Mainstreet America Says Remington on Team
July 3rd, 2008
The developers of proposed theme park in Grayling are still working with a financial group being investigated by the FBI. The Wall Street Journal reports a probe into Remington Financial Group’s business deals in Pennsylvania and California.
The developers of Mainstreet America are trying to convince the Michigan DNR to sell 1800 acres of state land near Grayling. The DNR has asked to see proof that the developers have investors lined up to fund a new park. For help lining up investors, Mainstreet America has enlisted Remington. The financial group claims to be experienced at finding investment for complex real estate projects that cost over 100 million dollars.
But allegations have surfaced that Remington has a practice of charging up-front fees without any intention of searching for funds. The chairman of Remington denies any wrongdoing. A spokeswoman for Mainstreet America, Susan Haddad, says the report in the Wall Street Journal contains inaccuracies. And she says Remington is just one group involved in the proposed Theme Park.
DNR Official Mindy Koch says Remington is the only financial services group her department has met with regarding the land sale.