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<br />3.) Restructure Course financing (e.g., write-down or write-off internal debt <br />plus refinancing): <br /> <br /> 1.) The bonds can be refinanced at a Tax Exempt status. The <br />restructuring of the debt will result in a reduction of interest expense. <br />The interest rates are low at this time and this would increase our <br />ability to pay off the principal at a faster pace. However, the bond <br />attorney informed the city that we cannot refinance while negotiating <br />the sale of the Golf Course. The fluctuation in interest rates affects <br />this savings. There is no way to know what the rate may be in the <br />future as we wait to determine the status of the outlook for the course. <br /> <br /> 2.) The City council has discussed the impact of the Lawsuit costs <br />with regard to the golf course. This item is awaiting consensus from <br />the City Council. Staff request direction, if any or all of this cost would <br />be written off. The legal cost to the Golf Course is $277,035.86 to the <br />end of 2003. See Attachment <br /> <br />Level 2 – Redevelop property and/or reorganize golf operations <br /> <br />1.) Community Development Staff is acquiring information regarding <br />this option. <br />i. Staff has contracted with RLK for an AUAR: to be <br />completed by February 2005. <br />ii. The appraisal has been obtained. <br />iii. A survey has been authorized by the City Council. <br />iv. The title search has been completed. It is to be <br />reviewed by the Attorney General’s Office in regard to <br />the release clause for the reverter clause for the former <br />state property. <br />v. The Wetland Delineation Report has been conducted <br />by SEH. <br /> <br />2.) Move Holes #2, 3, 4, 5 to wetland area (Sysco) to the west and <br />develop the of the golf course property: <br /> This option is dependent upon findings of information above. <br /> <br />3.) Develop wetland credits for western (Sysco) property or other <br />Course areas: <br />Data regarding wetland credits will be obtained from <br />delineation study. Wetland credit revenue would increase the <br />feasibility of option 2.2, as the benefit is only viable with it <br />being a residual of that option. It is not feasible as a project on <br />its own, but may be a residual asset to option 2.2. <br /> <br /> <br />4.) Negotiate with Sysco to develop portions of donated land: