November 8, 2009

City of Fresno potential Running Horse buyer

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Story Published: Oct 23, 2007 at 9:05 PM EST

Story Updated: Oct 24, 2007 at 12:58 PM EST

Fresno is preparing to jump into the murky real estate waters of the Running Horse development.

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The city council agreed to let the administration engage in what Mayor Autry is calling a 'simultaneous escrow' - a pass-through - in which the city would purchase the Running Horse development and then sell it to Donald Trump at cost.

This all happened in a closed session meeting of the council, so many of the details and debate surrounding the decision were not made public.

But the bottom line is the city, with its power of eminent domain, claims to be in a better position than anyone to assemble all of the properties that would make Running Horse a championship golf course.

By lining everything up and then selling it directly to Trump the city feels it has the best chance of making this work to the extent that the PGA does not lost interest and brings a tournament back to Fresno.

Mayor Alan Autry says the next move is to get a contract with the Trump organization that will adequately protect taxpayer dollars.

City administrators hope to come back in 60-90 days with contracts for the city council's consideration.

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