Home youth program budget Humboldt council discusses $150,000 loan to golf club for event center

Humboldt council discusses $150,000 loan to golf club for event center

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Humboldt Golf Club is proposing to modify and expand its existing tent facility at a cost of $513,000.

HUMBOLDT — The City of Humboldt has entered into discussions regarding a $150,000 short-term loan, repayable over five years, to help the Humboldt Golf Club construct an event center located on the golf course.

Humboldt Golf Club is proposing to modify and expand its existing tent facility at a cost of $513,000.

Michael Behiel, the mayor of Humboldt, said the golf club has asked the city to potentially issue a short-term loan to help with initial funding for the facility.

“They are planning to build an event center with approximately 400 seats on the golf course property and this would allow for more events to be held, from golf tournaments to gatherings, to the ability to serve large quantities. of people for banquets and the like,” Behiel said.

“The loan agreement is in the interest of both parties because it will save them money by borrowing from the bank and it will generate revenue for the city at a higher rate than what we actually earn on the loan. money we have in the bank at the moment.”

Following its presentation to council on March 28, council is required to provide a ten-day public notice.

At an upcoming special public meeting of council on April 11, the administration will present the borrowing by-law to council for the issuance of a five-year agreement with the golf club.

If passed, the golf club would have interest of 2.45% compounded monthly.

Behiel said other charities will be able to access the event center at a discounted rate.

“There’s been talk of using it as a temporary performing arts theater for arts committees and stuff like that to allow for plays or productions for seating capacity.”