BUENA VISTA, Va. (WFXR) — A long-running dispute between Buena Vista and a financial company is finally over.
According to a statement from City Attorney Brian Kearney, Buena Vista authorized Mayor Billy Fitzgerald to enter into a settlement agreement with ACA Financial over a multi-million dollar debt related to the city’s golf course, Vista Links Golf Course. .
Under the settlement, the golf course will close on March 1, 2022.
Ownership will go to ACA Financial the following July.
ACA Financial insured nine million dollars in bonds that Buena Vista sold to fund the course.
However, the course proved unsuccessful and the city defaulted on the bonds in 2014, sparking a years-long court battle.
A statement released on Friday February 4 says the city is pleased the battle is over.
“The City of Buena Vista is pleased to announce that it has authorized the Mayor to enter into a settlement agreement with ACA Financial resolving all issues associated with the financing of the Vista Links Golf Course. ACA will waive any claim it has against the City and the City’s property and golf course will be transferred to them. As part of this transition, the course will end on March 1, 2022, and final releases will take place at the end of July this year. It has been a long and difficult process, but council has never wavered in its resolve to resolve this issue in the best interest of the citizens of Buena Vista. With golf course issues behind us, the city can move forward with downtown redevelopment and expanding economic opportunities within the city to build on recent successes and positive momentum.
City of Buena Vista