Romspen received $4.25 million for the former Vistoso Golf Course

The beginning of a 202 acre preserve

Friday’s announcement by The Conservation Fund that they purchased the former Vistoso Golf course was fantastic news for the community. It marked the end of a long and difficult negotiation with the property owner. More importantly, however, it marks the beginning of a 202 acre nature preserve for everyone in the community to enjoy.

We plan to tell the story of how this all came about. It is indeed a very complicated story.

Today, we start our story with the result: The settlement agreement that was signed for the purchase of the property.

Resulted from a deal that required a “settlement agreement”
“A settlement agreement is a legal contract that resolves the disputes among all parties by coming to an agreement. It is a legal document where all parties in a court case, in civil law, agree to an outcome of any judgment being made in advance.” (https://www.legalmatch.com/law-library/article/what-is-a-settlement-agreement.html). When it comes to the Vistoso Golf Course, there are many issues that needed to be resolved. The most important of which was what development was going to be allowed on the property. There is after all a 6+ acre parcel that is already zoned for apartments. Then there is the 202 acre golf course including a clubhouse that could have been potentially used for a variety of purposes. The settlement agreement states exactly how all of this was resolved.

The deal has six key elements

• 202 acres will be a permanent nature preserve.That is the golf courses.
• 6+ acres, the clubhouse area, will house proximally 132 apartments
• The apartments will be no higher than two stories. The property is zoned for up to a three-story apartment building.
• A small portion, roughly 1 acre, adjacent to the the 6+ acres will be available for use for parking for the apartments.
• No county recapture of property taxes will be incurred by any party as a result of the sale.
  
• Romspen will receive funds as detailed in the panel at right

There are four participants in the deal
Romspen (Vistoso) LLC

Romspen LLC is the owner of the property. They purchased it in 2012 in a bankruptcy proceeding. They operated the golf course until 2016. They shut it down and proceeded to spend the next five years concocting various ways to parse the property for development. They received $4.25 million for their effort.
Ross Rulney

Ross Rulney is a Tucson based developer. He developed "El Corredor" which is located at Oracle and Linda Vista. It is a mixed-use development. Rulney took over that property from a company that was trying to build a motel there. They went out of business.  Rulney is going to build the apartments.. He paid $1.75 million to buy the property. 

The Conservation Fund 

The Conservation Fund ("TCF") is the entity that now owns a golf course. They will be donating it to the town once they find a conservator to manage the settlement agreement such that nothing other than a natural preserve will ever exist on the property. Through the efforts of the residents, TCF raised donations sufficient to pay Romspen $1.615 million. That was the appraised value of the land.

Town of Oro Valley

The town of Oro Valley is the fourth participant in the transaction. The town agreed to pay $885,000 to settle all remaining “disagreements.”  This resolved a "legal dispute."

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Want to learn more? Read the Settlement Agreement here.