COPY-Funtown Mountain owner misses loan payment to state - WDRB 41 Louisville News

COPY-Funtown Mountain owner misses loan payment to state

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LOUISVILLE, Ky. (WDRB) -- The owner of Funtown Mountain has a loan payment to the state that is now past due. 

The owner, Will Russell, was recently charged with DUI and drug charges. 

Officials with the Kentucky Tourism Finance Authority say the board is reviewing legal options. The tourism loan is $250,000. 

A payment of more than $2,000 is due each month. The August payment hasn't been made and the 15-day grace period ended on Sept. 14.

Under the terms of the loan Russell received, payments are made to the Kentucky State Treasurer and placed in a special account for the loan program. 

The loan program began in 2000 with an appropriation of $1.5 million from the General Fund. That's all that has been placed into it since it's a revolving loan program. It has issued $2.4 million in loans so far. 

Of the 15 loans issued, only one has defaulted (not including Funtown Mountain). The program is aimed at smaller tourism businesses for projects that don't qualify for tax incentives.

The maximum amount that can be loaned is $250,000.

The troubled roadside attraction in Cave City, Kentucky was shut down a week ago for safety hazards.

Russell also owns two Louisville businesses -- Why Louisville in NuLu and in the Highlands. He recently admitted to vandalizing the store in the Highlands. 

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