Title
Status of Golf Course Capital Improvement Reserve Fund
Body
To: Honorable Chair and Members of the Golf Commission
From: Amy Wooldridge, Recreation and Parks Director
Re: Status of Golf Course Capital Improvement Reserve Fund
BACKGROUND
Both the Greenway Golf Lease Agreement and Jim’s on the Course Concession Agreement require payments into a Golf Course Capital Improvement Reserve Fund (Reserve Fund).
DISCUSSION
The Greenway Golf Lease Agreement amendment, executed in 2018, requires payments in the amount of 3% of annual gross revenues starting July 1, 2027. These payments are required up to $250,000. Those funds are then expended on projects that are jointly approved by Greenway Golf and the City. Greenway Golf is required to make payments only when the Reserve Fund falls below $250,000.
The Jim’s on the Course Concession Agreement, executed in 2016, requires payments in the amount of 0.5% of annual gross revenues to the Reserve Fund. This totals $18,714.91 to date.
FINANCIAL IMPACT
There is no financial impact from receiving this report.
RECOMMENDATION
To receive a report on the capital improvement reserve fund for Corica Park.
Respectfully submitted,
Amy Wooldridge, Recreation and Parks Director