"It just came down to the financing," said Supervisor Carl Solden. "Twenty years at about $1.6 million a year is a long time at a lot of risk. I don't think it was a question of the right thing to do."

Mall owner Namco of Los Angeles wanted to join with the township to build a 70,000-sf venue with indoor water slides, wave pool and lazy river.

The 1.3-million-sf Summit Place Mall along Telegraph Road, north of Elizabeth Lake Road, has lost a few more tenants since it was bought in early 2002.The mall now has a 40% vacancy rate, including missing anchors ServiceMerchandise and Montgomery Ward, and other tenant vacations such as the Gap and Gap Kids.

The township was asked to buy bonds and foot the bill to build themulti-slide park inside the former Montgomery Ward site.The indoor park would be the first of its kind in Michigan, accordingto local real estate experts.

Township officials had said that it was key that operation costs would support the park. Waterford and surrounding communities are all cutting funds, and in some cases laying off employees, because of faltering budgets.However, Solden told GlobeSt.com that it's clear that the water park would be a good draw.

"I'd like to see it done," Solden said. "It would certainly add value to the mall, and it would be much longer before a hotel or resort would be moving in next door. These sorts of entertainment draws are proven to work in other areas."

Using public funds for such a project, however, was a touchy subject among residents, Solden said.Namco had previously proposed a skating rink and a hotel for the site, butthose ideas were ruled unfeasible, the township said.

The current anchors of the 43-year-old mall include Sears, Marshall Fields,JCPenney and Kohl's.The company is also redoing a 25,000-sf portion of the mall, a section attached to Marshall Fields, to see what redevelopment efforts wouldlook like. This redevelopment will cost about $1.5 million.

The company has torn down a three-screen theater outside the mall, and plans to tear down another out-building soon.Namco did not return phone calls about the water park vote.