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Proforma Notes <br />o Proforma Figure 1, sheets 1 through 7, assumes a July 1, 1994 <br />opening of the Driving Range and a July 1, 1995 opening of <br />the Executive Course. <br />❑ Development costs are based on figures from Williams, Gill <br />and Associates as reduced by the Mounds View Golf <br />Committee on July 15, 1993 and reflected in the Springsted, <br />Inc. Bond Analysis received on July 20, 1993. It is possible <br />that some further development cost savings can be made as <br />the final design phases are reached. <br />EGCS will prepare a final Proforma when all cost data are <br />final and the impact of the course design reductions can be <br />fully analyzed. Significant changes in the analyses that follow <br />are not expected. <br />❑ EGCS income items have been estimated on the conservative <br />side. We believe that gross income, in a well managed <br />operation coupled with average weather, will exceed these <br />estimates by at least a small margin. Expense items, in a <br />similar fashion, have been estimated on the high side of <br />expected expenses. We believe that these two assumptions <br />minimize financial risk to the City. <br />1 <br />