Politics & Government
Sumner Council OKs Sale of Golf Course to Principal Financial
The body voted 6-1 Monday night approving the sale to the investment firm, reports the Tacoma News Tribune.
The Sumner City Council voted 6-1 Monday night to approve the sale of Sumner Meadows Golf Course to the global investment group Principal Financial, reports the Tacoma News Tribune.
Principal was initially identified as a potential buyer back in June but the city at the time had not confirmed or denied they were on a buyer short list.
According to the TNT, the property will be sold for more than $53 million. A representative for Principal told the newspaper the company will likely develop an industrial park on the property.
Sumner Meadows was purchased in the early 1990s with the intention that it would pay for itself within five years and then fund all parks in Sumner. Only once in the past 20 years did the course break even, and the city still owes approximately $6 million in debt.
Online: Sumner council votes to sell golf course to investment firm (Tacoma News Tribune)
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