Submitted by firstname.lastname@example.org
on Tue, 02/11/2014 - 1:09pm
King’s Pointe Resort is turning an operating profit but will far short of servicing its debt unless the city takes action. City Manager Jim Patrick told The Storm Lake Times on Monday that the resort posted net income of $366,947 in 2013. Still, the city has to kick in about $500,000 a year in sales tax revenue to pay off bonds sold against the project.