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AI# 12414
Regular City Council Meeting
6.8.1.
04/09/2024:
Information
Agenda Item
Resolution - Parks and Recreation:
Consider a resolution authorizing the Mayor to execute an Amendment to the Meadowbrook Golf Course Management Agreement dated October 13, 1994, changing the account in which the City of Lubbock's portion of the golf revenues are deposited.
Item Summary
The City of Lubbock entered into a Management Agreement in 1994 for the management and operation of Meadowbrook Golf Course with Fore Star Golf of Lubbock LLC, d/b/a Arcis Golf, LLC. The objective of the agreement was to maximize the efficient use of City facilities and assets through privatization, and to release the City from the financial burdens associated with operating and maintaining Meadowbrook Golf Course.
The City of Lubbock receives 10% of all golf revenues. Currently, the City of Lubbock receives 5% monthly and the other 5% is held in a capital account by Arcis Golf, LLC. The City of Lubbock plans to proceed with the construction of a new golf car barn. The proposed amendment will allow the City's 5%, held in capital funds by Arcis Golf, LLC, to be transferred to the City for the remainder of this management agreement. The management agreement is set to expire on December 31, 2024.
Fiscal Impact
The 5% of the City's golf revenues will be moved from the Arcis Golf, LLC, Capital Fund Account, to the Capital Improvement Account 8550-Golf Course Improvements.
Staff/Board Recommending
Brooke Witcher, Assistant City Manager
Attachments
Resolution
Amendment
1994 Management Agreement
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