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| RedGate Municipal Golf Course Management/Lease Proposal The Mayor and Council voted unanimously to award a 10-year operating lease for the RedGate Municipal Golf Course to Billy Casper Golf (BCG) of Vienna, Va. Billy Casper Golf is one of the largest operators of municipal golf courses in the U.S. The lease began Jan. 1, 2012, and allows for four, additional five-year extensions, with mutual agreement of the City and BCG. Billy Casper Golf will make guaranteed annual lease payments to the City for 10 years and give the City a certain percentage of revenue shares. The company will make an initial $175,000 capital investment, as well as ongoing investments in the course throughout the lease. The lease allows the City to continue to offer a quality municipal golf course, provide needed capital investment to upgrade facilities and equipment, while relieving the City of the need to provide financial subsidies for the operation and management of RedGate. |
| 01/09/2012 |