Wednesday, September 28, 2011

Municipality of Lunenburg issues default notice to Osprey Ridge Golf Course

The Municipality of the District of Lunenburg has issued a notice of default to Osprey Ridge Golf Course. A release Wednesday says the golf course must meet financial obligations within 60 days or the Municipality will assume title to the property. Mayor Don Downe says the golf course has been an important community asset for the past 12 years, but it is now in default and action must be taken. The Municipality has supported the business since 1996 by guaranteeing a loan of $3.2-million and currently holds a first and second mortgage on the property. Downe says it's not the intention of the Municipality to operate the facility in the long-term.