Ore. County Buys Bankrupt RV Park
By summer, Linn County, Ore., will be in the marina business, the Board of Commissioners agreed Wednesday (Feb. 26).
The county agreed to purchase the bankrupt Edgewater RV Resort and Marina from OSU Federal Credit Union for $775,000, the Albany Democrat-Herald reported.
Parks director Brian Carroll said the facility on the southwest corner of Foster Reservoir includes 40 marina slips and 49 RV campsites, as well as office space.
The marina can be expanded to 148 slips, Carroll said.
The sale should be completed within 90 days.
The commissioners believe the facility will provide a positive cash-flow as it stands, plus has potential for expansion.
Developers estimated cost of the facility at more than $1 million. It has a taxable value of $623,000, according to Linn County Assessor’s records.
The developers — L-N-D Construction, which also constructed several high-end condominiums east of the RV campground — originally planned to build a lodge-like building at the RV park that would include a convenience store, bait shop, and a 28,000-square-foot commercial building.
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