The Royal Mayfair Golf Club in Edmonton’s river valley will have its lease extended for another 18 years, councillors agreed at a meeting Thursday.
The golf club, which occupies more than 100 acres of prime land, asked the city to extend the end date of its lease from 2051 to 2069.
The club argued it needs the extra time to secure investment and make it worthwhile to spend $20 million on renovations needed to keep the facility open.
At a meeting Thursday, council’s executive committee agreed to extend the lease with new conditions that councillors stipulated at a meeting in March.
The club agreed to open the golf course to the public 7.5 per cent of the time, for a fee no greater than what guests of members pay now.
Before the new agreement, the Mayfair only allowed private members and their guests to use the course.
The Mayfair will prepay the equivalent of $870,000 a year for the extra 18 years — that’s $15.7 million up front.
Mayor Don Iveson said the deal, based on present market value, was a win-win situation.
“It’s a very, very good deal for the city, to have that money in our jeans today essentially,” he said. “The city gets extra money; the club gets extra certainty.”
