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city attorney. <br /> <br />Review of Golf Course Alternatives: <br /> <br />1.) Billboard revenue: <br />At the time of this report Clear Channel is scheduled to update the City <br />Council on the status of the billboard issue at the July 6 work session. <br />Staff has not had the opportunity to review any additional Clear <br />Channel information. <br /> <br />2.) Cell phone towers: <br />Staff is in contact with a real estate broker who specializes in cellular <br />towers. The process of evaluating the golf course location for the use of <br />cell and data transmission towers is ongoing. As noted previously there <br />is interest in the golf course location. Staff is in contact with the broker <br />works to seek an interested lessee. <br /> <br />3.) Restructure Course financing (e.g., write-down or write-off internal debt <br />plus refinancing): <br /> This relieves the Golf Course of debt and hastens its return to positive <br />cash flow, but short-changes other City Funds that could be paid back <br />over time. The restructuring of the debt hinges on any income from <br />billboard rental and would not be prepared until the billboard issue has <br />gone through fruition . <br /> <br />Level 2 – Redevelop property and/or expand operations <br /> <br />Staff has been in contact with the City’s attorney regarding the <br />possibility of the development of any of the golf course. The City <br />attorney recommended that steps could be taken to lift any land that is <br />unencumbered by deed restrictions. A feasibility study would need to <br />be conducted. <br /> <br />1.) Sell and/or develop unrestricted land assets: <br /> Staff is consulting professionals for option analysis. Preliminary <br />information indicates that land value currently generates $1.50-2.50 a <br />foot for commercial property. Land developers have expressed interest, <br />however until the restrictions or covenants are clarified there has been <br />no additional activity on this item. <br /> <br />2.) Develop wetland credits for western (Sysco) property or other <br />Course areas: <br /> Wetland credits could be a residual benefit from any development of <br />the area. This additional source of revenues is at a market rate of <br />approximately $1.13 per square foot of area. There is a potential to <br />develop credits in many of the scenarios for this space. Wetland <br />credits would increase the feasibility of other prospects in this area of <br />the golf course should any type of development take place. <br /> <br /> <br />3.) Move Holes #2, 3, 4, 5 to wetland area (Sysco) to the west and