Saturday, April 4, 2015
Trump's $269M taxpayer funded golf course now open
From A Walk in the Park:
Trump Golf Links At Ferry Point Park, located on the former Ferry Point Park landfill surrounded by housing projects near the Whitestone Bridge in the Bronx, is now open for business - for the rich.
It's April Fools Day every day for the city's tax payers as billionaire Michael Bloomberg's gift to billionaire Donald Trump finally opens today but not before sticking the taxpayers with a reported $269 million dollar bill.
In one of the most fiscally irresponsible deals made during Bloomberg administration the city paid to build the country's most expensive municipal golf course for the billionaire real estate developer.
The project, one of the Parks Department's most scandal-plagued developments, was originally supposed to open in 2001 and cost the tax payers only a few million dollars.
But the city's cost to build the luxury course isn't the only thing that has skyrocketed since Trump signed the deal in 2013: Prices to play at the exclusive course have also continued to go through the roof.
Green Fees. In a further bilking of taxpayers, the city is allowing Trump to charge the public more than three times what is paid to play at other Parks Department golf courses.
The original contract signed by Donald Trump's Ferry Point Partners for green fees in 2013 listed $100 for a round of golf (Monday-Thursday), and $125 on weekends and holidays. He was also allowed to charge non-residents $25 more on weekends without the approval of Parks or the city.
Since then the sky-high green fees have dramatically increased even further.
The green fees are now $141.00 during the week and $169.00 on weekends. For non-residents prices are now $190.00 during the week and $ 215 dollars on weekends.
Trump is also permitted to increase green fees annually according to his agreement.
Trump is required pay the city nothing through the first four years of his 20-year contract. Years 1-4: No Fee. Year 5: $300,000 or 7% of Gross Receipts plus 3% of sublicense gross receipts. By the 10th year, he is required to pay $360,000 or 7% of Gross Receipts plus 3% of sublicense gross receipts. By year 20, he is required to pay the city $470,000 or 10% of Gross Receipts plus 3% of sublicense gross receipts.