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Lake Winnie Breaks Ground on Waterpark
Lake Winnepesaukah officials broke ground Wednesday on SoakYa, a 5-acre water entertainment complex scheduled to open during the Summer 2013 season.
The waterpark is the first major expansion of the 88-year-old amusement park since the 1960s, when the park doubled in size and added two signature attractions: the antique wooden Carrousel and the world-famous wooden Cannon Ball Roller Coaster.
"Lake Winnepesaukah has a hard to say and even harder to spell name,” said Talley Green, Public Relations Director, “but through the years that name has become synonymous with family fun in our region. That’s why we chose SoakYa, a spirited play on our name, for the waterpark that is a perfect complement to our amusement complex.”
Today’s groundbreaking signals the start of an aggressive five-month construction schedule that calls for completion of the waterpark attraction in time for a Memorial Day weekend debut, two months after the amusement park opens for the 2013 season. Aquatic Builders Ltd., a division of master plan design and engineering firm Aquatic Development Group, will lead the park’s construction along with locally-based contractors. The development will create 100 temporary construction jobs and up to 60 new seasonal positions upon completion.
The multi-million dollar waterpark will feature a lazy river and wave lagoon. Clusters of flume body slides and enclosed tubes – some for single riders, some for multiple riders – will dot the landscape. A multi-lane racer slide will send dueling riders on a refreshing plunge into a pool while toddlers will be entertained in a shallow splash park with pint-sized slides and water play equipment. Covered and uncovered lounge seating, retail shops, concessions and a changing facility with lockers will allow families to enjoy a day-long stay at the park.
“The beginning of the year also marks a new beginning for Lake Winnie,” explains Chris Jones, Architect. “The owners have committed themselves to building a first class waterpark and ‘doing it right’! With the start of construction, a dream is on its way to reality. A former parking lot will soon be transformed into a colorful array of exciting water rides, water features, man-made hills and lush landscaping creating an oasis of fun and laughter. Did I mention water? Lots of water!”
The first phase of the multi-million dollar SoakYa waterpark will be developed on the West side of the amusement park between the Cannon Ball Roller Coaster and the lake. The 5-acre vacant tract of land has recently served as overflow parking for concerts and other major events. Subsequent waterpark expansions could triple the water entertainment complex’s size in years to come.
Lake Winnepesaukah will open the 2013 season with a $26 general admission rate ($10 for children two and under and senior citizens), which is consistent with 2012 ticket prices. During the summer months, guests will enjoy two parks for one admission price. From Memorial Day weekend through Labor Day weekend, general admission will be $31.95 ($15.95 for children two and under and senior citizens). General admission will revert back to the $26 rate for the remainder of the 2013 season when SoakYa closes for the season in early fall. SoakYa will be accessible through the main park entrance only.
The facility was designed by architect Christopher M. Jones of North Palm Beach, Florida and Aquatic Development Group of Cahoes, New York, both of which have extensive waterpark development experience. The park will feature “Made in the USA” slides and other water play equipment designed, engineered and manufactured by North Carolina-based AquaBlue International. Chattanooga-based CapitalMark Bank & Trust will finance the expansion.
More Business News
Last Update on July 24, 2014 07:36 GMT
UNDATED (AP) -- Asian shares were subdued today despite an improvement in China's manufacturing as a wait-and-see mood prevailed ahead of earnings reports from some of the region's top companies.
The Nikkei 225, the benchmark for the Tokyo Stock Exchange, erased early gains to slip 0.4 percent to 15,268 in afternoon trading.
Hong Kong's Hang Seng was up 0.5 percent at 24,099.99 while South Korea's Kospi lost 0.1 percent to 2,027.40. Shares were mostly higher in Southeast Asia.
UNDATED (AP) -- The price of oil fell today, giving back part of its sizeable jump the day before, despite improvement in Chinese manufacturing.
Benchmark U.S. crude for September delivery was down 16 cents at $102.96 a barrel at 0650 GMT in electronic trading on the New York Mercantile Exchange.
The contract gained delivery gained 73 cents to $103.12 on Wednesday after data released by the Energy Department Wednesday showed a drop in U.S. crude inventories that was more than double what analysts had expected.
HONG KONG (AP) -- A survey shows China's factory activity rose in July to its highest level in 18 months, a sign that mini-stimulus measures to shore up the world's No. 2 economy have taken hold.
The preliminary HSBC purchasing managers' index rose to 52.0 in July from 50.7 in June.
The index uses a 100-point scale on which numbers below 50 indicate contraction.
The report said overall new orders and new export orders in China's giant manufacturing industry rose faster in July than the month before. China's economic growth edged up to 7.5 percent in the April-June quarter after slowing in the previous period.
HSBC said the impact of finely tuned stimulus measures rolled out by policymakers in recent months is "still filtering through."
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- It's a busy day economic data and corporate earnings reports.
The Labor Department leads the data this morning with its weekly jobless claims. A little later, Commerce Department releases its report on new home sales for June, while Freddie Mac provides the latest survey of mortgage rates.
As for corporate earnings, Ford, General Motors, Caterpillar, 3M, American and Southwest Airlines and Union Pacific all report their quarterly financial results before the market opens.
After the market closes, Amazon.com, Visa and Starbucks issue their results.
Cheaper wireless plans cut into AT&T 2Q profit
NEW YORK (AP) -- AT&T has posted lower net income for the latest quarter due to cheaper cellphone plans it introduced as a response to aggressive pricing from smaller competitor T-Mobile US.
AT&T says it earned $3.55 billion, or 68 cents per share. Excluding some one-time items, AT&T's earnings were 62 cents per share, a penny shy of expectations. Revenue, however, was $32.58 billion, slightly above expectations.
AT&T says half of its wireless subscribers have already moved to "Mobile Share Value" plans, introduced in February. It's also adding subscribers to its Next plans, which carry lower monthly fees because customers pay full price for their phones.
Executives are defending the new Next and Mobile Share Value plans, saying they boosted the number of new customers to the highest level in five years.
AT&T, the second-largest cellphone company, is dueling with No. 4 T-Mobile US, which has shaken up the industry with innovative pricing plans.
MENLO PARK, Calif. (AP) -- Facebook is on a roll. The world's largest online social network posted sharply higher earnings on Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often.
The company's shares climbed nearly 4 percent in extended trading after the results came out, signaling that they could hit a record high when the stock market opens on Thursday. Investors who bought -- and held on to -- Facebook stock during the company's initial public offering two years ago are now close to doubling their money.
Facebook Inc. (FB) said Wednesday that it earned $788 million, or 30 cents per share, in the April-June period. That's up from $331 million, or 13 cents per share, in the same quarter a year ago.
Adjusted earnings were 42 cents per share, handily beating Wall Street's expectations of 33 cents, according to a poll by Zacks Investment Research.
Facebook's revenue jumped 61 percent to $2.91 billion, also beating expectations.
BUENOS AIRES, Argentina (AP) -- Argentina's president says her country will not default because it has paid its debts to bondholders.
The government is in negotiations to resolve a dispute with some creditors over $1.5 billion in unpaid debts that could lead to the country's second default in 13 years.
But President Cristina Fernandez said Wednesday that a new term for default will have to be created to refer to "a debtor that paid and someone who blocked it."
She was referring to a U.S. judge's order that Argentina can't pay investors who accepted lower-valued bonds after a 2001 default unless it also pays off bondholders who didn't participate in the bond swap.
Many of the latter are hedge funds that bought Argentine bonds on the cheap following Argentina's record $100 billion default in 2001.
SEC considering action against S&P over ratings
WASHINGTON (AP) -- Standard & Poor's says regulators have told the rating agency they are considering taking civil enforcement action against it over ratings it gave to six deals in 2011 involving securities tied to commercial mortgages.
S&P's parent McGraw Hill Financial Inc. disclosed Wednesday in a regulatory filing that it has received a so-called "Wells Notice" from staff of the Securities and Exchange Commission. The notice indicates the staff will recommend to the five-member commission that it pursue action against S&P for alleged violations of securities laws.
Under SEC procedure, S&P will be able to make its case to the agency on the issues raised by the notice.
New York-based McGraw Hill says S&P has been cooperating with the SEC in the matter and will continue to do so.
WASHINGTON (AP) -- Federal auditors say NASA doesn't have enough money to start launching its new, $12 billion rocket program by the end of 2017 as planned.
The congressional Government Accountability Office on Wednesday issued a report saying NASA's new Space Launch System is at high risk of missing its planned December 2017 initial test flight. The post-space shuttle program would build the biggest rockets ever to send astronauts to asteroids and Mars.
The report said NASA's own officials told the GAO that there is a 90 percent chance they can't meet the launch date with current funding.
Report author Cristina Chaplain said it's not that NASA has busted its budget for the program because of technical problems. It's just that NASA didn't get enough money to carry out the massive undertaking.
SOCIAL SECURITY-COMPUTER WOES
WASHINGTON (AP) -- Six years ago the Social Security Administration embarked on an aggressive plan to replace outdated computer systems overwhelmed by a growing flood of disability claims.
Nearly $300 million later, an internal report says the new system is nowhere near ready and agency officials are struggling to salvage a project racked by delays and mismanagement.
The project is still in the testing phase, and the agency can't say when it will be completed or how much it will cost.
In the meantime, people filing for disability claims face long delays at nearly every step of the process -- delays that were supposed to be reduced by the new processing system.
The report was commissioned by Social Security to save the project. It was done by consulting firm McKinsey & Co.
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