Friday, January 13, 2012

Countryside golf course bank loan gets refinanced – quietly

Isn’t if interesting how council members were jumping up and down about the monthly payment on the $4 million of Countryside Golf Course debt two years ago. Not only did the payments on the 6.25% 15 year loan continue all this time without a peep from a city council member but quietly it is now being “refinanced.” You can call it a 2005 bond if you want to … then you can call your house mortgage a bond too. Ya know how it nibbles at the principal while ALL your hard-earned income goes to interest in the first years.

How much money do you suppose it has cost the city to mow around the perimeter of the golf course for two seasons. The city employees were here all day. The farmer that baled hay said his little tractor burned $400 just in cutting one fairway and his labor was free.

Where is the outrage as the city now is spending $1.5 million for trails and a park. That is slightly more then the repairs would have cost for the golf course two years ago … and no mowing or worries for the city.

At our last neighborhood meeting our CRO explained the reasons for our recent burglaries. He said with all the abandoned buildings it is no wonder. The tennis building has been broken into so many times now he is tired of coming up here. What goes on inside he would not say in mixed company.


Adding up the interest only paid to date as provided by Ann Shawver director of finance it comes to $1,232,000 rounded down. Now add that to the $4.1 million paid for the worthless property (and why it was a golf course). Now after paying over half the interest on the 15 year loan it is being lumped in with other bonds QUIETLY with council’s permission on Tuesday.

Not a word will any council member say … rah, rah though we are spending $4 million on Elmwood Park for those who live downtown. Dorchester Court neighborhood is getting two hotels and a restaurant, Southeast have homeless peeing in their yard.

Funny how you can get excited about trails and a pavilion after you lose a golf course and your home value plumets. You look at deterioration for two years and forget what you once had. Yes, we are thankful. After all we only lost a golf course, a swimming pool and a tennis building. The realtor called the new patio homes “Cottages at Countryside.” Sounds great doesn’t it?


Posted By Valerie Garner

Categories: Commentary, Finance

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