Proposed theme park in middle of debt dispute

A construction company that helped prepare a site in south DeKalb County for a proposed theme park says they are owed money and they want a judge to reopen a bankruptcy case against the developers.

Atlanta-based RACT Inc., says they are owed more than $4 million and that the developers failed to notify the bankruptcy court about that debt.

The developers, now known as Top Flight Development Group, filed for bankruptcy in 2006 after defaulting on a $6.3 million loan to purchase the 31-acre site off I-20 near the Mall at Stonecrest. Top Flight officials have disputed the construction company’s claims, saying they have paid for all the work done on the site.

A hearing is scheduled for Sept. 9 in federal bankruptcy court in Atlanta.

Developers say the proposed park, the Grand Empire Palace and Resort, would have a theme based on the Seven Wonders of the World and include an amusement park, hotel conference center, indoor water park, restaurants and shops.

The developers have said the project could cost $675 million — and that’s before they announced the purchase of an adjacent parcel for a planned second phase that would include a nine-hole golf course, housing and an indoor theme park.

Top Flight officials secured a loan to buy the second parcel but have yet to find funding for the overall project. No actual construction has begun on the proposed park.