The proposed $130-million, four-story project now has an expected opening in January 2003—once financing is secured by San Juan Capistrano-based developer Gotcha Glacier LLC.
The extension moves the start date for a lease from Aug. 15 to Nov. 30 and costs Gotcha Glacier another $100,000 on top of the $200,000 the development partnership has previously spent in non-refundable extension fees.
As part of the lease agreement, Anaheim will receive a percentage of revenue from the naming rights. Anaheim also requires Gotcha Glacier to use the name "Sportstown" in its title. For the first 25 years of the agreement, the city will receive 5% of annual gross revenue from Glacier.
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