Oklahoma City Council authorizes bond sale for new Lincoln Park Golf Course clubhouse

Oklahoma City will sell up to $8 million in revenue bonds to help pay for a new clubhouse at the Lincoln Park Golf Course. City officials say the current, aging clubhouse can't attract lucrative tournaments, so the city is leaving money on the table without a new one.
BY MICHAEL KIMBALL mkimball@opubco.com Published: June 21, 2012

“We're losing valuable revenue-generating tournaments to semiprivate courses around town, and this will close that gap ... to compete aggressively with those courses,” Councilman Larry McAtee said.

The multipurpose area will host tournament activities, but could also be used for private functions and weddings. Councilman Pat Ryan argued the city shouldn't market the golf course for anything other than golf activities because it would go “too far” in competing with the private sector, but the prevailing attitude on the council was that the city should take advantage of any opportunity to have paying customers use the clubhouse.

“We're going to have that space available 'cause you need it for golf tournaments, and yes, they should be able to use it for a revenue stream when it's not being used for a golf tournament,” Councilman Gary Marrs said.

Bonds paid for by golfers

The council authorized a bond sale of up to $8 million, but the city expects to sell only about $7.6 million worth to meet the needs of the project and its associated costs, city officials said. Greens fees at city golf courses have already been increased by $2 to help pay for the bonds, and more small fee increases are planned for the future.

The city expects to pay about $460,000 each year in interest payments on the 25-year bonds, but generate at least $520,000 annually from the fee increases. As a result, golfers and others who use the facility are expected to, in effect, fund the new clubhouse.

Construction on the clubhouse is set to begin this year and be completed by summer 2014.

| |

Advertisement


Trending Now



AROUND THE WEB

  1. 1
    Check out the Thunder postseason playlist
  2. 2
    VIDEO: Blake Griffin dumps water on a fan
  3. 3
    Oklahoma City Thunder: Grizzlies guard Nick Calathes calls drug suspension unfair
  4. 4
    Dave Chappelle Reveals Shockingly Buff New Look
  5. 5
    Peaches Geldof Funeral to Be Held on Easter Monday
+ show more