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Bond In Investing Savings City Hall plans to take over the Brigantine Golf Links course in a $4 million deal made public Tuesday. Mayor Philip Guenther said that the acquisition would both preserve open space and keep the historic 1927 course from closing.

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Bond Investment Toledo Toledo The announcement was made in an afternoon press conference at the golf course clubhouse.

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James Bond Trading Card City officials said they struck the deal to keep the 185-acre course from being developed.

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Bond In Investing Stock They said that if the course was sold to a private developer, the land could have been turned into about 450 lots, which Guenther said would strain city services.

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Municipal Bonds Investment "This means that this valuable tract of land can never again be subject to real estate speculators or development," the mayor said.

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Bond Terms Trading Guenther said a private management firm will run the course, once purchased from National Golf Properties, of Santa Monica, Calif.

Bond Debt High In Inside The firm has not been selected yet, but city officials will send out requests for proposals from prospective firms, City Manager George McDermott said.

Bond Greenville Greenville City officials said they plan to pay for the course with about $3 million through a bond issue, which City Council could act on as soon as tonight's meeting.

Trading Stock And Bonds Guenther said the state Department of Environmental Protection also has earmarked $1 million in Green Acres funding for the acquisition of open space.

Bond Investing Municipal Only two City Council members attended the official announcement, John Murray and Robert Solari. If more members attended the conference, then they would have constituted a quorum, a violation of the state Open Meetings Act. But Guenther said that other members have indicated support for the plan.

Basis Bond Finance Hill Solari, who represents the city's 1st Ward, which includes the golf course, said he plans a March 16 public meeting at the clubhouse to explain details of the plan to the public.

Bond Explained Terms Trading Murray, who holds an at-large seat on council and whose home overlooks the 10th hole, said the deal will not cost taxpayers anything. But city officials said they realized that can only happen with a successful operator running the course.

Bond Business Investing Stock City officials said they would place terms in the contract with the prospective operator to try to make sure that it is run at a profit.

Bond Houston Houston The prospective course operator will pay the city to cover principal and interest on the bond in lieu of real estate taxes, according to city officials.

Stock Bonds Day Trading The property being purchased includes the 18-hole course, the clubhouse, a golf cart building and a maintenance building. The deal does not include the club's liquor license.

Bond Corporate Investing As a city-owned course, Brigantine Links will remain open to the public, officials said.

Investment Bond Uk The mayor said the course operator also will give special discounts to Brigantine residents.

Bond Trading Strategy The course has changed hands throughout its 75-year history. In 1989, American Golf bought the property and changed it from a private to a public course, changing its name from the Brigantine Country Club to Brigantine Golf Links.

Bond Fixed In Income Investing According to terms of the proposed deal, Guenther said, "Under no circumstances could the golf course come under private owners who ... would restrict membership."

Bond Dayton Dayton Investment He said City Council has been negotiating the purchase for the past several months in executive session talks.

Bond Management Market Risk Jim McElhatton
The Press of Atlantic City - 3/6/2002

Topic: Less Sprawl

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