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Richter Park Authority repays Danbury for cash advance

The Richter Park Authority has repaid the City of Danbury for a $150,000 cash advance approved by the City Council in February. The line of credit was meant to address their temporary cash flow needs during the off season.

Danbury Finance Director David St Hilaire says the poor weather conditions shortened this past season and it negatively affected their reserve cash levels.  But Mayor Mark Boughton says the Richter Park Authority is now $400,000 into the positive because of a good spring, driven by nice weather and the COVID-19 pandemic.  He says there were a lot of people with nothing else to do for months but play golf. 

Richter is averaging 180 to 220 golfers per day. 

Their strategic plan calls for putting surplus funds aside for winter and to pay back another loan.  The City Council approved a $1.5 million refinancing loan for 15 years at a 2.5 percent interest rate in November 2015.  Another $600,000 was approved last year for the driving range project.  St Hilaire says the range, completed last April, is bringing in residual benefits for Richter Park operations. 

The current loan balance is $1.7 million. 

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