The township of Patoka, Ind., bought the land the club is on for $208,500 and will lease it back to the club. As part of the deal, the township paid off the club’s $160,000 in debt, and saved it from closing.
The Princeton Country Club in Patoka, Ind., is now under new ownership after the Patoka Township advisory board approved the decision to buy it for a little over $208,500, the Evansville, Ind., 14 News reported.
Township Trustee Bruce Fisher said the township will own the property but lease it back to the Princeton Country Club. The club will keep up with daily operations for members, visitors, and the Princeton Community High School Golf Team, the News reported.
Because the golf course is a non-profit organization, the township believes the purchase is a good investment, as there would be no new taxes for people living in Patoka Township, the News reported.
The Princeton Country Club was going under and part of the deal was for Patoka Township to pay off the $160,000 the club had in debt, the News reported.
“We didn’t want this one to go under…this has been here for almost 100 years in this part of Gibson county..we’re trying to entice people to move to this area and when you start taking their recreation away from them that’s one of thing they look for one they come to move into an area,” said Fisher.
Writing up a contract for the deal will take a little over a month, the News reported.