X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OREGON CITY, OR-With the cash and design skills of pro-golfer Peter Jacobsen, Clackamas County will open a public golf course later this year on 163 acres two miles south of Oregon City on Highway 213. By mid-August, the course will be seeded with grass and play may begin as early as October. A grand opening is scheduled for next spring.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.