Quote of the Day
"The U.S. economy expanded at a faster clip than initially forecast in the third quarter, helped by more robust consumer spending and by stronger exports. The economy grew at a 2.5% annualized pace in the quarter, revised up from the initial estimate of 2.0%, the government said in its second estimate of quarterly gross domestic product. GDP growth was 1.7% during the second quarter.”
- Wall Street Journal’s MarketWatch, 11/23/2010
For Release: Friday, March 12, 2010
| Contact: | David Gillies (Costello) 202-225-5661 Christina Mulka (Durbin) 202-228-5643 |
COSTELLO, DURBIN: TREASURY ANNOUNCES SALE OF KOKOPELLI GOLF COURSE WILL GO FORWARD
WASHINGTON - U.S. Congressman Jerry Costello (D-IL) and U.S. Senator Dick Durbin (D-IL) today announced that the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) has issued the license to allow the purchase and development of Kokopelli Golf Course in Marion, Illinois, to go forward.
“I am very pleased the Treasury Department and Kokopelli Master Partners found a workable solution that allows for the sale of Kokopelli,” Costello said. “I have been in direct and constant communication with the Department throughout this process, speaking with Treasury as late as yesterday while they worked to finalize this agreement. Issuing the license will allow the sale to go forward, the golf course and restaurant to remain open, and the employees to keep their jobs. I appreciate the efforts of OFAC and thank Senator Durbin for helping to make this sale a win-win for all involved.”
“This is great news for the Marion community,” said Durbin. “After a thorough investigation, the Office of Foreign Asset Control came to a decision that will save an estimated 100 jobs in downstate Illinois. I thank Congressman Costello for joining me in an effort to keep the lines of communication open between the two parties and bring about a final decision.”
In 2008, Green Grass Group, L.L.C. (GGG) attempted to purchase and redevelop Kokopelli Golf Course from Kokopelli Master Partners, L.L.C. (KMP), but OFAC placed a block on the sale after discovering that a former investor in the golf course, John Bredenkamp, was on its list of Specially Designated Nationals. Costello and Durbin have been working on this issue over the last year with the Treasury Department, KMP and GGG, trying to help the parties reach an agreement that will allow for the sale of Kokopelli while preventing Mr. Bredenkamp from receiving any profits from the deal. Costello and Durbin have been in direct communication with the Director of OFAC, receiving updates and encouraging the office to move forward, and met two weeks ago with Fritz Archerd of KMP to discuss options for moving forward. GGG plans to redevelop Kokopelli’s golf course and club house, develop a new restaurant on the course, and build up to ninety single family homes near the course. The development will create jobs and bring investment to Southern Illinois.
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