HomeMy WebLinkAbout1994 Resolution No. 0374 '
RESOLUTION NO .• Jf/_
SERIES OF 1994
A RESOLUTION APPROPRIATING FUNDS FROM THE CITY OF ENGLEWOOD
GOLF COURSE FUND TO PURCHASE REAL PROPERTY FOR THE ENGLEWOOD
GOLF COURSE EXPANSION.
WHEREAS, the City of Enelewood hu ent.e "'d into an Aereement to purchue from
Family Camping real property to be uaed to o:,pand the Englewood Municipal Golf Coune;
and
WHEREAS, the Englewood GolfCou.. .... ia II?\ enterpriae and only GolfCoune Funda
may be UJed for the purchaae;
WHEREAS, the Englewood City Council intend a to pursue the purchaae of the property for
the purpose of expansion of the Englewood Golf Courae;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
lkl:tiJm..l, The following change in appropriations are he"'by ma~• co the 199~ Budget of
the City of Englewood, Colorado for the acquisition of the ..,a] property for L'1 r exµ,nsion of
the Englewood Golf Coune.
SOURCE OF FUNDS ·
Golf Course Fund, retained earnings ;313,(;c;S.OO
JJSE OF FJJNDS:
Purchaae of real property for Golf Courae expansion $313,065.00
ADOPTED AND APPROVED this 21st day of March, 1994.
L L_~i ,r&
Loucnshia A Ellis , Deputh City Clerk
I , Loucrishia A Ellis, Deputy City Clerk for ~J ity ofEnglew~:ereby
certify the above is a true copy of Resolution No 9 Series of 1994 . , c,,
'/)/4£4 Ell
Loucrishie A Ellis
March 21 , 1994
INmA TED BY
STAFF SOURCE
~OUNCIL GOAL
COUNCIL COMMUNICATION
Agenda Item
12 b
Su bject Appropriation of Golf
Course Funds for
Purchase of Real Property
Department of Financial Services
Frank Gryglewicz, Acting Director of Financial Services
This action does not address a specific Council goal.
15.SUE/ ACTION PROPOSED
Staff seeks Council support for a resolution appropriating $313,065 from the Golf Course
Fund to purchase real property to be used in the golf course expansion.
PREVIOUS COUNCIL ACTION
December 20 , 1993 Ordinance Number 57 was passed on final reading designating the Golf
Course as an enterprise to clarify the City's intent in light of
Amendment 1 restrictions on the issuance of debt. .
December 20 , 1993 Resoluti0n 107 authorized the acquisition of real property (Motor Crane
Company) by the City lc.ngtewood for the exp ,sion of the Englewood
Golf Course.
December 20 , 1993 Resolution 109 appropriated funds from the Englewood Golf Course
Fund to purchase real property (Motor Crane Company).
December 20, 1993 Re solution 110 stating the intent of Council to issue revenue bonds for
the acquisition and construction of improvements to the Englewood
Golf Cours.~.
January 17, 1994 Resolution 3 ap propriated funds for the purchase of real property
(Motor Crane Company, previous appropriation lapsed a t year-end)
from the Englewood Golf Course Fund .
February 22. 1994 Ordinance Number 7 was passed on final read:ng approving the Golf •.
Course Revenue Bonds, Series of 1994 . W
BACKGROUND
The City is in the process of expanding its existing Golf Course facility . The expansion will
include: a new nine-hole, par-three course, clubhouse improvements, and year-round
training facility . Debt sentice payments will be made solely from golf course user fees . The
appropriation and purchase of the Family Camping property is essential to the successful
ex pansion project .
PROS AND CONS OF omoNS REVIEWED
Pros : Adoption of a resolution appropiating funds will allow the City to use funds to
purchase the Family Camping pr~r' y. The property is ess,mtial to the success of the Golf
Course expansion p.roject. The expansion, according to projections, will increase future
revenues, allow more player-rounds of golf, provide year-round training for players, make
the clubhouse more useful and pleasant, and generally enhance the image of the Englewood
Golf Course .
Cons : The future revenues and the ab ility to sentice the debt could be adve.rsely affected by
the following : cos t ovenuns, less than projected player-rounds, increased exposure to
environmental clean-up costs, prolonged inclement weather, adverse economic conditions, A
and unfo reseen competition . If the expansion is not successful, the possibility of future net W
losse s does exist.
STAFF ANALYSIS
In orc'.er to meet construction schedules, staff recommends adopting a resolution
appropriating funds to purchase real property from Family Camping. The contract price of
$313,065 includes closing costs related to the acqui sition of real property.
FINANCIAL IMPACT
Funds ap propriated from the Golf Course Fund's retained earnings total $313,065 .