BUSINESS DEN REPORTS PARK HILL GOLF COURSE CLOSES FOR 2 YEARS
Park Hill Golf Club closes; litigation continues over who can buy 155 acres
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The 88-year-old Park Hill Golf Club closed at the end of 2018 and likely will remain shut for two years — if it reopens at all.
Scott Siddons, general counsel for golf course operator Arcis Golf, told BusinessDen that the course closed because the City of Denver is set to begin building a 30-acre stormwater retention area on the northeast part of the course to help with flood control.
Siddons said the city will have access to the entire 155-acre course while it works on the project.
Bulldozers could be seen near the course Thursday.
“We’ve been told that as of right now, we expect to be closed this year and next year. … We don’t know what kind of golf course we’ll get back,” he said.
Siddons said around 20 employees were cut or relocated, and the company is moving equipment such as mowers and golf carts.
Arcis leases the course from nonprofit Clayton Early Learning, which owns the land.
Siddons said Arcis will not pay its $700,000 annual rent while the city works on the project. He said he expects to be reimbursed by Denver for the costs of shutting down, but he does not know how much that will be yet.
Clayton CEO Charlotte Brantley also said she expects to be compensated by the city for the missed lease payments.
The city at one point expected to own the golf course.
In September 2017, the city announced it had reached a deal with Clayton to buy the course for $20.5 million. At the time, Arcis’ lease was set to expire at the end of 2018, and city and Clayton officials said they believed the company would not be renewing its lease.
The stormwater retention project was planned at the time the deal was announced.
The deal was put on hold, however, when it became clear that Arcis was interested in renewing its lease or buying the course itself. Arcis sued Clayton in April, alleging Clayton violated its lease by failing to give the company its contractual right of first refusal.
Arcis has said publicly it is willing to match the price the city would have paid for the course. And in June, Arcis renewed its lease for five more years.
The litigation between Arcis and Clayton is ongoing.
Agreement for Immediate Possession
The Park Hill Golf Course Lease
These documents were acquired by Colorado Open Records Act (CORA) and Clerk and Recorder records.
The Lease
The Clayton Foundation (lessor) and American Golf Corporation 1998
If image is not visible please go to link provided
Lease - The Clayton Foundation Lessor and American Golf Corporation Lessee-1Lease – The Clayton Foundation Lessor and American Golf Corporation Lessee-1
http://www.denverinc.org/wp-content/uploads/2018/01/Lease-The-Clayton-Foundation-Lessor-and-American-Golf-Corporation-Lessee-1.pdf
The Assignment of Lease American Golf Corporation and Evergreen Alliance Golf Limited L.P Golf Limited
Assignment of Lease - American Golf Corporation and Evergreen Alliance Golf Limited L.P_If image is not visible please go to link provided
http://www.denverinc.org/wp-content/uploads/2018/01/AssignmentOfGolfLease.pdf
Lease Guarantee 2008
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Lease Guaranty - Premier Golf Management Inc. to The Clayton FoundationLease Guaranty – Premier Golf Management Inc. to The Clayton Foundation
http://www.denverinc.org/wp-content/uploads/2018/01/Lease-Guaranty-Premier-Golf-Management-Inc.-to-The-Clayton-Foundation.pdf
Oct 1 2014 Arcis equity takes ownership position with Eagle Golf
If image is not visible please go to this link http://www.golfincmagazine.com/content/arcis-takes-ownership-position-eagle-golf-closes-cnl-deal
Well thank you Denver for destroying , not one but 2 golf courses and shuttering up another for 3 months…way to go. I for one will welcome May as that may be the month the citizens of Denver cast their vote to change the WRONG direction this city has taken these last 4 years. If I have ruffled anyone’s feathers….. that was exactly my intention….