Some More Topgolf Numbers: Links At El Segundo Edition
/The Daily Breeze's Carley Dryden reports the city of El Segundo is returning to a plan to bring a TopGolf facility to their city after flirting with the red-hot range and bar chain three years ago.
The story offers some fun details into the projected financials.
Last week, the consultant hired to conduct a third-party analysis of the proposal told the council the Topgolf concept will bring the city nearly $210,000 in annual revenue, compared to the $5,600 it receives currently from The Lakes. The concept would produce more than 400 jobs and nearly $40 million in regional gross product, said Gene Krekorian of Pro Forma Advisors LLC.
What’s more is the sub-lessee, CenterCal, will cover the cost of much-needed improvements to the city-owned course, as the city continues to battle budget woes.
As part of the newest terms proposed by Topgolf, the Dallas-based company also will pay a $525,000 ground lease rent, escalating by 2 percent each year until the fifth year and 10 percent every five years after, will provide $400,000 in cash toward lighting on the golf course, will waive the business license sales tax credit it’s entitled to, will offer a revenue share on beverage sales, and more.
“Right here is a pot of gold for our city and all the people who live and work here,” Councilman Dave Atkinson said. “We have things that need to be repaired, and the city doesn’t have (the money for them).”