Amoco Joint Powers Board Eyes Earning $4.2 Million; Three Crowns To Receive $420,000 Subsidy
The board that oversees the development of the former Amoco refinery and tank farm properties expects to make $4.2 million during its new fiscal year, according to its budget adopted last week.
That net income for the Amoco Reuse Agreement Joint Powers Board is derived from $6.9 million in projected revenues and $2.7 million in projected expenses including $868,000 for the Three Crowns Golf Course, according to the budget.
The management of Three Crowns, which is owned by Scottsdale, Ariz.-based OB Sports, is in limbo because of the recent, sudden departure of its manager Chris Moore.
David Goff of OB Sports said he is the interim general manager, and the company is looking for a replacement for Moore, Goff said.
Moore could not be reached for comment.
Goff said it was Moore's decision to leave. "I'm not sure exactly what he's going to be doing, but he definitely wanted to move on."
Meanwhile, the course continues to lose money.
The board will underwrite Three Crowns for $573,491, which covers a cash shortfall from the past fiscal year and about $420,000 of that will be for the new 2014-2015 fiscal year, Row said. "What you're seeing there in the budget item this year is a catch up."
Since the course opened in 2005, the board has subsidized it for a total of $4.6 million to $4.7 million, he said.
The board has created a task force to analyze why the course loses money and what might be done to change that, Row said. "Right now we're looking to slow and diminish the current subsidy."
The board also budgeted $242.500 to redesign and rebuild the 10th hole on the course because of golfers can hit errant balls into the Oil and Gas Conservation Commission and its adjacent parking lot, Row said.
On the revenue side, the board expects to earn $5.1 million from the lease agreement with the City of Casper for the proposed conference center, Row said.
The board also expects to make $500,000 from sales of land at the former tank farm now known as the Salt Creek Heights Business Center, and $1.2 million from the sale of the land formerly owned by Source Gas in the Old Yellowstone District, he said. The board had potential buyers a couple of years ago, but that deal fell through, he added.
Other revenues include investment and interest income and other minor rental agreements, according to the budget.
Other expenses include $180,000 for pollution remediation of the Platte River Commons, irrigation, trees, utilities, accounting and insurance.
The board plans to spend $1.1 million to develop infrastructure on the Commons for Economic Development.
The joint powers board does not receive any funding from the City of Casper or Natrona County. Its funding has come from Amoco successor BP, interest income, and sales and leases of its property on the former refinery site now known as the Platte River Commons and the former tank farm now known as the Salt Creek Heights Business Center.