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Page two <br /> 6. (continued) <br /> D. We can finish on time and on budget. <br /> E. There will be a contingency fund of $150,000 <br /> budgeted. If the municipality does alter the plans <br /> after construction begins and the fund is not used, <br /> then it could also be used as a part of the reserve. <br /> F. If the community issues less than $5 million for the <br /> ensuing year, we can capture some residual interest <br /> from fund investment. <br /> 7. Why does Blue T take a long-term ground lease (25-40 <br /> years)? <br /> In the event the municipality fails to complete their <br /> Lease/Purchase Agreement, the ground lease would protect <br /> us and prevent the community from using the land for some <br /> other purpose. <br /> 8. May a municipality quit our Lease/Purchase Agreement and <br /> 3 years later go across town and build another municipal <br /> golf course? <br /> NO! Since that would be a breach of our-no-complete <br /> clause. -- - - <br /> 9. How long will our ground lease be in effect? <br /> Until our investors are paid -- hopefully, the length of <br /> the contract. <br /> 10. How long will it take to build a golf course? <br /> Unless something happens beyond our control, we would <br /> estimate 6 to 7 months for clearing, grading, irrigation <br /> installation, green and tee construction. We•would need <br /> 2 growing seasons. Allow approximately 1 year and 4 to 6 <br /> months. <br /> 11 . Do we include all items in our cost budget? <br /> YES! However, there are exceptions if the municipality <br /> wishes to lease its maintenance equipment and its golf <br /> carts. <br />