A stir of excitment is building among Grand Lake area property owners, especially those on Monkey Island, with the recent approval of a TIFto help with the development of a new resort and club. Many visitors to the Grand Lake area remember fondly the old Shangri-La Resort at the end of Monkey Island. It’s loss has been felt significantly by residents, visitors and merchants alike. Now The Peninsula Resort and Club will replace it with a hotel, marina, conference center, wellness center and spa, and more.
Delaware County Commissioners had to approve the TIF (tax increment financing) District, which they did on June 30th. A TIF District is a special area in which taxes are diverted from their normal purposes to promote development.
Grand Lake, with all its scenic beauty, provides limited opportunities for visitors to access the lake. Well known by boaters and fishermen who are comfortable trailering their water toys, the lake has many ramps and access points. Homes and condos around the lake have private and community docks. RV-ers can find numerous locations to spend a week or a month at the lake. The Peninsula’s venue will introduce another way to enjoy the sparkle and glory of Grand Lake.
The developer indicated he hopes to break ground on the project in late summer or early fall. The TIF District includes 415 acres of property. TIF funding will help fund public improvements, such as the conference center, wellness center, waterfront access, roads and trails. Private funds will pay for construction of the hotel, marina and future residential development.
Situated next to two existing 18-hole golf courses, this new Peninsula project is a welcome addition to Grand Lake. Grand Lakers wish it to be a great success!
Posted by joanvermaire