Buena Vista settles golf course debt
BUENA VISTA, Va. (WDBJ) - Even as ice pellets fell onto the picnic tables, golfers being golfers, brave duffers were out on Vista Links, getting in their last shots before it closes March first.
“It’s been a long time, no question,” said Buena Vista City Attorney Brian Kearney. “There have been a lot of twists and turns over the last – how many years – seven or eight years, whatever it may be, just dealing with this part of it.
That would be legal suits over the bonds issued to build the course, bonds the Buena Vista found it couldn’t pay.
The risk was the possible loss of city hall and police headquarters, as well as the course, put up as collateral.
“Went right into a downturn pretty quickly in 2008, with the recession,” Kearney explained. “The number of rounds went down, real estate values went down. It just didn’t work.”
But now, the question is settled with an agreement between everyone involved.
“ACA will own the golf course, and everything else will be free and clear,” Kearney said. “Complete release. Everybody’s releasing everybody from there on forward, no possible suits of any kind.”
It was a while coming.
“We have been negotiating for well over a year,” said Kearney.
But after more than a decade of legal wrangling, ACA will plan to get its money back by selling the golf course.
“They want to market and sell the property as quickly as they can,” Kearney said.
And Buena Vista can move on without a heavy debt obligation.
“There’s lots of good things happening in Buena Vista,” Kearney said, “and this just gets this monkey off your back, just that’s kind of sitting up there.”
Copyright 2022 WDBJ. All rights reserved.