Saturday, December 17, 2011
Phoenix pays $1.8 mil to end Papago Golf-Course debt
The Phoenix City Council voted 6-2 earlier this week to spend the funds, giving the city complete control over the course. The investment allows the city to move forward with plans to find a new company to manage the property after
On Wednesday, the Phoenix City Council voted to retire the debt by buying the bonds for 18 cents on the dollar. "We're getting $10 million worth of improvements for $1.8 million," Councilman Tom Simplot said. "It's a good deal."
Councilman Bill Gates said it was difficult for him to support spending $1.8 million, but it was a unique opportunity for the city to retire a significant amount of debt.
He said the next step is to consider getting