Brokers in Seattle say the city of Sumner has chosen Principal Financial Group as the winning bidder for the city’s golf course, according to the Puget Sound Business Journal.
Real estate brokers from the firm Jones Lang LaSalle said Principal, a global financial company, could build an industrial park on the land, the report says.
Sumner city spokeswoman Carmen Palmer said the report is misleading, and the city has short-listed a buyer who is negotiating a purchase and sale agreement with officials. She said council members have yet to consider a sale, and would need to review and approve an agreement.
Palmer on Thursday could not confirm or deny that Principal was the short-listed bidder.
The City Council voted last year to seek bids and sell the property, an effort to get rid of the city-owned land that cost the city a lot of money since it was built about 17 years ago.
The city still owes about $5.8 million on the links. Officials determined last year that Sumner couldn’t continue to subsidize the golf course without raising taxes or utility rates.
In March, the City Council passed a resolution declaring Sumner Meadows to be surplus land, which authorized the city to sell the property. Bids closed last month, a process overseen by Seattle firm Colliers International.
Matt McGregor, Colliers senior vice president, said in an earlier interview with The News Tribune that about 30 potential buyers had expressed interest in the golf course.
Kari Plog: 253-597-8682