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AGENDA ITEM 4 <br />FEASIBILITY STUDY OVERVIEW <br />The purpose of NGF Consulting's Feasibility Study is to ascertain the strength <br />of a particular market area regarding the development of a specific site as a golf course <br />and the financial potential of the proposed facility. Many factors are considered in the <br />preparation of this document that are both relevant and important to the potential <br />success of a proposed facility. The information below will briefly discuss the various <br />components and topics we employ in our analysis_ <br />OVERVIEW OF THE COMMUNITY <br />This section of the report examines recent trends in real estate development, <br />employment and major employers, and changes in the population in the area. These <br />factors and others provide a picture of the economic strength found in the immediate <br />region and significant trends which could impact a proposed golf project. <br />DEFINING THE MARKET <br />The market area for the proposed development is determined by the density <br />of the existing commercial and residential real estate in the area, the quality of the <br />roadways providing access to the site and around the area, and the distribution of golf <br />courses which would compete with the proposed facility. All of the aforementioned <br />considerations regarding determination of the market area must be utilized to identify <br />an appropriate and reasonable target market. <br />DEMOGRAPHIC STRUCTURE OF THE AREA <br />Once the market area is determined, demographic characteristics of the market <br />area residents are utilized to determine their potential demand for golf. The age and <br />income distribution of the residents are examined in relation to the distribution of the <br />demographic characteristics of golfers within the same region of the country to estimate <br />potential golfers and the number of potential rounds demanded on an annual basis. <br />1 <br />