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South Bend Redevelopment Commission <br />Regular Meeting -September 15, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />continue ... <br />$250,000 will come from prior years' profits; <br />the balance will be funded from future profits <br />from the golf course. <br />Mr. King commended the staff for their good <br />work. The capital plan is terrific, <br />comprehensive and businesslike. He <br />recognized the amount of work it took to put <br />it together. It's ideal for the Commission's <br />oversight of the golf course and he hoped it <br />proves to be a good management tool for the <br />golf course staff. <br />Mr. King asked what will happen when the <br />sinking fund balance reaches 15% of the <br />operating revenue? Would the annual <br />contribution be reduced below 2-1 /2%? Or <br />would any excess balance over the 15% <br />become available for capital projects for the <br />golf course? Mr. Inks responded that staff <br />would recommend it be available for capital <br />improvements. <br />Ms. Jones agreed with Mr. King on his <br />commendation of staff for their efforts and <br />noted that the Blackthorn staff must feel <br />much better about their control of the <br />operation going forward. It's a great model <br />that should be used for other public projects. <br />Upon a motion by Mr. King, seconded by COMMISSION AUTHORIZED BLACKTHORN GOLF <br />Mr. Downes and unanimously carried, the COURSE TO WORK WITH THE BOARD OF PUBLIC <br /> <br />Commission authorized Blackthorn Golf WORKS TO PREPARE BID SPECIFICATIONS, <br /> <br />Course to work with the Board of Public ADVERTISE AND AWARD THE BID WITH <br /> SEGMENTATION OF THE PROJECT AND <br />Works to prepare bid specifications, ALLOCATION OF FUNDS THAT MATCH WITH THE <br />advertise and award the bid with PROJECTED AVAILABILITY OF FUNDS AS SHOWN <br /> IN THE DOCUMENTS PRESENTED <br />16 <br />