The two businessmen eager to buy the ailing Chamisa Hills Golf and Country Club are hoping they can interest the city in a development agreement which would enable Rio Rancho to offer them incentives to keep the property afloat.
Rio Rancho businessman Bob Gallagher said on Monday that he and partner Jhett Browne have crafted a draft agreement which would involve a property exchange with the city.
He declined to divulge any details saying he wanted city staff to be able to review the agreement first.
Gallagher did say that the plan would cover the cost and source of water used for irrigating the course, the benefits the property could bring to the city and what funds the city could use to benefit the property.
He said it was closely modeled on suggestions Councilor Chuck Wilkins outlined at a meeting of the Utilities Commission last week. http://www.abqjournal.com/372950/news/new-proposal-for-water-for-chamisa-hills.html
City councilors are expected to discuss the rate for reuse water that Chamisa uses for irrigation at a work session at 5:30 p.m. today.
Gallagher said he and Browne hope to close the deal to buy Chamisa Hills by May 1 or earlier.