Skip to main content

City Council Considers Mulligans Bond Repayment Resolution

Mar 27, 2015 09:40AM ● Published by James Luke

At the March 17, 2015 meeting the South Jordan City Council entertained the possibility of retiring a debt of nearly $6.5 million dollars with a single payment in early April. Resolution R2015-19, presented for the council’s consideration by Councilmember Mark Seethaler, sets out a plan to fully redeem the bonds that are secured by the Mulligans Golf & Games property. 

The city bought the 67-acre recreation center in June of 2004, and has paid about $4,500,000 in annual payments since then. Current obligations under the bond that was refinanced in September 2005 call for a payment of $450,000 every April until 2029.

The resolution notes that about a million dollars is available from money already earmarked for use on Mulligans’ payments. Beginning with this year’s annual payment on the bonds, due on April 1, 2015 in the amount of $345,000, and supplemented by the reserve the city holds as a requirement of the original bond, an amount just over $724,000, the two taken together constitute some 20 percent of the principle due on the bonds.

Adding in nearly $4 million dollars more from the city’s operating surplus from last year, the immediate payment in full of the bond will save the city almost $1,654,000 in interest expenses. Relying on advice from legal counsel and bond underwriters, the resolution notes that the bond is redeemable without penalties or fees as of April 1, 2015. 

The resolution states that loan payoff the amount “will originate from the city’s General Fund and be recorded as a non-interest bearing loan receivable from the Mulligans Enterprise Fund.” Councilman Seethaler noted at the March 3 council meeting, when he placed the resolution on the upcoming calendar, that totaling the past payments on the property together with what can be paid off to retire the bond in full in April, “the city is into the Mulligans property for a total investment of about $10,000,000.”
 Despite the contentious process of the past few years during which the fate of the property and its costs to the city were considered and debated at length, the council has now come to see the investment in the property as a valuable addition to the city in a form very much as the property currently exists. The resolution specifically notes that the city council affirms that it desires to “retain and preserve the Mulligans property as publicly-owned open space for public gathering and enjoyment as an enhanced and beautiful gateway to the city of South Jordan.”

The work of the Mulligans Review Commission is now well under way in the process of considering the best options to maximize the benefit of Mulligans for the entire community. Together with an opportunity to pay off the bond and save more than a million and a half dollars in interest over the next two decades, consensus on the future of Mulligans as preserved open space that will not be a burden on the taxpayers is coming into focus.             
Today, News
  • Ascend Yoga Studio is Now Open!

    12/13/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/13/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ho Ho Hole in One Mini Golf

    12/13/2017
    05:00PM — 09:00PM

    December 13 from 5-9 pm. 7$ admission for mini golf, there will be food, prizes, raffles and tons...


  • Ascend Yoga Studio is Now Open!

    12/14/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • R.C.I.A.

    12/14/2017
    06:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Instruction Classes

    12/14/2017
    07:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Ascend Yoga Studio is Now Open!

    12/15/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/15/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/18/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/18/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/12/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • Ascend Yoga Studio is Now Open!

    12/13/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/13/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ho Ho Hole in One Mini Golf

    12/13/2017
    05:00PM — 09:00PM

    December 13 from 5-9 pm. 7$ admission for mini golf, there will be food, prizes, raffles and tons...


  • Ascend Yoga Studio is Now Open!

    12/14/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • R.C.I.A.

    12/14/2017
    06:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Instruction Classes

    12/14/2017
    07:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Ascend Yoga Studio is Now Open!

    12/15/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/15/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/16/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FREE Women's Self Defense Class

    12/16/2017
    11:00AM — 12:00PM

    Free Self Defense for women! The third Saturday of every month! We have tons of fun and learn a l...


  • Ascend Yoga Studio is Now Open!

    12/17/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • theBRIDGE Church Grand Opening!

    12/17/2017
    10:00AM — 11:30AM

    Join us this Sunday at 10am @ the Daybreak Community Center in South Jordan, UT!


  • Ascend Yoga Studio is Now Open!

    12/18/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/18/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/19/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • Ascend Yoga Studio is Now Open!

    12/20/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/20/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/21/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • R.C.I.A.

    12/21/2017
    06:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Instruction Classes

    12/21/2017
    07:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Ascend Yoga Studio is Now Open!

    12/22/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/22/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/23/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • Ascend Yoga Studio is Now Open!

    12/24/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • theBRIDGE Church Grand Opening!

    12/24/2017
    10:00AM — 11:30AM

    Join us this Sunday at 10am @ the Daybreak Community Center in South Jordan, UT!


  • Ascend Yoga Studio is Now Open!

    12/25/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/25/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/26/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • Ascend Yoga Studio is Now Open!

    12/27/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/27/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/28/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • R.C.I.A.

    12/28/2017
    06:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Instruction Classes

    12/28/2017
    07:45PM — 09:00PM

    Has your child, grandchild, friend ever ask you why Catholic believe this or do that? Can you exp...


  • Ascend Yoga Studio is Now Open!

    12/29/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • FIT4MOM Murray Stroller Strides

    12/29/2017
    09:00AM — 10:00AM

    FIT4MOM, the nation’s largest fitness program for new moms, has arrived in Murray. Stroller Strid...


  • Ascend Yoga Studio is Now Open!

    12/30/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • Ascend Yoga Studio is Now Open!

    12/31/2017
    06:00AM

    Ascend is a brand new studio located on 726 E and 12200 S ste. F in Draper! We do heated as w...


  • theBRIDGE Church Grand Opening!

    12/31/2017
    10:00AM — 11:30AM

    Join us this Sunday at 10am @ the Daybreak Community Center in South Jordan, UT!


 

 

Online Edition
Follow My City Journals on Facebook
Advertise with us

 

City Journals 9500 South 500 West, Suite 205, Sandy, Utah 84070 801.254.5974