A ribbon cutting took place Tuesday for a new three-acre park along the Nichols Basin in Hood River.  It’s a nearly three-acre parcel acquired by Hood River Urban Renewal from Naito Development as part of Naito receiving approval for the new hotel currently under construction at the Basin.  City officials say it will be a passive park with little development.  Urban Renewal is paying $395,000 for the land, but won’t pay anything until the hotel starts producing property tax increment revenues, and some of that will be used to pay for the property.  Once the park is paid for by Urban Renewal, the City will take over ownership of the land.