Tuesday, July 22, 2008

Valerie, I do have all the facts...

Fact # 1. The Premier has stated on more than one occasion that the courses are for sale.
Fact # 2. The Province is losing their shirt (our tax dollars) in the golf business.
Fact # 3. Recent polling confirmed that 70% of Islanders think Government should get out of the golf business.
Fact # 4. The courses are so mismanaged that any historic data (facts) related to the previous financial results are really irrelevant to any potential buyer.
Fact # 5. That all the consultants and appraisers in the world will have a different opinion on what the courses are worth but its true value is ONLY what the buyer is prepared to pay.
Fact # 6. A tender process with the bids being "opened" in front of the taxpayer is the best way of settling what their true value is.
Fact # 7. A "Request For Interest" (RFI) is another way of closing the door to the public so "someone" can engineer who they want to "give this deal to".
Fact # 8. Leasing is only a good option when the lessor is "guaranteed" a reasonable return on their capital value and when there are guarantees in place that insure that the Lessee will at a minimum keep up the standards and quality of the premises that the brand has established.
Fact # 9. Every Government that has come in contact with the courses have "used" them to hand out employment and continue to procrastinate on disposing of them.
Fact # 10. If I had all the money for all the free rounds, meals, and trips associated with our Provincial golf courses given out to various politicians and bureaucrats over the years I wouldn't be clamouring to buy Crowbush as I'd have enough money to build a few of my own.

Valarie, I do know the facts and they are quite simple, put the courses up for sale and sell them to the high bidder.

Developer puts in offer on Crowbush Cove
Tuesday, July 22, 2008
CBC News
Tim Banks has offered $6.6 million to purchase the Links at Crowbush Cove golf course from the province of Prince Edward Island, but the government says it won't make any decisions on the courses until at least the fall.
The Island developer has sent a formal offer letter and a deposit cheque for $50,000.
Premier Robert Ghiz has long been an advocate of selling off the four provincially owned courses. As opposition leader in 2006, he responded to the November speech from the throne by saying "selling the golf courses is long past due."
The government is responding to the Banks offer by saying it's not ready to let go of Crowbush, or any other provincial golf course yet.
But Banks told CBC News Monday he hasn't had a direct reply to his offer, and it's time for the government to make a move on the golf courses.
"The province should get out of the golf business," said Banks.
"They did their job; we are a destination golf province now. At this particular point I don't think there's any reason why they should stay in the golf business."
Province could hold on to courses. But government has put its plans to sell P.E.I.'s four provincially owned golf courses on hold while it conducts a formal evaluation to find out what they are worth.
Tourism Minister Valerie Docherty said government won't be accepting any offers until that evaluation is complete this fall. At that time, the province will issue a request for interest.
Docherty said anyone making offers should have all the facts.
"[Tim Banks] may have gathered some things on his own, but he does not have all the facts, nor would he be able to have access to all the information," she said.
"He is more than welcome [this fall.] When we put the RFI out we will certainly entertain his."
The government is leaving all its options open while it evaluates the courses. It could decide to sell them, to lease them, or even keep them.


Anonymous said...


Thank you for replying to the Guardian article. Well stated, and I hope you continue your efforts to buy Crowbush.

Anonymous said...

Attaboy Mr. Banks.

Anonymous said...

Love IT!

Anonymous said...

Tim recently found this site. You are a true breath of fresh air. Keep it up.