The course has been put up for sale by a Textron Financial subsidiary, and the Board of Spring Hill, Tenn. has sent a letter of interest asking for a 60-day due diligence period, during which it would not be sold “out from under us.” The city’s plan for expanding its sewer lines through the property would possibly disrupt three holes of the semi-private club’s 18-hole course, which was designed by Arnold Palmer.
The Board of Mayor and Aldermen of Spring Hill, Tenn. voted 6-0 on June 16 to send a letter to the owners of the King’s Creek Golf Club in that city expressing intent to purchase the property, The Daily Herald of Columbia, Tenn. reported.
The 163-acre King’s Creek property, featuring an 18-hole golf course designed by Arnold Palmer that opened in 2006, is currently listed on several real-estate websites, The Daily Herald reported, along with at least 11 other courses being sold by SPE Go Holdings, a subsidiary of Textron Financial Corp. Textron acquired the loan on the course after it, along with the neighboring Village at King’s Creek subdivision, was foreclosed on in 2010, The Daily Herald reported.
Victor Lay, City Administrator for Spring Hill, told The Daily Herald that the city’s interest in acquiring the property stems from the need for an easement for a Rutherford Creek sewer line extension that would have to run through the golf course property, possibly disrupting three of the course’s 18 holes.
The King’s Creek property includes three natural creeks and five sets of tees that stretch the course from 5,078 yards to 6,078 yards, The Daily Herald reported.
City officials want to explore whether purchasing the entire course would be more cost-effective than purchasing easements across the course, Lay explained to The Daily Herald. The city intends to hire a consulting firm to determine if acquiring the property is the best move for the city, he added, and whether or not Spring Hill actually purchases the course depends on the results of the study.
“We are telling them we are interested in purchasing the property [and just asking to] give us 60 days to do our due diligence and don’t sell it out from under us,” Lay said. “We are not putting a down payment or anything like that. We just want to see if there is a long-term need for the city to have that property.”
After the most recent potential buyer backed out of the deal, Lay added, city officials began considering purchasing the property.
“We thought if they are not interested in it, maybe it is in the city’s best interest to pursue the property,” he told The Daily Herald. “If we are going to have to invest this much just for an easement, [we want to see if it is] worth it to us to expend the purchase price to secure a place to expend our wastewater.”
City officials are considering use of the golf course as a municipal golf course or to expand wastewater pumps and treatment facilities on the property, Lay said. If the property were purchased, he noted, it would most likely be from the city’s wastewater fund.
Alderman Amy Wurth expressed concerns, however, that it would be too costly for the city to maintain a municipal golf course, The Daily Herald reported.
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