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South Bend Redevelopment Commission <br />Regular Meeting - December 6, 1996 <br />6. NEW BUSINESS (Cont.) <br />d. continued.... <br />outstanding claims and obligations, <br />fixing a time when the same shall take <br />effect. <br />Mrs. Kolata noted that the proposed <br />Blackthorn Golf Course budget for 1997 <br />shows income totaling $1,562,303; <br />expenses totaling $1,136,688; debt service <br />totaling $361,000; and net operating <br />income of $64,615. <br />Mrs. Kolata noted that Blackthorn Golf <br />Course opened in late August 1994. She <br />stated that in that year the golf course <br />ended with a slight deficit totaling <br />approximately $3,800. In 1995, the golf <br />course budget ended with a profit of <br />$196,655 and in 1996 the estimated profit <br />is approximately $300,000. <br />Mrs. Kolata noted that the rounds of golf <br />played were a little over 7,000 in 1994 <br />and 27,115 in 1995. She stated that we <br />are now projecting a total of 27,339 <br />rounds of golf in 1996. <br />Mrs. Kolata noted that Blackthorn Golf <br />Course has shown some growth even with <br />the poor weather in May and June. <br />Mr. Hunt noted that the rounds of golf <br />played in 1996 are close to those of 1995, <br />and profitability of operations went up <br />about 60 %. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Hojnacki and unanimously carried, <br />H:\ HOME\ CPHWPS \WPDATA \COMMSN\120696.MIN -7- <br />COMMISSION ADOPTED RESOLUTION NO. 1478 <br />DETERMINING TO APPROPRIATE MONIES FOR THE <br />