The Art of the Deal

How and Why the Cary Park District Acquired Foxford Hills Golf Club
The Cary Park District is the proud new owner of the 3-year-old Foxford Hills Golf Club, originally owned operated Town & Country Homes, a development company.

The short article below tells the tale. But Illinois Parks & Recreation wanted to know the story behind the story. After all, it's not every day that a district buys a $4.5 million asset or commits itself to the extraordinary care and maintenance of 188 acres of land that has a single use - even if that use is for one of the nation's most popular pastimes - golf.

THE STORY:
Cary Park District Buys Foxford Hills Golf Club

The three-year-old Foxford Hills Golf Club in Cary is under new management.

On January 30, Cary Park District closed on the $4.5 million sale of the 6,988- yard, par 72,18-hole golf course as well as its 32-stall driving range.

The board of commissioners entered into an agreement with the former owner. Town & Country Homes, to purchase the club and its buildings, equipment and related assets in December 2003. Foxford Hills Golf Club opened in June 2002, and will remain a public golf course under park district operation.

Town & Country Homes President & CEO Tom Ryan said the sale of the golf course to the district was important to their long-term vision of the course in the local community. "The Cary Park District presented their high quality view of the operation and it matched our needs perfectly. Park districts are in the golf course business because they understand a course's open space and recreation value to the community. This transaction provides for the long-term operation of Foxford Hills Golf Club as a real gem in Cary."

Mike Renner, board president, says the board was excited about the purchase. "The purchase of Foxford Hills Golf Club will be an important asset to the community for years to come. In addition, we expect that the golf course operations will provide excess revenues that can be transferred to the capital projects fund for future park improvements."

The district commissioned an independent market and financial analysis to verify the economic viability of the purchase. That study indicated that the projected golf course revenues would be sufficient for both acquisition and operations.

Architect Tim Nugent designed the course. The first six holes can be described as an open, links style and prepares the golfer for the final 12 holes that are played through mature woodlands, natural wetlands, and elevation changes that enhance and offer unique challenges to each golfer. There are five sets of tees, allowing players to choose yardages from 5,040 from the front tees to 6,988 from the back tees.

"This is an outstanding public golf course with huge upside potential in the Chicagoland golf market, and golfers playing there should walk away with an outstanding experience," says Cary Park District Executive Director Steve Cherveny.

The park district will provide residents with a discount from the regular greens fees. "As we move into the 2004 golf season, residents will receive information on greens fees and the resident discount through park district publications and other methods. Also, resident discount information will be available at the golf course when it opens for the season," says Cherveny.

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