After missing two payments and defaulting on a lease agreement, Hawaiian Falls parent companies are now fully in compliance with their Pflugerville Community Development Corp. performance agreement, according to the PCDC.
Amy Madison, interim executive director of the PCDC, said her corporation received Hawaiian Falls’ November and December payments and also received the water park company’s January payment early on Dec. 31.
“Hawaiian Falls provided us with all past payments and we’ve already accepted January payment so we’re current on all transactions,” she said. “We’re really pleased; we’re looking forward to a really great year.”
The PCDC confirmed in November that Source Capital LLC and Horizon Family Holdings—the owner and operator of Hawaiian Falls water and adventure parks—defaulted on the November payment for Hawaiian Falls Pflugerville. The PCDC backs the $25 million loan for the water park project, which is repaid through monthly lease installments.
Hawaiian Falls was assessed a penalty fee for both delayed payments but Madison did not release the fee amount.
Madison said Hawaiian Falls will undergo a management change in February and that she expects the park to re-open on time in late May.
“We’re ready to make a splash in 2016,” she said.