Sleepy Ridge Golf Course agreement amendment
Proposed amendment extends the condo and lease term to 2060, transfers the Springwater Pointe and Clegg Pond property to the city for stormwater, and lowers the reserve-fund share of gross revenue from 5% to 1% with 4% spent on improvements.
- Where it stands
- In review
- Type
- Development agreement
- Location
- Sleepy Ridge Golf Course
- Applicant
- Sleepy Ridge Golf Course operator
Every hearing and vote
March 9, 2021 · City Council
Work session: Sleepy Ridge Golf Course agreement amendment
Discussed
Recreation staff proposed extending the agreement because office and event spaces went unused during the pandemic. Changes include transferring the Springwater Pointe and Clegg Pond property to the city for stormwater facilities, extending the condo and lease term from Dec. 31, 2046 to Dec. 31, 2060 with all property turned over to the city on Jan. 1, 2061, cutting the reserve-fund contribution from 5% to 1% of gross revenue while requiring 4% be spent yearly on golf course improvements, and clarifying gross revenue.
- Term: 12/31/2046 to 12/31/2060
- Reserve fund share of gross revenue: 5% to 1%; 4% for improvements
March 9, 2021 · City Council
Sleepy Ridge Golf Course status report
Discussed
The operator said the golf course had its best year ever during the pandemic, with revenue up about 50 percent, while the wedding business fell about 50 percent. He described a three-part model of golf, office space and weddings and a long partnership with the city. Council Member Debby Lauret asked about work on the 10th hole, which will include a pitch and putting area.