Agenda Packets - 2004/07/06 - Laserfiche WebLink

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develop the of the golf course property: This could open up more land for private development on the east side of the property. The land on the east is desirable due to it’s proximity to the interstate. It would be suitable for “destination” retail. There is approximately 15+ acres that could serve as a development area. This would be a one time cash infusion that could be used to buy-down debt. By moving 2-5 golf holes play would enhance the golf course for play. The new holes would play longer as there is space to increase the length of each hole. The course could be changed from an executive (par 32) to a regulation (par 35) nine-hole course. This “longer” course would expand the marketability of the bridges. The additional yardage could potentially increase the rental cart revenue as a residual benefit. 4.) Negotiate with Sysco to develop portions of donated land: This could open up more land for private development. This would be a one time cash infusion that could be used to buy-down debt. A feasibility study would need to be conducted. Level 3 – Cease Operations 1.) Sell Golf Course (retain billboard revenue): The sale of the course would need to at least equal level of current debt ($4,045,000) in order to break even. In addition, deed restrictions on the land would need to be cleared via State legislative action and/or negotiation with SYSCO.A title search is the first action in this process. Level 4 – Sell Golf Operation The price of a golf operation is valued at approximately 2.5 times the revenue plus the food and beverage. The sale of the Golf Course to a private party for continued operation would be $1,250,000-1,500,000. Not a viable option due to the large amount of accumulated debt ($4,045,000 million) that would need to be paid. Recommendation: Staff requests direction of the council to pursue additional title information. Respectfully Submitted, Mary Burg, Golf Course Manager