Michael Schumacher of BIZDOC Inc., told the city of Rio Rancho, N.M., that he would not pursue the purchase of the club or his proposal for reduced recycled water rates. In a letter to the city manager, Schumacher said his company learned through “due diligence, [that] the renewal also faces a difficult seller and is challenged by a less-than-receptive governing body.”
The potential buyer of Chamisa Hills Golf & Country Club in Rio Rancho, N.M., has pulled out of the deal, the Albuquerque (N.M.) Journal reported.
City of Rio Rancho spokesman Peter Wells said Michael Schumacher of BIZDOC Inc. has informed the city that he would not pursue purchase of the club or his proposal for reduced recycled water rates, the Journal reported.
Schumacher had an agreement with Chamisa Hills owner Harry Apodaca to buy the club after a due diligence period if no insurmountable problems turned up. He knew the club’s condition was dire, but said he believed he could restore it, the Journal reported.
Schumacher also brought a proposal for decreasing recycled water rates—set to dramatically increase at the club next year—before the city Utilities Commission at its August meeting, the Journal reported.
Schumacher was not immediately available for comment before presstime, the Journal reported.
In a letter to City Manager Keith Riesberg, Schumacher wrote that the course’s renewal would be difficult and so the sale needed to have a specific structure, the Journal reported.
“Unfortunately as we have learned through our due diligence, the renewal also faces a difficult seller and is challenged by a less-than-receptive governing body,” Schumacher wrote.
When he started to fund some of the purchase price last week, Schumacher said his company found amended contract terms “unpalatable” and decided to put the purchase on hold, allowing the seller to explore alternatives, the Journal reported.
“What this means for BIZDOC for now is we withdraw our rate request and will sit on the sidelines on this one, at least for now. We never say never,” Schumacher wrote.
Apodaca, who also could not be reached immediately Wednesday, told the Journal last week that he was still negotiating with Schumacher, but indicated that Schumacher had missed several deadlines for paying earnest money. Other local and out-of-state groups had expressed interest in the golf course, he said.
City Councilor Mark Scott, whose district includes the golf course, said he knew Schumacher had pulled out but didn’t have details, the Journal reported.
“I am very disappointed because I’ve been working behind the scenes to find an acceptable solution,” he said. “I thought we were very close to that.”
Scott wanted to get the golf course taken care of because it was deteriorating rapidly, he said, adding that he would like the property to remain a golf course because he believes it’s good for the community, the Journal reported.
“We can’t go out and make an offer,” Scott said. “We can only respond to requests.”
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