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Soaky Mountain Waterpark development runs into financial uncertainty, Sevierville approves new payment plan

Developers met with the city of Sevierville Monday night to discuss deferring property taxes, which they said would help them afford construction.

SEVIERVILLE, Tenn. — Plans to build a large new waterpark in Sevierville ran into financial trouble.

Wilderness Resorts announced plans over the summer for a new 50-acre waterpark that's set to open in 2020.

RELATED: New 50-acre waterpark to break ground in Sevierville in August

However, that plan ran aground because the company said the costs of building the waterpark are running far beyond expectations, which might not allow the project to become reality.

Developers met with the city of Sevierville Monday night to discuss deferring property taxes, which they said would help them afford construction.

The city said it passed a resolution that would allow the Industrial Development Board to negotiate with Wilderness Resorts -- saying the two groups are now allowed to come up with a payment plan in lieu of taxes to keep the project moving.

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