Did you know ... that North Canton did not need to buy Arrowhead to save green space?*

*the following appeared in the Canton Repository as a LETTER TO THE EDITOR on Thursday, September 4, 2003.
**Click here to learn more about the Arrowhead Country Club issue.

As a councilman in North Canton, I would like to comment on the Repository report of August 27, 2003, titled, “Chippewa Golf Club will manage Arrowhead.” First, I would like to say that the city’s decision to lease Arrowhead Golf course to Chippewa owner, Mr. Kevin Larizza, is a good choice for North Canton.

Second, it is not widely known by the general public, but this same Chippewa Golf course owner was one of the bidders for Arrowhead earlier this year.

I think it is highly probable that North Canton’s coffers would now be $4.2 million dollars richer if North Canton had simply observed, from the sidelines, the sale of Arrowhead Country Club earlier this year and let an interested golf operator continue the golfing tradition.

North Canton has spent millions to secure green space when it is clear that the green space could have been saved at no cost to the city with its sale to a golf course operator such as the lessee who will now operate Arrowhead for the City of North Canton.

Lastly, the article states that the city expects to get a 3 ˝ percent return on investment (ROI) on its expenditure of $4.2 million to purchase Arrowhead. If North Canton were netting $145,000 a year after expenses, that would equate to 3.45 per cent ($145,000/$4,200,000).

But that is not the case. From the lease payments, $50,000 must be deducted for clubhouse improvements, $26,250 deducted for interest expense on the $2.1 million borrowed funds, and approximately $44,100 on lost interest income from the remaining $2.1 million that was taken from the city’s investment portfolio. The hoped for ROI evaporates to ˝ of one percent.

Information must be accurate and complete to allow for an informed citizenry.

Chuck Osborne
Councilman at-Large
City of North Canton

**Click here to learn more about the Arrowhead Country Club issue.

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