![]() ![]() Excavator Inc., said the course likely needs $10 to $12 million in capital upgrades. The city also intends to provide $1.5 million in “seed money” over the next five years to help the foundation make capital repairs, Teeuwen said.įoundation member Bob Flesher, who owns Mr. A representative from Troon told City Council on Monday that it believes the course can be made profitable in three years. If it’s profitable, those revenues would pay the foundation’s annual fee, Teeuwen said. Going forward, the city will pay the foundation $250,000 a year to manage the course. ![]() In recent years, the golf course has cost more to operate than it has generated in revenue, causing the city’s general fund, which pays for routine city services like police, to cover the shortfall. The city has owned the golf course, located in Highland Hills, for decades and will continue to own it while it’s under the foundation’s management. If the foundation fails to hit those criteria, the city could cancel its management agreement, Teeuwen said. To mitigate those concerns, council knocked Bibb’s proposed 30-year management agreement with the foundation down to a 20-year agreement, with two five-year renewal options.Ĭhief Operating Officer Bonnie Teeuwen also told members on Monday that the city’s agreement with the foundation will include objective criteria that the foundation must meet over time, such as bringing in $2 million in annual revenue and hosting at least 40,000 rounds of golf. Council’s approval comes after some members of the body were initially skeptical of giving long-term control of the property to a newly formed group that hasn’t proven whether it will be a good manager.
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