From Deseret News archives:
Taxes may pay for golf
Cedar Hills course not generating enough to cover bond payments
She even led a petition drive trying to defeat it.
Now she is indignant to learn the city may be forced to bill her $11 a month along with the other 1,706 households in the north Utah County community to repay the bonds because the course is not generating sufficient revenue to cover the payments.
"There is nothing we (residents and the city) can do about the bond. It has to be paid," Leek said. "But can we save money and cut corners in other areas? Can we put on a time certain date? I don't want to pay a fee forever."
"This is very concerning. This will be a hardship on people," said Linda Fotheringham, another resident who opposed the golf course idea. "We feel angry, but we're trying to overcome it."
Mayor Mike McGee is feeling the same frustrations. He and others on the City Council, most of whom ran for office because they didn't like the way the golf course came about, are now the ones having to determine how to pay the piper.
McGee said no one on the council is happy about having to take money from this year's budget to augment course revenues to meet the $223,780 bond payment that was due this month. Because the near-interest only bond payments escalate nearly $100,000 per year, the impact on next year's budget and following years is expected to be even more severe.
In November 2007, the city faces making a $6.06 million balloon payment to retire the bond, said Councilman Jim Perry.
Perry said there is no way a small city of 7,000 people with an average annual budget of $1.4 million can meet those demands.
If the city defaults, the golf course and the equity in the city building go to the lender, Zions Bank.
McGee says he doesn't believe the city will default but says it may be necessary to impose a "golf course service fee" on residents until either the course is sold or the debt is restructured.
"I'm not happy about it. I inherited this. The City Council is not happy about it," McGee said. "Nobody's happy about it, but sometimes you have to do what you have to do."
Perry said every option is being explored and the public will be invited to a series of town meetings to discuss solutions.
"We're committed to having a transparent and honest and open operation," Perry said
Comments
- Tiger opens with a 66 in Australia 1:18 a.m.
- Crash kills Utah County man 1:12 a.m.
- UCAT cheaper education option 1:12 a.m.
- Post office to be named for Rex Lee 1:11 a.m.
- Police probe synagogue vandalism 1:09 a.m.
- New charges added in fraud case 1:09 a.m.
- Mom takes plea deal in girl's beating 1:08 a.m.
- Drug trafficking operation busted 1:07 a.m.
- News yule writing contest starting up 12:59 a.m.
- Alpine District school honored 12:59 a.m.
- SLC council OKs gay rights policies
- Utah Jazz have a problem at point
- 'Love story' of crash victim ends
- BYU football recruit turning heads
- Alta's Ohai is Ms. Soccer 2009
- Prep football: Felt's Facts Week
- 12 Utes return to Texas
- Cougars' defensive hoops clinic
- Wyoming writer amazed by BYU
- Long days for BYU interns
- House passes health care bill
287 - SLC council OKs gay rights policies
246 - TCU showdown has big implications
193 - Senators want food tax restored
157 - Cougars crush hapless Cowboys
155 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
119 - S.L. vote pending on gay protections
109 - Pratt pleads not guilty to sex charges
101 - Letters: Strange breed in Utah
92
This week, I'm compiling my annual list of restaurants serving...
Beck, Hannity, and Limbaugh get the audience they deserve and vice versa. ...
I find the rule,very discriminitory. I am not gay, I don't understand what...
I understand we were outmanned last night. However, this effort was awful....
My advice to Jonathan is shoot it when they pass it to you as soon as you...
Maybe they should try drafting a shooting guard who can shoot from outside ....
The sad thing about it is that there are actually people out there that are...
Thank you TCU and BYU. Your wanting to beat Utah so bad has to drive you...
Play fes and koufos. Look to the future. It looks like we will have two...
Oh come on. Obama's a horrible president, but I couldn't care less which...
"We had the best soccer of any place in the state. There's no disputing...



You can be the first to comment on this story.