City of La Quinta votes to transfer ownership of SilverRock Resort

The city of La Quinta will soon no longer be the owner of the SilverRock Resort after it voted to transfer ownership to the resort developer.

The transfer will not affect residents’ access to the golf course or the reduced fees. The 525 acres, the 18-hole golf course was purchased for 52 million dollars in 2002 by the city’s redevelopment agency using tax-exempt bonds.

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One of the main reasons for the transfer was the cost of maintaining the course.

The transfer of ownership will occur when the developer achieves specified performance measures that are defined in the amended agreement. The developer is scheduled to achieve those measures by Spring of 2019.

The city says a second nine-hole course is still planned, however, that will come well into the future after the hotel’s conference center and other amenities are up and running.

Read: Agreement made to develop 2 hotels at SilverRock Resort in La Quinta