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07-18-08 Redevelopment Commission Minutes
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07-18-08 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting -July 18, 2008 <br />4. COMMUNICATIONS (CONT.) <br />Golf Course Owners Assn communication: <br />affordable access to the game and preservation of open <br />green space. Due to the involvement of private <br />enterprise in golf course development and operations, <br />private enterprise adequately supplies access to the <br />game of golf throughout the United States and beyond. <br />The Communication also included a copy of <br />`Blackthorn Golf Club True Net Income and Cash <br />Flow" created by Meadowbrook Golf and an <br />Amortization Schedule of the $5,680,000 Principle <br />Amount of Lease Rental Revenue Bonds of 1992. <br />Mr. Inks noted that Dr. Varner has previously suggested <br />that the city sell (or give away) Blackthorn Golf Course. <br />The city would consider selling the golf course, except <br />for its obligation to the outstanding bond issue. As the <br />balance on the bond is paid down, the city may be able <br />to consider selling the golf course. <br />Dr. Varner asked if the payment schedule included by <br />Ms. Rogers is accurate. Mr. Inks responded that it is <br />not. Dr. Varner asked that a copy of the current bond <br />payment schedule be provided to the Commissioners. <br />Dr. Varner also noted that Ms. Rogers and her husband <br />own Juday Creek Golf Course, hence their interest in <br />Blackthorn Golf Course. Dr. Varner stated that he <br />thinks she makes some good points, tax-wise. Cities <br />need to consider other options as times change. <br />Blackthorn Golf Course was supposed to do something <br />for the Corporate Park It has not. Maybe the city <br />should sell it. <br />10 <br />
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