THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, February 8, 1995 TAG: 9502080533
SECTION: LOCAL PAGE: B5 EDITION: FINAL
SOURCE: BY IDA KAY JORDAN, STAFF WRITER
DATELINE: PORTSMOUTH LENGTH: Short : 35 lines
After a number of citizens, including former Mayor James W. Holley III, spoke in favor of it, the City Council approved a proposal to lease the Sleepy Hole complex to a private company that has promised to spend $1.5 million on improvements while paying $100,000 a year in rent plus a percentage of profits to the city.
``We'll realize a quarter of a million dollars from fees and capital improvements in the first year,'' Deputy City Manager Timothy Little said.
Sleepy Hole encompasses an 18-hole golf course, a park and campgrounds, and the historic Obici House perched on the Nansemond River at the 18th hole.
The 20-year lease will be signed with J.S. Baar, a partnership of Jim Armentrout, who manages the golf course for the city, and Ronnie Rountree, president of Rountree Construction in Suffolk.
Although the city recorded a loss of $77,000 on the Suffolk complex last year, Armentrout said he believes he can make it a profitable operation.
``We are going to make it more efficient,'' he said. ``That will make a difference.''
Members of the Obici House Board raised the only questions about the contract at the special council meeting Tuesday. The board, which functions as a ``friends'' organization to save the home built by peanut magnate Amedeo Obici, will continue to function ``the same way it always has,'' Armentrout said Tuesday.
``We would like to have their input,'' he said.'' by CNB