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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.
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Last modified: May 25, 2011