EDA requests $200k loan from County to cover shortfall in potential Superior National sale

The fate of Superior National Golf Course is once again up for debate. After months of discussion by the Economic Development Authority (EDA) about how to proceed with the sale of the golf course, EDA chair Peter Clissold appeared before the Board of Commissioners on Feb. 10 to talk through a snag in the current plan to sell.

Clissold explained that the EDA board had selected a potential buyer in the fall of 2025, and signed a letter of intent to sell Superior National for $1,850,000. He told the board that an inspection of the golf course during a “due diligence” period revealed significant problems with the irrigation and septic systems. Estimated costs for maintenance and repairs on those systems total $500,000.

“The negotiations centered around us selling the buyer a fully functioning golf course,” he said. He added that by the summer, the EDA had some idea that there could be an issue with the irrigation system.

Clissold said that including all expenses, including a bond retirement for $1,250,000, the EDA expects to be down $90,000 after the sale.

In addition to the shortfall in the sale, the EDA is also navigating a seasonal cash flow concern that the golf course experiences annually. Historically Superior National has seen an inconsistent cash flow across the year, with the bulk of the money earned by the golf course coming in during the spring and summer. Clissold said that in the past the course has been able to access bridge loans from the county in the event of a cash shortfall during the winter months, but that at this time that is not an option. He said there is an anticipated shortfall of over $163,000 by May of this year.

The EDA is asking Cook County for a $200,000 loan to bridge the shortfall caused by a combination of the usual cash flow cycle and the expenses associated with the sale. Clissold said that the EDA would use money from loan that is owed to the EDA by the owners of the Gunflint Vue, scheduled to be paid back beginning in September of 2026, as the source of funds it would use to repay the county.

Commissioner Deb White asked whether it was too late to back out of the sale, and said, “I don’t think this is a good deal for the taxpayers.”

Clissold said that while the sale is not final at this time, whether the county moves forward with this particular sale or not, the work on both the irrigation and septic systems will need to take place.

How the county might navigate supporting the EDA is yet to be decided. Commissioner Garry Gamble suggested looking at what loan options there are for this type of situation, including investigating whether a source like the Revolving Loan Fund could be used to help the EDA bridge this shortfall. Auditor-Treasurer Braidy Powers said that the type of loans, or from what source the loan funds could come, would also need to be established.

The board has opted to return to the question on Feb. 24 when they next meet for a regular business meeting.

Kirsten Wisniewski February 18, 2026