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, -. <br />>:; -J <br />i :+,; <br />i <br />i: <br />� � �'' � � <br />�'�a CrILtCIC �lltlri� <br />�pl�; �ohn Haxnixierschmidt <br />_ __; 5����'e Billboards <br />���; April 2, 1999 <br />�ACKGRO <br />The Bridges Golf Course was built in 1994 wi�h funds raised from �he issuance of a r�venue bond <br />for $3,490,000. The bond repayment plus a�l other expenses have been paid �or with revenue <br />generated by operatir�g the golf course. <br />Each year the golf course has shown a profit from its operations. This Is defined. by the revenue <br />brought in from greens %es, prac�ice rang�, merchandis�, beverages, and rentals minizs a11 <br />expenses, exctuding capiiai purchases and lawsuit reiated costs. The prafit has ranged fra� <br />�10;OOfl to $40,OQ0 �nd will be positive barring any unforseen circumstances. il�hiie aperation has <br />paid for quiie a few of th� course irnprovements and sor�e capital purchases; the 6u1k of th� <br />capital purchases and a very expensive lawsuit has used up the smali cash reserve and the bond <br />reserve. <br />°This year during ihe budget process we will research refinancin� the bond i�self an�d use an inter- <br />fund Ioan to keep an overall positive cash flow. This in g�self will not solve the problems of . <br />establishing a desirable cash reserve and establish a futad to pay impxovements that were found to <br />be necessary during the lawsuit. <br />An addiiiona.l financiai problem we face is generating enough of a revent�e increase to cover the <br />$35,000 b�yeariy increase u1 principal paymerzis. The goif course is already-at 145% ofwhat was <br />projected as the maximum n�.mber airounds and we charge at least �1.00 rnore. that� surrounding <br />Golf courses. Continued fee increases �will just pric� us out of the market. <br />The ciiy council and city admjnistrator have askeci that I brtng to thenl any ideas that would bring <br />in additional re�enue to the golf course. I arn currenily researching the feasibility of adding rune <br />holes, expanding the pra.ct�ce rang�, pu�tin� lights on the course, and adding food and bev�rage <br />facilities. Th�se will all generate si�nificant revenue but ihe �ash outlay is lar�e a.�d the �niti�l <br />reiurn ov�r expenses is not. . <br />. _ �, � <br />�IJe r�v�re gogng i�o r�place the sigr�s that w�re �nitially placed or� ihe go�f course to announce it's <br />og�nn�gy �1.l1 I1PiW SL�YESy to promote our practace r�ng� and golf �ourse. i7�le lookin� for <br />�ez�dor� to supply those signs as vvell a� a front eniry si�, severai v�ndors suggest we rese�,rch <br />