Don’t add debt
To the Editor:
Re: Cary Park District/Chalet Hills.
The Cary Park District Board is considering purchasing Chalet Hills Golf Course, which would be the second golf course owned by the park district (and taken off tax rolls). I have stated my disagreement with this purchase but continue to monitor the situation. I interviewed the park district executive director, who I commend for responsiveness and information sharing.
The board sent me commonly asked questions regarding this potential acquisition (posted at www.carypark.com).
One board comment is that members understand “Chalet Hill Golf Club property does not carry any covenants or restrictions that would prevent it from being developed into something other than a golf course in the future. Therefore, should the Park District acquire the property it would be retained as open space to perpetuity.”
Perhaps a developer should purchase it for the future since it is such a good deal. The property would remain on the tax rolls and could provide significant future tax revenue when the economy is stronger and development returns.
A large payment is due on Foxford Hills Golf Course in six years. I asked if Foxford Hills will have the cash to make payment. The answer was “no,” that other bonds with potentially more favorable rates would be purchased. If Foxford Hills can’t make the payment in cash, don’t tell me it’s an “independent self-supporting business.” And add Chalet Hills to the debt? It’s like applying for a new credit card to pay expenses charged on your other credit card.