would get at least $550,000 in annual rent.
www.ocregister.com
>>A Wild Rivers water park would open next to the Orange County Great Park’s large sporting complex under a lease deal the Irvine City Council is set to consider on April 28.
The 20 acres southeast of Great Park Boulevard and Skyhawk would be leased by the park’s developers for 30 years. For rent, the city would either receive $550,000 a year or 4.5% of gross revenue, whichever was higher at the beginning. The rent would increase incrementally over time.
The city would be guaranteed at least $250,000 in rent if the water park is open for fewer than 100 days during a season because of excessive rain or a situation outside of its control – say a shutdown for a pandemic – and it doesn’t make at least $12 million in an operating year.
The original Wild Rivers shut in 2011 when the Irvine Co. decided to use the property for apartments. Owner Mike Riedel has been working with city leaders to relocate at the Great Park. A previous location was nixed because arrangements with the U.S. Navy, which still owns that part of the old airbase fell through.<<