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27 <br /> In addition, applying the insurance increase into 2004 shows that annual profit would <br /> continue to decline (estimated 2004 profit= $7,000/$8,000 -Profit from Operations is <br /> estimated at a loss of $40,000). <br /> The proposed redevelopment of the Stonehouse is timely, because it provides the City to <br /> close operations before losses occur and provides the opportunity to quickly turn this <br /> property into asset that provides tax base (estimated property taxes = $98,000 annually). <br /> Strictly from a financial point of view, the highest yield of return would be to close the <br /> Stonehouse down on 5/31/03,and not renew the insurance at the higher rate. However, <br /> other considerations, such as the Sports Boosters or negotiations of redevelopment, may <br /> make it practical to remain open beyond 5/31/03. <br /> To provide Council with alternative closing dates, the attached analysis is based on the <br /> five year average profit of the Stonehouse= $55,375. In addition, a graph is included <br /> which charts the affect on profits due to the insurance increase. <br />