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June 13, 2005
Your Tax Dollars at Work
Some excerpts from an article in today's AJC: "Taxpayers could be on the hook if a Fayette County golf course that got an unusual federal loan guarantee is sold on the courthouse steps in Fayetteville next month. Wyant Golf Enterprises, a nonprofit that operates the Palmer Course at Starr's Mill, has defaulted on its loan payments. So the lender, Heritage Bank, announced a foreclosure sale July 5 at the county courthouse. The U.S. Department of Agriculture's Rural Development branch guaranteed 90 percent of Boykin's loan. The feds will back a loan for a recreational facility in a rural area — even an upscale rural area — provided it's open to the public and the operator is a nonprofit or an Indian tribe. A golf course attracts businesses and residents and creates jobs, explained Arthur Garcia, former administrator of the USDA's Rural Housing Service. The feds are guaranteeing loans for nine golf course projects across the country, including two in Georgia, said Tim McNeilly with Rural Development's public affairs office. The other Georgia project is a course in Columbia County near Augusta set to open next month." Posted by E. Frank Stephenson at 11:09 PM in Misc.
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