- 4 - expansion as well as the receipt of a zoning variance. FSRC planned to operate the property as a fairgrounds.4 On August 4, 1980, petitioner and Howard Long incorporated Deep Hollow Fairgrounds, Inc. (DHF), to facilitate and coordinate the operation of the new fairgrounds with FSRC. DHF also operated the recreational facilities at Deep Hollow Park, as well as certain other assets owned by FSRC. FSRC and DHF agreed to operate as a single entity and utilize a single corporate bank account, with DHF's taking title only to the new fairgrounds if and when the conditional purchase was completed.5 All the other assets, including the Deep Hollow Park property and the corporate bank account, were considered the property of FSRC. Petitioner and Mr. Long each owned 50 percent of the stock of DHF. In the 1970's, Howell Township began competing with Deep Hollow Park by creating parks, purchasing a lakefront beach, and adding swimming facilities, ball fields, and fairgrounds. The Township also offered free swimming lessons and bargain access to its facilities. In response to the competition, Deep Hollow Park expanded its business to offer festivals, circuses, fairs, rallies, and outdoor rock concerts (hereinafter collectively referred to as "concert business") under a "recreational use" 4This property will hereinafter be referred to as the "new fairgrounds". 5Unless otherwise indicated, the "single operating entity" consisting of FSRC and DHF will be referred to as Deep Hollow Park.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011