Monday, September 22, 2014

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Lower Salford Considers Refinancing Golf Course Debt
Written by By Jennifer Butler Correspondent
2014-08-13

        Lower Salford officials are looking to lower the township's debt by taking advantage of low refinancing rates.

        Last Wednesday, supervisors discussed refinancing debt service for the Lederach Golf Club. The township-owned course, located along Route 113, opened in 2006. According to Chairman Douglas Gifford, approximately $2 million of the total $12 million debt has been repaid to date.

        Supervisor Christopher Canavan explained that officials are looking into options to refinance all of the township's current debt which would include the balance for the golf course. According to Canavan, refinancing at a much lower interest rate will shorten the length of the loan, with a scheduled payoff in 2027.

        "This is a long-term asset to the community," Canavan said of the golf course. "You sometimes can't get the big asset without having a certain amount of debt for a period of time."

        Gifford announced that, while the weather was not a factor, June revenue for the golf course still missed budgeted income by $20,000, with several larger outings rescheduled for September. The recreation authority is considering whether lowering greens fees will attract more golfers to the course. Meanwhile, Gifford reported that July was a much better month for golf course revenue.

        In other business, Gifford announced that the township received a petition from Kenneth and Carol Clemmer to create an Agricultural Security Area along Camp Wawa Road. Public comment for the ASA designation of 18.99 total acres expired August 2, 2014 with no comments received. The board will schedule a hearing on the matter for a future meeting.

        The PA Department of Agriculture's Bureau of Farmland Preservation administers the ASA designation, which is a prerequisite for participation in Montgomery County's Farmland Preservation Program. ASA participants also receive special consideration regarding local ordinances specific to farming activities, as well as some nuisance complaints.

        The board approved sale of three municipal vehicles including a 1995 Chevrolet Silverado for $3,201, a 1998 Dodge Ram for $2,601 and a 2004 Chevrolet Tahoe for $1,950.

        Finally, the board passed a resolution to honor Mitch Plummer, Boy Scout Troop 137 of Harleysville, for obtaining the rank of Eagle Scout.

 


 

 

 

 

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