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Gypsum Creek Grill to close at end of the year

Derek FranzEagle Valley EnterpriseVail, CO Colorado

GYPSUM, Colorado – Gypsum Town Council members approved a lease termination agreement for Bell/Edwards LLC, the company currently operating the food and beverage service at Gypsum Creek Golf Course.The Gypsum Creek Grill will join a list of several restaurants that have failed there. Tom Edwards, a Town Council member, was part owner and the primary financial backer of the venture.”With some regret and no more money in my pocket, I have to give it up,” he said. “I was not looking for a job, and I was spending all my time at the restaurant. It was fun, though. I wanted to try it out.”The termination agreement is set for today, and Gypsum Creek Grill will finish the year. In order for the liquor license not to lapse, it is to be transferred to an “undetermined entity.””I’m sad to see (the grill) go,” said Tim McMichael, a Town Council member. “I never heard a bad comment from anyone.”Edge Golf Group, which manages the golf course facilities, will be looking for a new suitor to operate the food and beverage service.

The town of Gypsum’s 2010 audit took longer than usual due to complications mostly related to the Cotton Ranch Golf Course purchase.The complication was classified as a “material weakness.”Otherwise, the town’s financial record keeping is fairly sound, said Jerry Hays, of Monahan Lampman & Hays P.C., who presented the audit before the council on Tuesday.”Basically, (Hays) asked for something and had problems getting it (from the golf course),” said Jeff Shroll, Gypsum’s town manager. The town acquired the previously private golf course and clubhouse facilities in January 2010 for about $2.5 million after it foreclosed in 2009. Some of the problem areas for the audit had to do with equipment leasing that wasn’t on the books, such as golf carts.”There was inadequate oversight of the Gypsum Creek Golf Course accounting and reporting procedures,” read the cover letter of the report. “We recommend that the town monitor the Gypsum Creek Golf Course financial information on a current basis and record (its) financial information in the town’s monthly reports.”A meeting is planned next week between the new Gypsum Creek manager, who took over this year, town staff and Hays to work out new procedures for bookkeeping.Other small problems the audit revealed had to do with the failure to consolidate remaining funds from lesser accounts back into the general fund after projects were finished.Overall, Gypsum’s books and budget are tracking smoothly.”If you consider the economy, you’re doing pretty good,” Hays said. “If you take out grants and such, the town’s revenues are up about $300,000. Government operating expenses are up about 7 percent over 2009 but that is partly because of the golf course.”


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