TOAV to discuss AVCC, group homes (May 10, 2011)
APPLE VALLEY • The Town Council tonight will discuss options for paying off a $1.4 million bank loan so that it can finally close escrow on the Apple Valley Country Club.
Staff is proposing that the town sell water rights tied to the club to its Wastewater Fund for $2.9 million, transferring that money to the AV Golf Club Fund to help pay off the bank notes.
The town has been making debt payments on the 63-year-old property since agreeing to buy it in November 2008, holding off on closing escrow first due to a lawsuit over those water rights and then through negotiations with Desert Community Bank to knock 10 percent off the payoff price.
These items are up for discussion during the meeting that starts at 6:30 p.m. today in Town Hall, at 14955 Dale Evans Parkway. A full agenda and live video during the meeting can be found at AppleValley.org.
Source: Brooke Edwards, Apple Valley Review, applevalley-review.com/node/178