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WEATHERWAX'S REAL PRICE |
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Vivian Moon
MUSA Council Joined: May 16 2008 Location: Middletown, Ohi Status: Offline Points: 4187 |
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Posted: Aug 07 2013 at 3:12am |
Posted: 8:54 p.m. Tuesday, Aug. 6, 2013
WEATHERWAX
City looks to find out Weatherwax’s ‘real’ priceStaff Writer
MIDDLETOWN — Middletown officials want to know how much a prospective buyer might be willing to pay for the 41-year-old Weatherwax Golf Course, even though the city isn’t looking to sell it right now.
City Council’s finance subcommittee directed staffers to explore what price tag the 36-hole golf course might bring on the open market. The subcommittee also wanted to know about any extra costs that would be involved in a potential sale. As the city’s budget has gotten tighter, discussions about what to do with the city-owned golf course have intensified. The city is projected to subsidize Weatherwax operations this year to the tune of $375,000 to $425,000, which includes a $220,000 debt payment for renovations made there in the 1990s. The fact that the city has had to use tax money to prop up its golf course is not uncommon. This newspaper recently did an analysis of golf operations in 13 area cities and found only one — the city of Dayton’s — that actually made money. The rest, including Middletown, ran at a deficit when operations and debt were taken together. “It’s distressing to say this, but I think it’s seriously time to look at selling it,” City Manager Judy Gilleland said of Weatherwax. Gilleland said the process could take several months for industry experts to provide proposals for what the market will bear for Weatherwax. The golf course has a market value of around $1.2 million — a quarter of its worth a decade ago, according to the city manager. “We’re not agreeing to sell, but it makes reasonable sense for the finance committee to look at the options,” said Councilman Josh Laubach, who chairs the finance subcommittee. Even if the city decided to put Weatherwax up for sale, finding a buyer in today’s economy could be tough. Overall, golf courses in the region are struggling; there are too few golfers and too many courses, according to many observers. And while 124-acre Weatherwax Golf Course has a few things that could make it attractive to potential buyers — it has 36 holes, reasonable greens fees and plays host to a number of tournaments and golf outings — it also has its fair share of drawbacks, starting with its age. “Any golf course that’s over 10 years old is considered ancient by golf standards,” said Brian Brockman, a real estate agent with Bang Realty. “Those courses typically don’t fit today’s players.” Add to that Weatherwax’s undersized clubhouse — which limits its opportunities for banquets and other events — and its isolated location on Mosiman Road in west Middletown (a roughly 20 minute drive from Interstate 75), and the sales challenges come into sharper focus. Brockman said if the city eventually decides to sell Weatherwax, officials will need to be patient because the golf course could sit on the market for three to five years. And if a buyer comes forward, the city needs to be open to creative ways of receiving payment, he said. “You have to be open, have an open mind and be open for creative financing — like an owner-financing scenario because a bank is likely not going to finance it,” Brockman said. Golf courses that are selling now are mostly more prestigious country clubs in affluent areas such as West Chester Twp., Brockman said. But even those sales aren’t easy. Beckett Ridge Golf Club in West Chester Twp. was up for auction in June and no one put a bid on it, Brockman said. That 18-hole golf course remains on the market for $1.9 million. Many golf courses look to be redeveloped, Brockman said, such as the property he’s marketing — GE Park & Hidden Creek Golf Course. The property is listed for $5 million and could be redeveloped into something different, he said. Weatherwax has a deed restriction where it could only be a golf course, but Gilleland said she, staff and Law Director Les Landen “believe” they worked through any restriction that could preclude any sale for non-golf-related purposes. Even with a future sale, the city would still be responsible for the nearly $1 million in debt remaining on the bonds from past renovation projects. Area golf courses for sale GE Park & Hidden Creek Golf Course Address: 12110 Princeton Pike, Cincinnati
Listed: $5 million Acres: 108 Course: Par 60, 18 holes Ivy Hills Golf Club Address: 7711 Ivy Hills Blvd., Newtown Listed: $2.6 million Acres: 98.87 Course: Par 71, 18 holes Beckett Ridge Golf Club Address: 5595 Beckett Ridge Blvd., West Chester Twp. Listed: $1.9 million Acres: 156.03 Course: Par 72, 18 holes Hartwell Golf Course and Recreation Center Address: 59 Caldwell Drive, Hartwell Listed: $770,000 Acres: 0.41 Course: Par 27, 9 holes Source: Compiled by staff Focus on government spending Reporter Michael D. Pitman covers city government with an eye on your tax dollars. In today’s story, he examines the benefits and potential challenges of selling off the city-owned Weatherwax Golf Course. Count on the Middletown Journal to keep you informed of all the latest developments with this story. |
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bumper
MUSA Citizen Joined: Feb 01 2010 Location: over here Status: Offline Points: 307 |
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they will we darn lucky to see anyone given half mill, with payments to the city stretching out for the next 50 years... maybe the city should get into farming and plow that sucker up and plant some winter wheat before its to late...
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John Beagle
MUSA Official Joined: Apr 23 2007 Location: Middletown Status: Offline Points: 1855 |
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Weatherwax is my favorite area golf course. Please never speak of plowing it under.
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bumper
MUSA Citizen Joined: Feb 01 2010 Location: over here Status: Offline Points: 307 |
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ooooops sorry john!! just trying to think of ways for the city to make-em some cash flow, then next summer everyone can practice on getting their balls out of the rough.. when I golf im always working out of the rough the city has dug a big ole hole out there and all over, for the people.. and tax tax tax is not gonna work...all the wastefull spending on everything other than where money should have gone, sure catching up with them now..
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ktf1179
MUSA Citizen Joined: Mar 19 2012 Status: Offline Points: 518 |
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Just sell it or give the golf Course to Butler County to run, and cut your losses. But if Middletown wants to keep it I say build a very upscale neighborhood around it similar to Heatherwoode Golf Course.
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