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02-07-03 Redevelopment Commission Minutes
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02-07-03 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting — February 7, 2003 <br />6. NEW BUSINESS <br />A. Public Hearings <br />(13) continued... <br />Mr. Rock reported that Resolution <br />No. 1945 appropriates monies for the <br />expenses of the Blackthorn Golf <br />Course and its various divisions for the <br />fiscal year 2003. Attached to <br />Resolution No. 1945 is a copy of the <br />golf course budget and a schedule for <br />the debt service for the bonds which <br />will be paid off in 2013. <br />Mr. Scott Nissley, Meadowbrook Golf <br />Group, advised that the expenses for <br />the 2003 budget are cautious and the <br />projected revenues are reasonable. <br />ILI Golf market projections are estimated <br />at 2 to 3 percent growth nationwide for <br />fiscal year 2003. The Blackthorn Golf <br />Course 2003 operating budget <br />represents a 3.6% increase over last <br />year's performance which <br />Meadowbrook believes is very <br />realistic. Mr. Nissley noted that <br />membership revenue grew in 2002 by <br />300 percent. The predicted <br />membership revenue for 2003 is <br />expected to double. Golf shop <br />merchandise sales are expected to <br />increase both in volume and margin. <br />Customer satisfaction and feedback <br />has increased using a data based <br />management program called Nemex. <br />Blackthorn is also incorporating "Yield <br />Management" to manage tee times <br />more effectively and market as many <br />rounds of golf per day as possible. It <br />f6041 14 <br />
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