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PROJECTED INCOME AND OPERATING ANALYSIS <br />Projected green fee levels and/or membership fees are determined for the <br />•-� proposed facility based upon the anticipated quality of the course, the type and price <br />level of competitive facilities in the market area, and the anticipated target market for <br />the new facility. Other sources of revenue generation are also examined, such as golf <br />cars, the pro shop, the driving range, and limited food service for golfers. With these <br />projections and the performance projections from the Market Share section, estimated <br />revenues over the first five years of operation are provided. The estimated operating <br />budget for the proposed facility is developed based upon anticipated staffing levels and <br />the quality of maintenance envisioned. The resulting estimate of net operating income <br />indicates the potential fiscal success for the proposed development. Additionally, these <br />financial projections address how much can be spent to develop the facility to adequately <br />retire that amount of debt. <br />SIGNIFICANT FINDINGS <br />A brief summary of pertinent information relative to the proposed facility and <br />10,11, <br />the market area based upon our analysis is prepared. <br />RECOMMENDATIONS <br />Utilizing our findings from the study and knowledge of the market area, <br />recommendations are made pertaining to proceeding with the development of the <br />proposed project. <br />3 <br />