The county acquired the property in 1996 following two failed attempts to develop a private-owned golf course. Private investors, including golf pro and co-course designer Peter Jacobsen, put up $5 million of the $6.5 million development cost. Jacobsen designed the course with business partner Jim Hardy.
Clackamas County invested $1.5 million and plans to buy out the private investors within three years by issuing revenue bonds. Otherwise, the investors will have the option to buy the county interest in the course. Assuming 43,000 rounds of golf in 2002, the county projects $900,000 in profits from gross revenues of $1.2 million. The private investors will get 80 percent of net income until the county can buy them out.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.