If you sense from the headline that I don’t think highly of the former Lakewood, now RedTail Golf Course, that would be correct.
For the better part of twenty years our tax bill in Lakewood has included money to pay off the bonds which I was promised would not be the case.
I have often told the story of the meeting with the Lakewood Village Board in which three of us came to talk about the proposal to buy the golf course.
Roger Reed, a former Village Trustee, told the Board that he didn’t think the village should be in the golf course business. That was up to private enterprise.
Attorney Jim Bishop explained to the Board that golf courses were having financial troubles locally.
I asked, “Is this ever going to cost me a dime?”
I was assured that it would not because the bonds would be paid back from golf course revenues.
I’m guessing now, but I suspect the bond salesman told the Board that they could get a much better rate of interest if they would agree to allow property taxes to be levied in case the revenues from the golf course were not enough.
And the Board obviously bought that line of reasoning because we ended up with what are called alternative revenue bonds.
Now, the Village Board has decided it has failed at the golf course business and wants to sell it.
But, in deference to the surrounding neighbors, the Board is going to make sure the land remains open space.
The asking price will be $1.9 million.
The hope is that a private party will buy the property and build a club house.
A private party could build a structure much cheaper than a government because businesses are not forced to pay prevailing wage.
Red Tail Golf Course in Lakewood is being put on the block by the Lakewood Village Board.
The meeting tonight starts at 7. It will be held at the RedTail Golf Club. The relevant agenda items follow:
AGENDA ITEMS FOR DISCUSSION
5. Motion to Approve Ordinance 2013–(20) – An Ordinance Declaring
RedTail Golf Club Surplus Property
6. Motion to Approve Resolution 2013-(R21) – A Resolution Authorizing the
Sale of Surplus Real Estate Known as RedTail Golf Club and Directing
The Execution of a Listing Agreement with Links Capital Advisors, Inc.
So now that we have paid of the golf course, probably at a cost of over $6,000,000 including purchase price and interest we are going to sell it at a $4,000,000 loss?
BTW, it generates a positive cash flow.
Gov. Is always looking for additional revenue, in what I’ve read they like to call ‘low hanging fruit’, to bail themselves out of budget mistakes.
Maybe try partnering up with your cousins at HUD. Become a Participating Jurisdiction, grab some grant money and put a nice cluster of low income housing in.
Even funnier. Don’t think some chucklehead over there hasn’t already thought about it, or even suggested it.
There are many golf course owners who want to sell all throughout Chicagoland.
And the HUD comment reminded me I heard the CHA has bought housing in McHenry County.
Haven’t been able to confirm that.