A hole in one for the Donald!
According to city records detailing a recently announced deal allowing Donald Trump management of a publicly funded golf course in the Bronx, Trump's firm will not be held responsible to pay anything to the city for the first four years of operation.
Upon the fifth year, Trump will only have to provide the city a minimum of $300,000 or revenue equivalent to 7 percent of gross receipts.
The 20-year deal requires Trump to finance a $10 million proposed clubhouse for the Ferry Points golf course, while city tax dollars pay up $97 million. Last year, Trump's net worth was reported to be $7 billion.
As The Daily News points out, a city hot dog vendor stationed outside the Metropolitan Museum of Art is required to pay the city more than $600,000 annually for the prime location.
Geoffrey Croft of the NYC Parks Advocates commented on the deal:
We are paying [$184 million for] the project. Trump is getting a gift from a fellow billionaire, the mayor...It's unheard of that you don't pay any money for four years.
As for the "public" golf course, the deal allows Trump to use the course privately for a full day, as long as the parks department okays it. Fees are also expected to be as much as $125, almost three times the price required by nearby golf courses.
A similar "sweetheart deal" came under scrutiny after documents allegedly showed the MTA cutting a special deal for Apple's newly opened, Grand Central location.