Southern Utah News Articles
Community Impact Board approves low-interest loan for Kane County Golf Course
On July 1, 2021, Mike Noel, accompanied by Michael East, trustee of the Board of Kane County Water Conservancy District, appeared in front of the Community Impact Board in Salt Lake City, Utah, to ask for the necessary financing to develop a new golf course in Kane County.
The Community Impact Board approves nearly $70 million worth of municipal projects throughout the state of Utah annually. Each project receives a rigorous examination by the CIB staff and must meet a high standard of viability to ensure repayment of the loan. The CIB consists of a mix of experts, including a member of the State Board of Water Resources, and both local and state elected leaders, including the State Treasurer. In almost 40 years, no loans made by the Community Impact Board have defaulted.
After a 90-minute meeting and an extensive discussion, the Community Impact Board unanimously approved a 30-year loan at one percent annual interest rate, contingent on an interlocal governmental agreement with other necessary stakeholders. The proposed project relies on the Transient Room Tax, a tax on tourists staying in short-term rentals and hotels, to repay the required financing. The Kane County Golf Course was the only large capital project funded during this funding cycle.
“This financing approval is just another example of people seeing this project for the huge benefit it will be for Kane County,” said Mike Noel. “When finished, this course will be a destination for golf enthusiasts and a wonderful opportunity for local families and businesses.”