HomeMy WebLinkAboutPR 11691: GOLF COURSE CLUBHOUSE Memorandum
City of Port Arthur, Texas
To:
From:
Date:
Subject:
Mayor and City C~ncil
Steve Fitzgibbon ,s,~City Manager
February 27, 2002
Proposed Resolution 11691
In order to complete the Pleasure Island Golf Course, the project requires an additional $300,000. The
Jefferson County Parks Board has funded the bulk of the project. In order to expedite the completion, we
have worked with the Pleasure Island Commission to provide a solution to the funding shortfall. If the
Council approves PR 11691, the City will loan the Commission $300,000 to complete the clubhouse. The
Commission will repay the loan at $2,500 per month plus a $2 surcharge that will be collected on every
round of golf. We anticipate that the loan will be paid in full in less than five years. If they play
approximately 20,000 rounds per year, they will pay off the $300,000 in four years and three months. If
they have more rounds, they can pay the $300,000 off sooner. If they have less rounds, it will take longer
to pay off the loan.
Funding for this Resolution will be provided through PO 5247 which amends the Capital Projects Budget.
The council needs to approve PO 5247 to amend the budget prior to considering this resolution.
P. R. NO. 11691
RESOLUTION NO.
A RESOLUTION AUTHORIZING A $300,000 LOAN TO
THE PLEASURE ISLAND COMMISSION TO FUND THE
GOLF COURSE CLUBHOUSE. ACCOUNT NUMBER
301-1601-591.89-00, CIP 205
WHEREAS, the Jefferson County Parks Board is nearing completion of the Golf Course ProJect on
Pleasure Island; and
WHEREAS, the project requires an additional $300,000 in funding to complete the Clubhouse; and
WHEREAS, the Pleasure Island Commission has entered into a contract with an operator for the
Course, and will receive payment from the operator for the use of the Course; and
WHEREAS, the ancillary benefits herein will promote the development of Pleasure Island; and
WHEREAS, the loan will be repaid from the proceeds of the income of the course received from
the operator and a $2 per round surcharge on the green fees paid at the Course.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PORT ARTHUR, TEXAS:
Section 1. The facts and opinions in the preamble are ~-ue and correct.
Section 2. That the City Council of the City of Port Arthur, Texas hereby approves a loan to the
Pleasure Island Commission in the amount of $300,000 to be repaid at 0% interest with payments of
$2,500 per month plus an additional $2 per round surcharge to be collected at the Course. The $2,500 per
month will be paid on the first day of each month and the round fee surcharge will also be paid on a
monthly basis.
Section 3. That an authorized representative of the Pleasure Island Commission will sign this
Resolution agreeing to these terms.
Section 4. That a copy of the caption of this Resolution be spread upon the minutes of the City
Council.
READ, ADOPTED, AND APPROVED, this __ day of March, 2002, AD, at a Regular
Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor:
Councilmembers:
NOES:
ATTEST:
Mayor
Jan Stroder, Acting City Secretary
APPROVED AS TO FORM:
Mark Sokolow, City Attorney
APPROVED FOR ADMINISTRATION:
Steve Fitzgibbons, City Manager
APPROVED TO AVAILABILITY OF FUNDS:
Rebecca Underhill, Finance Director
AGREED TO:
Pleasure Island Commission