I missed the Lakewood Planning and Zoning Commission meeting Monday on the details of the proposed RedTail Golf Course Clubhouse, but the Northwest Herald did not.
The most significant thing said at the meeting, as reported by the NWH, was from new Village President David Stavropoulos:
“We don’t want to do things cheap, and we want people to want to go to RedTail.”
Yet despite telling Lakewood homeowners he would tell them how this multi-million RedTail Golf Course Clubhouse would be financed, he has not done so yet.
If the Clubhouse is not going to be cheap, that’s even more reason not to keep the financing mechanism
As I have pointed out earlier, Alternative Revenue Bonds, which can be issued without a referendum, are toxic.
Even newcomers, as most Village Board members are, know the ill will that resulted from an early 1990’s Village Board decision to issue them.
Although proimses were made that paying off the debt to buy the golf course would not “cost a dime,” it cost homeowners thousands of dollars because the golf course did not produce a profit sufficient to meet the debt payments.
As I was leaving the meeting at the Lutheran Church at which many Lakewood residents made it clear they didn’t want their taxes raised to finance a new and bigger clubhouse, I pointed out to our Village President that the only alternative I could see to finance it was Debt Certificates.
Debt Certificates, which sounding less harmful that Alternative Revenue Bonds, will result in a similar increase in real estate taxes for homeowners if the golf course fails to spin off enough revenue to finance the mandated by law payments.