Apparently, the state crafted a public-private partnership aimed at luring golf tourism back in 1993. The idea was to build four top-notch golf courses, marketed collectively as "The Bear Trace," a takeoff on Nicklaus' nickname. Taxpayers backed $20 million worth of bonds to build the links, which were to be paid off by the profits of a private company running the concessions.
By all accounts, the courses are lovely places to go golfing. The problem is, three of the four are so hard to get to that few golfers bother to make the trip. Who put the courses out in the hinterlands? Powerful state legislators, who wanted wealthy golfers to tee off in their districts. The Tennessean reports that the Bear Trace courses lost $3.7 million in 2004. Shank!
Unfortunately, the bond market does not recognize mulligans. The state is now taking over three courses, as well as $18.8 million of the bond debt.
