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STAFF REPORT <br />NOVEMBER 1, 1993 <br />PAGE TWO <br />Another action that will be required at the November 8th meeting is a Resolution for a <br />short term loan from the Water Fund to purchase Lot 16 and also a Resolution <br />authorizing a $250,000 long term interfund loan from the water fund to offset the golf <br />course operations for the first three years. <br />It is anticipated that the bond sale will take place in December and the proceeds will be <br />available in January with which to close on the Watson property. <br />This project has been a long and arduous endeavor, but one that has been deliberately <br />taken at a slow and steady pace to ensure that the details are examined closely as well <br />as the overall plan. It will be an outstanding golf course and practice range facility, one <br />that will provide sufficient revenues with which to manage its operations and also provide <br />the City of Mounds View with the "jewel' that will enhance its image and provide a <br />wonderful recreational facility for residents, business owners and the "at -large" <br />community. <br />