INDIAN RIVER COUNTY — A loan request not to exceed $1 million was approved by the Indian River County Board of Commissioners on Tuesday to replace the irrigation system at The Dunes Golf Course at Sandridge Golf Club.
According to the memorandum provided to the Commission, the existing irrigation system is over 27 years old and has not been replaced since the club opened in 1987.
During the 2011-2012 fiscal year, expenses related to repairing the irrigation system totaled $36,855. In 2012-2013, expenses increased, totaling $52,119.
International Golf Management (IGM) staff, responsible for upkeep and maintenance of the course, recommended the loan and proposed an interest rate of 2.5 percent, per year.
“The current interest earnings on County surplus funds average about 0.50 [percent]. Therefore, the General Fund will receive a higher return from the loan than it would earn on alternate investments,” according to the memorandum.
The total loan amount will be decided upon at a later date, but will not exceed $1 million. The project will be partially funded by the golf course, and will be scheduled during the summer as to avoid peak seasons. Estimated payback period is four years.
With the approval of the loan, IGM staff is free to move forward with the bidding process.
