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here today with their recommendation. He explained that there <br />has been some modification from the original proposal that was <br />approved jointly by both committees. He, Mr. Diamond and <br />Commissioner Bird went back and considered some other available <br />options to fund this golf course adequately, keeping in mind that <br />the goal of this Commission is to have the golf course self <br />supporting. Basically, they went back and restructured it using <br />a 5 -year bond anticipation note (BAN) with a 25 -year permanent <br />financing put in place. He explained in depth the following cash <br />flow chart that he and OMB Director Joe Baird had taken two weeks <br />to prepare. He noted that this chart comes very close to the <br />figures Mr. Diamond has run. Since he had some concern over the <br />60,000 rounds of play projected, this cash flow analysis is sort <br />of a worse -case scenario, but it does identify this to be an <br />acceptable activity which will not have to be subsidized. He <br />noted that the chart shows that $300,000 will be paid directly to <br />this activity from the Utilities Dept for an effluent disposal <br />capability and makes the assumption that Commissioner Bird will <br />raise the best part of the $200,000 for equipment and supplies. <br />GOLF COURSE CONSTRUCTION COSTS November 22, 1985 <br />Architect <br />Site Work <br />Construction of Golf Course (Irrigation - $250,000) <br />Clubhouse <br />Maintenance Building <br />Golf Cart Equipment Building <br />Equipment <br />Growing Costs (Seed Money) <br />Contingency <br />TOTAL COST <br />Less Utility Contribution <br />Net Amount Borrowed <br />39 <br />$ 110,000' <br />85,000 <br />1,300,000 <br />250,000 <br />100,000 <br />75,000 <br />200,000 <br />175,000 <br />55,000 <br />2,350,000 <br />250,000 <br />2,100,000 <br />NOV2 71985 BOCK 62 FAU-L 83"01 <br />