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M Funds were collected from interested citizens and turned over to the County Commissioners, who authorized the feasibility study to be performed by the National Golf Foundation. This feasibility study was subsequently completed and delivered to the Golf Course Feasibility Study Committee and the County Commission in January, 1985. The findings of the National Golf Foundation study coincided with additional research done by Committee members and information derived from studying other feasibility studies and similar public golf course operations throughout south Florida. Based on the feasibility study and this additional information, it is the Committee's unanimous opinion that it would cost not more than $2,500,000 to build and equip a regulation 18 -hole public golf course to be constructed at Kiwanis-Hobart Park. This figure would include golf course construction, maintenance equipment and building, electric cart storage facility, a modest club house, parking areas and access roads. Our research, along with findings of the National Golf Foundation, would indicate that the annual operating expenses of such a facility is estimated to be $521,975 annually. This figure would include all maintenance and administrative wages, supplies, and other expenses relative to the operation of an 18 -hole golf course. Revenues are projected at approximately $855,263 for the first full year of operation of the course. This figure is based on the estimates contained within the National Golf Foundation feasibility report as modified by the Golf Course Feasibility Study Committee in keeping with area rates presently being charged at comparable golf courses. This annual revenue, when compared with anticipated annual expenses, would indicate to this Committee that the golf course is feasible from a profitability standpoint beginning with its first full year of operation, with a projected surplus of approximately $333,000 to be applied toward debt service incurred by the financing of the golf course project. It has been recommended by M. G. Lewis and Co., Inc. that we consider a $2,300,000 revenue bond issue for twenty years secured by a co -equal pledge of the net revenues of the golf course and the County's portion of the race track -jai alai funds. The annual debt service as indicated by this type of financing would be approximately $265,000 per year, further indicating to this Com ittee that the golf course appears to be financially feasible from a standpoint of meeting its operating expenses with sufficient funds remaining to adequately cover the debt service, thereby making the golf course operation totally self-supporting. No requirement for use of ad valorem taxes for this project is anticipated at any time. The additional $200,000 required -for the purchase of maintenance equipment will be generated through a combination of donations and local short term financing. The proposed County golf course would provide a facility for many local golfers who cannot afford the expensive membership costs of private clubs, and would be of direct benefit to the ever increasing thousands of players residing or vacationing in the County. Non -golfing citizens would also benefit because the County could offer a public facility which would help improve real estate values, offer more attractive vacationing, and be a tangible self-supporting asset to the County. In conclusion, it is the opinion of the Golf Study Committee that a County golf course a would be successful, would be competitively 41 Course Feasibility s outlined herein priced, and would BOOK F,{,UEeJ.��