WPCNR COMMON COUNCIL-CHRONICLE-EXAMINER. By John F. Bailey. October 5, 2010:
The City of White Plains is considering purchase of the Ridgeway Country Club, having spent two hours and 45 minutes discussing the possibilities in an marathon Executive Session of the Common Council Monday evening.
WPCNR has learned that councilmembers have toured the Ridgeway Golf Club recently in anticipation that the city might purchase the golf club.
Reliable sources speaking in confidence to WPNR advised that that financial projections on how the Ridgeway Club would work under various scenarios were shown the Common Council in the Executive Session Monday evening.
Two detailed color charts were shown the Common Council depicting how the city might reconfigure the club. One possibility disclosed to WPCNR was to add two swimming pools to supplement the one outdoor pool the club now has to serve the city population.
WPCNR discovered last night tha City Chief of Staff John Callahan was city manager in Eastchester for nine years, when that city ran Lake Isle Golf Club (and still does). Callahan revealed to WPCNR his son was Deputy Manager of the Lake Isle Golf Club, indicating Callahan could contribute expertise to crafting how White Plans might run the Ridgeway Golf Club should the city be successful in purchasing it.
Another resource the city WPCNR discovered the city can rely on for golf tips is City Financial Officer Michael Genito who during his employment in Rye was very involved in making the City of Rye acquisition of Rye Golf Club successful to the point where it makes money. Genito, asked by WPCNR how the Rye Club handles members said that Rye requires citizens to be members, that walk-ons could play, but members receive preference, and walk-on residents who are not members pay considerably more.
Asked how White Plains might finance acquisition of a facility such as the Ridgeway Club that might cost as much as $15 Million, Genito said that such a bond to buy the club could be financed over 10 years given the current low interest rates. Genito told WPCNR he felt any bond for such a club could be self-liquidating through fees.
WPCNR for purposes of estimating city costs figured that the city might spend at least as much as the public asking price and then some. Bob Meyerson, the White Plains mortgage broker, ran some scenarios for WPCNR as to what a $15 million bond purchase would cost the city.
Meyerson said a 15 year,$15 Million bond (paid off in 2025)would cost the city $107,453 a month for 180 months, costing the city $4,341,630 in interest.
Councilwoman Beth Smayda, an MBIA expert in municipal finance, told WPCNR after the that the term of how long the city could finance a facility purchase through a municipal bond depended on the state finance law which defines the “asset life” of types of acquisitions.
Mr. Callahan, the Mayor’s Chief of Staff told WPCNR after the Executive Session that the city had exploratory talks with the Ridgeway Club before last Wednesday when availability of the Club was announced, but Callahan said it was “not much before” last Wednesday when the city first started its explorations in considering if the city could acquire the club.
Mayor Bradley, asked by WPCNR if the Executive Session proved favorable said the reports of the departments on acquiring the club and the city being able to afford were “favorable.” Asked after the public council meeting if the Mayor had begun serious consideraton of purchasing the club before last Wednesday, said he had “hard rumblings (the club was for sale).”
Callahan told WPCNR there was no timetable or deadline the city had been given by the management of the property being considered when the city had to make an offer.
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