Hall of Fame Village needs to succeed. But financial challenges raise concerns

The Hall of Fame Resort & Entertainment Co. has several successes to point to as it builds out the Hall of Fame Village.

There's the renovation of the DoubleTree by Hilton hotel in downtown Canton. The Concert for Legends attracting major performers such as Journey, Zac Brown Band and Carrie Underwood. Elite comedians such as Dave Chappell, Kevin Hart, Bill Burr and Bert Kreisher visiting Tom Benson Hall of Fame Stadium. And Don Shula's American Kitchen, Brew Kettle & Topgolf Swing Suites and other eateries and businesses that now call the football-themed resort home.

But — yet again — there's disappointing news with this longstanding project.

In March, after rumors popped up about work grinding to a halt at the Gameday Bay water park and contractors not being paid, the company admitted that work had slowed because of difficulty with finances and that the water park won't open this year after all. There's also a hotel being built there.

Then last month, a Barberton company filed liens against the water park project, claiming it hadn't been paid. The liens were released after the Repository asked questions. Last week, a Freeport, Illinois, company also filed a lien claiming it wasn't paid by a contractor for $657,876 worth of work done on the water park.

And, Canton City Council has agreed to restructure two loans worth $8.5 million for the project. The Village is asking the Stark Community Foundation and the Stark County Port Authority to restructure their existing loans, too, the city said.

Canton Economic Development Director Chris Hardesty attributed some of the Village’s challenges of securing financing to the large balloon payments that the Village was expected to make on its two city loans within the next five years. He added that the Village’s continued shortfalls in raising capital have reduced the cash it needs to maintain its operations.

We are eagerly awaiting to learn about the Hall of Fame Resort's first-quarter earnings, with the hope that we hear something positive. Those earnings will be released Monday after the Nasdaq closes and a conference call with investors is set for Tuesday morning.

This project — which holds so much promise for the community — has been dogged with doubts and naysayers. What's transpired over the last few months does nothing to help eliminate legitimate concerns.

We continue to root for Hall of Fame Village. What's the option? There's a giant, embarrassing half-built water park sitting along Interstate 77 right next to the Pro Football Hall of Fame?

No one wants that.

We want the Hall of Fame Village to succeed. Stark County needs it to succeed.

This article originally appeared on The Repository: Hall of Fame Village project needs to succeed for Canton