City of Denver makes deal to purchase golf course for $20.5 million

DENVER — The City of Denver is buying a 155-acre golf course for $20.5 million.

Park Hill Golf Course had been owned by the George W. Clayton Trust since 1990, which had been losing money on the site, according to BusinessDen. The trust had been leasing the course to a Texas-based operator for $700,000 a year — funds which the nonprofit used for educational programming and schools. It was unlikely the operator was going to renew its lease in 2018.

Under the deal, Denver will purchase 80 acres for $10 million and lease-to-own the remaining 75 acres for $350,000 a year over 30 years for $10.5 million total. The initial $10 million will come from the Park to Platte Hill stormwater detention budget.

The course is currently zoned as open space, and the city will have community meetings to determine the final use of the land.

The operator still has right of first refusal on the sale. The $20.5 million proposal will go before Denver City Council at a committee meeting Oct. 3.

DENVER — The City of Denver is buying a 155-acre golf course for $20.5 million.

Park Hill Golf Course had been owned by the George W. Clayton Trust since 1990, which had been losing money on the site, according to BusinessDen. The trust had been leasing the course to a Texas-based operator for $700,000 a year — funds which the nonprofit used for educational programming and schools. It was unlikely the operator was going to renew its lease in 2018.

Under the deal, Denver will purchase 80 acres for $10 million and lease-to-own the remaining 75 acres for $350,000 a year over 30 years for $10.5 million total. The initial $10 million will come from the Park to Platte Hill stormwater detention budget.

The course is currently zoned as open space, and the city will have community meetings to determine the final use of the land.

The operator still has right of first refusal on the sale. The $20.5 million proposal will go before Denver City Council at a committee meeting Oct. 3.