City May Lose Police HQ Over Golf Course Bill
May 28, 2010
BUENA VISTA, Va. – The city of Buena Vista doesn’t have the money to make a payment due on its golf course and faces losing the course, its municipal building and police station that were used as collateral.
The Rockbridge County community issued $9.2 million in bonds in 2005 to finance the golf course’s construction. Last week the City Council decided it couldn’t make a $660,000 payment due in July.
City Attorney Brian Kearney says so far he’s had no luck in negotiations with a Maryland-based insurer over restructuring the financing.
Richmond attorney Bonnie France, who represents ACA Financial, says it’s too early to speculate what will happen if the payment can’t be made.
Vice Mayor Samuel Mays says the golf course was a good idea when first envisioned but has lost money since it opened.
Information from: The Roanoke Times, http://www.roanoketimes.com
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