To the editor:
How is it possible for the mayor to misuse and spend $16 million plus of the golfers' money for something we could have had for $4.5 million?The mayor sends in pinch hitters to explain how he did it. M. Zuhl, chief of staff, and L. Hamilton, finance director, both struck out explaining.
The golfers have been saying all along that we had enough money in the golf enterprise fund to expand Mountain Dell Golf Course, thus leaving only one golf course to bond and borrow for.
Zuhl and Hamilton said that while it is true that the city would have enough cash to expand Mountain Dell, the decision to finance (both golf courses) with bonds was based on "legitimate policy considerations."
An erroneous decision was made by the mayor, who now is trying to justify it by telling us a legitimate policy consideration was made. He is presenting us with an illusion that this deal is OK. No way.
Zuhl says financing the courses with surplus funds would have delayed construction for several years.
The mayor's way (bonding for the two golf courses) is costing $16 million and it will take 10 years to retire the debt. Golfers say to use golf enterprise funds for Mountain Dell expansion and only bond for the second golf course for $4.5 million and retire the debt in five years.
The mayor's way is costing four times as much, and it will take five years longer to retire the debt.
Citizens Golf Committee