10-04-1993 WS - Laserfiche WebLink

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STAFF REPORT PAGE TWO OCTOBER 4, 1993 Construction Costs/Master Plan The Golf Course architect, Garrett Gil will be present Monday night to present the Task Force's recommended Master Plan for the Golf Course. The Master Plan was developed over a period of almost 1 year and was a result of many compromises involving cost and design. The Master Plan provides for a quality course that is estimated to cost $1, 610, 345 to build. This is over $1, 000, 000 less than originally estimated. The Task Force has worked long and diligently to develop a challenging course and driving range that will be both profitable and efficient to operate. Revenue Bond Sale Bob Thistle will be present at Monday night's meeting to update the Council on the specifics of the proposed bond sale. Since the bond will be a negotiated sale, the timing of the sale can be within a relatively short period of time - hopefully, before the end of October. John Hoyt of Effective Golf Course Systems is preparing an updated revenue/expense projection based on the new proposed range opening of May, 1995 and the course opening June, 1995. Bob Thistle will use the updated projections to calculate the specifics of the bond issue, noting that the City will use proceeds from an interfund loan from the Water Fund to subsidize the operating costs of the course for the first 3 years. Depending on the dates that are set for the bond sale, should Council concur with the following action steps, the formal approval resolutions for the bond sale will be brought to you for consideration at either the October 11th or October 25th Council meeting. The-action--steps are: -- - -- 1. At the October 11th Council meeting, approve, by resolution, a commitment to construct a municipal golf course/driving range as per the Master Plan submitted by the architect. 2 . Approve, by resolution, the purchase of the afore mentioned land and authorize execution of the purchase agreements. 3 . Approve (at the October 11th or 25th meeting) the resolutions which authorize the bond sale and also the inter-fund loan from the water fund. There are additional action steps that will be necessary as we proceed with construction of the course, but most involve action which will not occur simultaneously with the bond sale.