HomeMy WebLinkAbout1993 Resolution No. 109·•
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RESOLUTION NO . It?"/
SERIES OF 1993
A RESOLUTION APPROPRIATING FUNDS FROM THE CITY OF ENGLEWOOD
GOLF COURSE FUND TO PURCHASE REAL PROPERTY FOR THE ENGLEWOOD
GOLF COU RSE EXPANSION .
WHERE AS , the City of Englewood has ent.red i nto an Agreement to purchase from
Motor Crane Compa ny real property to be u sed to ex pand the Englewood Municipal Golf
Cou rse ; and
WHEREAS, th e Englewood Golf Course is an ent.L rp rise and onl y Golf Course Funds
may be used ' -th e purchase ;
WHEREAS. the Engl ewood City Council approved the purchase of the property on
Decemher b, 1993 with th e passage of Resolution No . 107, Series of 1993 fo r the purpo se of
exp,u,sion of the Engl ewood Golf Course ;
NO W, THEREFORE, l'l E IT RESOLVED BY THE CITY COUNC IL OF THE CITY OF
ENGLEWOOD , COLORADO , THAT :
~-Th e follo "i ng change in ap propriati ons are hereby made to the 1993 Budget of
the City of Englewoorl, Col ora do for th e ac quisitio n of th e rea l pro pe rty fo r the expan sion of
the Englewood Golf Cc urse.
SQllRCEQF.f.llli.llS;
Gol f Co urse Fund
JJSE QF FJJNDS :
$725 ,000.00
Purchase of real property for Go lf Co urse ex pan sion $725,000.00
ADOPl'ED AND APP ROVED thi s 20 th day of Dece mbe r , 1993,
d «~y
I ,,-Sh er i dulley,M,(yo/?' ~--TfST
/':klit,·{FL l V' { ~:f:<t ,
Patricia H. C ro w, City Clerk
I , Patricia H . Crow, City Clerk for the City of Englewood , Colorado , h ereby certify the
above is a true copy of Resolution No .1;1,Seri es of 1993 . n . .
~-ft:tc<&: ..,;;~&~r
Patricia H. Crow
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Date
December 20, 1993
INmATED BY
STAFF SO URCE
CO NClL GOAL
COUNCIL COMMUNICATION
Age ·.1d11 ltem
12 C
Subject . .:..1 •:•ro pri ation of Golf
C::-,.u-se Fwids for
P, ·rchase of Rr:al Property
Department of Financial Services
Frank Gryglewicz, Ac tin g Dirooor oi Fin a,~cial s .,rvices
This does not address a specific Counci l ~oal. but thi s action will
increase the attractiveness of the Gty as a bv-iness and
resi c !:ntidl venue ,
15.5 E/ ACTION PROPOSED
Staff seeks Cowici l support for a resol ution appropriating fwids fr om the Golf Couri;e Fwid
to purchase real property . The City has entered into an agreement to purchase rea1
property from the Motor C:ra ne Company . The propE>rty will be used in the golf course
expansion projec t.
PRE VIO US COUNCIL ACTIGi,
On December 6, 1993, Cowicil approved a resolution authorizing th e purchase of 19 .637
acres of land from the Motor Crane Service Co mpany . Also, Cowicil passed on fir st
read ing an ordinance designating the Golf Course as an enterprise to clarify the City 's
intent in light of Amend ment 1 restrictions on th e issuance of debt.
BACKGROUN D
he C ity is in th e process of expanding its existi ng Golf Course fa cility . Th e ex pansi on will
!r.~lude: a ne w nine-hole, par-three course, club ho use improve ments, and a year-round
trai ning fa ci lity . Debt service payments will be made solely from golf course user fee s. The
appropriation and purchase of the Mo tor Crane Company property is essenti al to the
succes ful expansion projec t .
PROS AND CONS OF omONS REVIEWED
Pros : Adoption of a resolution appropri ating funds will allow th e City to use fun ds to
purchase real pro perty fro m th e Motor Crane Comp any . The property is esse nti al to
com pleti ng the planned Go lf Course expansion . The expansion , according to projections,
will increase fu ture revenues, allow more pl ayer-round s of golf, provide yea r-round tr aini ng
for pl aye rs, make the clubhouse more useful and pleasant, and generall y enhance the image
of the Englewood Go lf Course .
Cons: Th e fu ture revenues and the abili ty to se rvice •.he debt co uld be adverse ly affected by
th e fo llowing : cos t overruns, less than proj cted playe r-rounds, increase<' pv.posure to
em·irorunental clean-up costs , prolonged incl ement weather, adverse eco nomi c conditi ons,
and unforeseen co mpetition . If the ex p ansio n is not successful , the possibility of future net
losses d oes exi st
STAFF ANAL.SIS
In order to meet construction schedules, staff reco mmend s adopti ng a reso lution
ap propriating f,u ,ds for th e purchase of Motor Crane Company 's rea l property . Additional
funds beyond th e co ntrac t price of $684 ,000 are includ ed for closing costs and miscellaneous
m atters related to th e acqui siti on of real property . Any unexpended fund s will be used for
additional 3cqui sitions .
FINANCIAL IMPACT
Funds appropriated from the Golf Course Fund 's retained earnings total $725 ,000 . The
contract to purch ase rea l property from Motor Crane Company is for $684 ,000 . Th e
re mai nin g funds will be used for closing and mi sce llaneous costs . Any unused funds will
be used for other rel ated acqui si tions .
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