El Paso iFly Facing Foreclosure, Plans to Stay Open
It feels like that building just went up, but they're already facing foreclosure. You've seen it right off I-10 near Top Golf. You can go sky diving, without the fear of falling 30,000 feet.
Unfortunately iFly is already facing foreclosure, but according to management, they are not planning on closing their doors and the business is doing very well in regards to revenue. Huh? Yeah, that doesn't make much sense. Well, management also says that the foreclosure has more to do with change in ownership than actual revenue.
The El Paso indoor sky diving venue is set to be auctioned off, coming up on July 2nd. Freddy Silva, general manager says:
We know multiple parties are making the bid and keeping the building as iFly.
The company struck up a deal with the city of El Paso. They would provide the $12 million investment into the city in exchange for $162,000 in sales tax rebates. According to Jessica Herrera, of the El Paso Department of Economic and International Development:
As it relates to the city, at this time there’s no incentives that have been paid out and, if they’re going through whatever process it is that they’re going through that will impact them in any way, that’s really on them to handle and them to provide that documentation to the city.
Herrera also said that if the company were to come under new ownership, they city would need to review the previous contract and if the choose to keep the same incentives, it would have to go to a vote again.