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Article: GOLF COURSE'S BIGGEST HURDLE IS LAND COST
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- November 18, 2001
- Author:
CopyrightCopyright 2001 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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NORFOLK - The cost of land will be one of the Norfolk Golf
Committee's biggest challenges in bringing an 18-hole municipal golf
course to town, say consultants for the project.
The land's acquisition is estimated at $4 million, an amount not
yet negotiated, said Robert Markel, town administrator.
In a report released last week by the town's consultants, National
Golf Foundation, the total cost of the construction and permitting
process is estimated between $5 million and $6 million.
The golf course is being funded through a bond, the total of which
cannot exceed $10.7 million. The lower the bond interest rate, the
higher the capital investment that is warranted. At a 4.25 percent
cost of ...