TO: Board of County Commissioners
THROUGH: John A. Titkanich, Jr., County Administrator
FROM: Jennifer W. Shuler, County Attorney
DATE: June 2, 2025
SUBJECT: Reimbursement Resolution for Sandridge Golf Club New Clubhouse
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BACKGROUND
On March 27, 2025, the Board of County Commissioners awarded a bid for construction of the Sandridge Golf Club New Clubhouse. In addition, the Board directed staff to secure sufficient construction bond financing to complete the project, which is not expected to exceed $13,000,000 in aggregate principal amount. The County has engaged Mark Mustian of Nabors, Giblin, & Nickerson to act as bond and disclosure counsel. The attached resolution is the first step in the bond process. In this resolution, the Board declares its intent to issue tax-exempt debt to reimburse the County the costs and expenditures coming from the Golf Course Fund for the new clubhouse construction. The resolution is necessary to comply with Treasury Regulations Section 1.150-2.
BUDGETARY IMPACT
On March 27, 2025, the Board of County Commissioners awarded a bid for construction of the Sandridge Golf Club New Clubhouse in the amount of $12,321,082.40. To fully fund this project funding may be required to come from a combination of fund balance (cash) and the issuance of debt. The final funding strategy/plan will be brought back before the Board for approval.
STRATEGIC PLAN ALIGNMENT
Quality of Life
STAFF RECOMMENDATION
Recommended Action
The County Attorney’s Office recommends that the Board approve the attached resolution.