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be done regarding construction cost and payback period. <br /> <br /> <br />Level 3 – Cease Operations <br /> <br />1.) Close Golf Course and mothball land (retain billboard revenue: <br /> Debt service on the bonds exceeds $300,000 per year. Revenues from <br />the billboards and driving range (if it remained open) may not even <br />reach this amount. A continued small subsidy from other funds might <br />be needed to avoid defaulting on the bonds. The internal loans would <br />have to be written-off. <br /> <br />2.) Sell Golf Course (retain billboard revenue): <br /> The sale of the course would need to at least equal level of current debt <br />($4,045,000) in order to break even. In addition, deed restrictions on <br />land would need to be cleared via State legislative action and/or <br />negotiation with SYSCO. <br /> <br /> <br />Recommendation: <br />Staff recommends that the City Council consider the above information and <br />direct staff to develop detailed implementation plans and prepare cost <br />estimates for the alternatives the Council chooses to pursue. <br /> <br /> <br /> <br /> <br /> <br />Mary Burg, Golf Course Manager <br /> <br />