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Another report on Ken Ham's financial problems!

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  • rlbaty50
    http://www.local12.com/news/local/story/Ark-Encounter-Project-Delayed-By-Money-Woes/dtZaspZ7n0u3ig8HmPKc9A.cspx Ark Encounter Project Delayed By Money Woes
    Message 1 of 5 , Jul 8, 2013
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      http://www.local12.com/news/local/story/Ark-Encounter-Project-Delayed-By-Money-Woes/dtZaspZ7n0u3ig8HmPKc9A.cspx

      Ark Encounter Project Delayed By Money Woes

      Published: July 5, 2013

      Plans for the full-sized replica of Noah's Ark in Grant County are moving forward but construction will not start this year.

      Answers in Genesis hoped to break ground on its "Ark Encounter" project nearly two years ago. Since then, the 172-million dollar project has been scaled back, redesigned and slowed down by a sluggish economy.

      The Williamstown on the property the Ark will rest on doesn't look much differently than it did in February of 2012. That was a few months after the original groundbreaking date. Planners insist it will be built, but they can't say when.

      Residents like Bill Rhodes drive by the site nearly every day and keep expecting to see something. "I looked down through there to see if any kind of construction or clearing or dirt moving been going on. I haven't seen nothin'."

      While there's nothing to show for the Ark project in Williamstown, there is in a warehouse in Hebron. Ark Encounter's project manager, Mike Zovath says they are working every day on the design for displays and content. They hope to get all the necessary permits for drainage and underground utilities by the end of November. But even if they had them today ... "Right now we don't have the money for construction, yet."

      The Ark project has enough money to continue moving forward with the design and architecture work -- but not enough to build it. They've raised between $12 and $15-million. " We need about $45-million to break escrow and start construction for a $60-million end project," Zovath says.

      The scaled-down $60-million dollar project would include parking lots , a ticketing area and the Ark. The walled city and other features would come later. Zovath has faith in the project and points to the Creation Museum as something critics said would never be built. "I'm absolutely positive it's going to happen."

      Bill Rhodes says he'll keep looking ... and waiting. "We'll need it bad if it keeps this rain up."

      Zovath says they're expecting a strong round of donations in the fall. He says under a perfect scenario, they could begin construction next spring. That would put the opening in the spring of 2016.

      The Ark Encounter was originally planned as a 172-million dollar development that would bring in around 900 new jobs. Officials at the Grant County Chamber of Commerce say they have not done an economic impact study for the smaller project.

      -------------------------------------
    • bucksburg
      Just to let you know, Ken Ham s Ark Encounter Project is floating junk bonds to finance the completion of the Ark within the next 2 years. SERIES A: $250,000
      Message 2 of 5 , Aug 8, 2013
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        Just to let you know, Ken Ham's Ark Encounter Project is floating junk bonds to finance the completion of the Ark within the next 2 years.

        SERIES A: $250,000 minimum investment at 5.25%. Principle repayments in 3-7 years.
        SERIES B: $5000 minimum investment at 6%. Principle repayments in 8-16
        years.

        All in $5k increments.

        Underwritten by Ross, Sinclair, and Associates, Cincinnati

        Interest paid semi-annually from inception. Bonds are transferable but not marketed. Obligation of liability is solely from receipts & assets of the Ark Encounter Project.

        Basically, for the 1st 3 years interest payments will be covered by the $13m in donations to date Only when the receipts start pouring in is there any chance of payoff. So it had BETTER be off the ground in 3 years.

        Mr. Buck

        --- In Maury_and_Baty@yahoogroups.com, "rlbaty50" <rlbaty@...> wrote:
        >
        > http://www.local12.com/news/local/story/Ark-Encounter-Project-Delayed-By-Money-Woes/dtZaspZ7n0u3ig8HmPKc9A.cspx
        >
        > Ark Encounter Project Delayed By Money Woes
        >
        > Published: July 5, 2013
        >
        > Plans for the full-sized replica of Noah's Ark in Grant County are moving forward but construction will not start this year.
        >
        > Answers in Genesis hoped to break ground on its "Ark Encounter" project nearly two years ago. Since then, the 172-million dollar project has been scaled back, redesigned and slowed down by a sluggish economy.
        >
        > The Williamstown on the property the Ark will rest on doesn't look much differently than it did in February of 2012. That was a few months after the original groundbreaking date. Planners insist it will be built, but they can't say when.
        >
        > Residents like Bill Rhodes drive by the site nearly every day and keep expecting to see something. "I looked down through there to see if any kind of construction or clearing or dirt moving been going on. I haven't seen nothin'."
        >
        > While there's nothing to show for the Ark project in Williamstown, there is in a warehouse in Hebron. Ark Encounter's project manager, Mike Zovath says they are working every day on the design for displays and content. They hope to get all the necessary permits for drainage and underground utilities by the end of November. But even if they had them today ... "Right now we don't have the money for construction, yet."
        >
        > The Ark project has enough money to continue moving forward with the design and architecture work -- but not enough to build it. They've raised between $12 and $15-million. " We need about $45-million to break escrow and start construction for a $60-million end project," Zovath says.
        >
        > The scaled-down $60-million dollar project would include parking lots , a ticketing area and the Ark. The walled city and other features would come later. Zovath has faith in the project and points to the Creation Museum as something critics said would never be built. "I'm absolutely positive it's going to happen."
        >
        > Bill Rhodes says he'll keep looking ... and waiting. "We'll need it bad if it keeps this rain up."
        >
        > Zovath says they're expecting a strong round of donations in the fall. He says under a perfect scenario, they could begin construction next spring. That would put the opening in the spring of 2016.
        >
        > The Ark Encounter was originally planned as a 172-million dollar development that would bring in around 900 new jobs. Officials at the Grant County Chamber of Commerce say they have not done an economic impact study for the smaller project.
        >
        > -------------------------------------
        >
      • rlbaty50
        Thanks for that update, Buck! ... bucksburg wrote: Just to let you know, Ken Ham s Ark Encounter Project is floating junk bonds to finance
        Message 3 of 5 , Aug 8, 2013
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          Thanks for that update, Buck!

          --- In Maury_and_Baty@yahoogroups.com,
          "bucksburg" <bucksburg@...> wrote:

          Just to let you know, Ken Ham's Ark Encounter Project is floating junk bonds to finance the completion of the Ark within the next 2 years.

          SERIES A: $250,000 minimum investment at 5.25%. Principle repayments in 3-7 years.

          SERIES B: $5000 minimum investment at 6%. Principle repayments in 8-16
          years.

          All in $5k increments.

          Underwritten by Ross, Sinclair, and Associates, Cincinnati

          Interest paid semi-annually from inception. Bonds are transferable but not marketed. Obligation of liability is solely from receipts & assets of the Ark Encounter Project.

          Basically, for the 1st 3 years interest payments will be covered by the $13m in donations to date Only when the receipts start pouring in is there any chance of payoff. So it had BETTER be off the ground in 3 years.

          Mr. Buck

          ---------------------------------------
        • rlbaty50
          Buck, Do you have an on-line reference to support the bond program claims? Otherwise, what is the source of that information. Sincerely, Robert Baty ...
          Message 4 of 5 , Aug 8, 2013
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            Buck,

            Do you have an on-line reference to support the bond program claims?

            Otherwise, what is the source of that information.

            Sincerely,
            Robert Baty


            --- In Maury_and_Baty@yahoogroups.com,
            "bucksburg" <bucksburg@...> wrote:

            Just to let you know, Ken Ham's Ark Encounter Project is floating junk bonds to
            finance the completion of the Ark within the next 2 years.

            SERIES A: $250,000 minimum investment at 5.25%. Principle repayments in 3-7
            years.
            SERIES B: $5000 minimum investment at 6%. Principle repayments in 8-16
            years.

            All in $5k increments.

            Underwritten by Ross, Sinclair, and Associates, Cincinnati

            Interest paid semi-annually from inception. Bonds are transferable but not
            marketed. Obligation of liability is solely from receipts & assets of the Ark
            Encounter Project.

            Basically, for the 1st 3 years interest payments will be covered by the $13m in
            donations to date Only when the receipts start pouring in is there any chance of
            payoff. So it had BETTER be off the ground in 3 years.

            ------------------------
          • bucksburg
            ... First, you ll need to register as a buyer at the Silk Road. Then, you ll need some Bitcoins . . . just kidding.
            Message 5 of 5 , Aug 9, 2013
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              --- In Maury_and_Baty@yahoogroups.com, "rlbaty50" <rlbaty@...> wrote:
              >
              > Buck,
              >
              > Do you have an on-line reference to support the bond program claims?
              >
              > Otherwise, what is the source of that information.
              >
              > Sincerely,
              > Robert Baty

              First, you'll need to register as a buyer at the Silk Road.

              Then, you'll need some Bitcoins . . .

              just kidding.
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