HomeMy WebLinkAbout2003-215 CCRMember Kay Lasman introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2003-215
RESOLUTION ADOPTING AMENDED SCHEDULE FOR GOLF COURSE
LOAN REPAYMENT
WHEREAS, the City of Brooklyn Center adopted a loan repayment schedule for the
Centerbrook Golf Course to repay capital costs associated with the development and construction of
the golf course; and
WHEREAS, the golf course has struggled through successive years of bad weather
for golf course operation, as well as dealt with an unanticipated major expense of removing gas
storage tanks; and
WHEREAS, it would be appropriate to modify the loan repayment schedule to
allow the golf course to rebuild its fund balance to insure adequate funds for operations and capital
needs of the golf course, while continuing to repay the entire principle amount to the Capital Projects
Fund; and
WHEREAS, attached hereto and incorporated herein by reference as Exhibit A is a
proposed revised loan amortization schedule which extends the repayment schedule by one year and
modifies the payment amounts in 2003 and 2004 to rebuild the fund balance of the golf course; and
WHEREAS, such proposed revised loan amortization schedule appears to be
reasonable and proper.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center that the revised loan amortization set forth as Exhibit A be and hereby is approved
and adopted.
December 8, 2003
Date 4 Mayoe
ATTEST:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Diane Niesen
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kay Lasman, Diane Niesen, and Bob Peppe;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 2003-215
Golf Loan Revised EXHIBIT A
BROOKLYN CENTER MUNICIPAL GOLF COURSE
REVISED November 10, 2003
INTEREST FREE LOAN AMORTIZATION SCHEDULE
Beginning
Ending
Principal
Annual
Principal.
Year
Balance
Pavment
Balance
1998
"1
1,150,000
50,000
1,100,000
1999
2
1,100,000
50,000
1,050,000
2000
3
1,050,000
50,000
1,000,000
2001
4
1,000,000
50,000
950,000
2002
5
950,000
50,000
900,000
2003
6
900,000
15,000
885,000
2004
7
885,000
35,000
850,000
2005
8
850,000
50,000
800,000
2006
9
800,000
55,000
745,000
2007
10
745,000
55,000
690,000
2008
11
690,000
60,000
630,000
2009
12
630,000
60,000
570,000
2010
13
570,000
60,000
510,000
2011
14
510,000
60,000
450,000
2012
15
450,000
60,000
390,000
2013
16
390,000
65,000
325,000
2014
17
325,000
65,000
260,000
2015
18
260,000
65,000
195,000
2016
19
195,000
65,000
130,000
2017
20
130,000
65,000
65,000
2018
21
65,000
65,000
0
1,150,000
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