Council approves golf course deal with bank
The council also approved an acknowledgement of the termination of its lease agreement with Sickles Golf Associates, the company that took over operation of the city- owned golf course and expanded it from nine to 18 holes.
Under a business loan agreement between the city of Susanville and Plumas Bank dated March 20, 2008, the city will borrow $451,422.
According to a promissory note dated March 20, the city will pay Plumas Bank “In one payment of all outstanding principal, plus all acquired interest on June 30, 2008. In addition, borrower will pay regular monthly payments of all acquired unpaid interest due as of each payment date, beginning April 25, 2008.”
Hill said due to the constitutional debt limitations for government entities, the city’s obligation would be renewed every year even though the city will not begin to repay the loan for three years.
On March 20, the city granted a deed of trust to Plumas Bank known as Diamond Mountain Golf Course, 470-835 Circle Drive…”
According to a disbursement request and authorization, $349,999.50 will go to Chicago Title Company on the city’s behalf $8,200 will be held in interest reserve, $100,000 will be put in a committed line of credit until such time as drawn upon, $1,922.50 will be paid as other charges financed and $1,300 will go toward prepaid finance charges.
Hill said the city was reviewing proposals and negotiating with five potential operators of the golf course, but no decisions have yet been made. He said the city plans to have the golf course up and running by April.
“We expect the project will close escrow today, Friday, March 21,” Hill said. “And as of today, the city should take over responsibility as to maintenance and getting the course ready for the new operator.”
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