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November 29, 2009

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Boulder City approves loan for golf equipment

Wednesday, Feb. 26, 2003 | 8:53 a.m.

Boulder City's new Boulder Creek Golf Club is now set to borrow up to $3.25 million to pay for equipment such as golf carts and a maintenance building.

The City Council on Tuesday unanimously approved the loan, which will be taken from a private lender and will be repaid by the private company managing the $18.7 million course.

Mayor Bob Ferraro and City Finance Director Bob Kenney made a point of noting that no city money is at risk in the new loan.

Kenney said if the golf club defaulted on the loan, the lenders' only recourse would be to repossess the items purchased with that money.

The council was asked to approve the loan so the golf club can take advantage of the city's tax-exempt status, which will save at least $137,000, Kenney said.

Some of the items, such as golf carts, were already purchased using short-term loans that will be paid off with the new loan, he said. Payments on the new loan were budgeted when the golf course was being planned, he said.

The golf course, the city's second, opened in January.

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