As elsewhere described, on March 26, 1976 the IVGID Board adopted Resolution No. 1244 which directed its chairperson to enter into a written agreement with Japan Golf Promotion (U.S.A.), Inc. (“JGP”) for the District’s purchase of Incline Village’s two golf courses, bowling alley and The Chateau for $1,200,000. And on July 19, 1976 the IVGID Board adopted Resolution No. 1262 which authorized issuance of $5.71 million of revenue bonds (labeled “the Special Obligation Bonds of 1976”) the proceeds of which, in part, paid JGP its agreed upon $1.2 million sales price for Incline Village’s two (2) golf courses, The Chateau, and Bowl Incline. And of course on July 12, 1976, in anticipation of servicing the Special Obligation Bonds of 1976, the IVGID Board adopted Resolution No. 1261 which doubled the Recreation Facility Fee (“RFF”) to pay the servicing and repayment costs associated with those bonds.

Why IVGID Acquired Bowl Incline: Similar to the District’s acquisition of The Chateau, and unlike its acquisition of the beaches and golf courses, no reasons appear in past minutes for the District’s acquisition of Bowl Incline. Leading us to conclude there were no reasons other than it was included in the purchase of the golf courses.

IVGID‘s Sale of Bowl Incline: The District Board’s (“Board’s”) February 9, 1978 minutes reveal that on February 3, 1978 the District received an unsolicited offer to purchase the bowling alley. Although the offer was not acted upon, the District did commission a formal appraisal. And at the Board’s February 23, 1978 meeting General Manager (“GM”) McMillin announced the appraisal had been received and the estimated value was $610,000. Given this was more than the previously received offer, that offer was rejected. And at the Board’s March 9, 1978, Bowl Incline was placed on the Multiple Listing Service for sale.

At the Board’s August 3, 1978 meeting GM McMillin

“Reported that only one offer to purchase Bowl Incline had been received, and this was (from)…Lee Baldarelli. The offer (wa)s for $400,000…with a 30 day escrow. The buyer would operate (the structure) as a bowling alley for a period of five (5) years.”

The offer was accepted, and that was the end of the District’s foray into the bowling alley business.

Conclusion: Had this $400,000 been used to pay down the Special Obligation Bonds of 1976 and reduce local property owners’ RFF, that would have been great. But it wasn’t. Meaning more revenue for other vital expenditures.

And now you know how, when, why, and at what cost the District purchased and disposed of Bowl Incline! 

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