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South Bend Redevelopment Commission <br />Regular Meeting - December 18, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Upon a motion Mr. Donoho, seconded by <br />Mr. Faccenda and unanimously carried, <br />the Commission approved the Blackthorn <br />Golf Course Proposed Pricing for 1999. <br />b. Public Hearing on Resolution No. 1652. <br />Mrs. Kolata asked that the following items <br />be entered into the record: Affidavits from <br />the Tri- County News and South Bend <br />Tribune that the Notice of Public Hearing <br />was published in those newspapers on <br />December 4, 1998. <br />Mrs. Kolata stated that the budget, which <br />was advertised, projects a total income of <br />$1,776,260 minus $251,908 of cost of <br />sales. The net income is $1,524,352. The <br />total expenses are $1,090,797. The total <br />debt service is $436,000. The estimated <br />cash balance at the end of 1998 was <br />$481,000. The estimated cash balance at <br />the end of 1999 is $478,945. The revised <br />debt service, due to refinancing of the <br />Blackthorn Golf Course Bond has saved <br />money for the Golf Course. However, the <br />first Bond payment amount has increased. <br />The Blackthorn Golf Course budget shows <br />that income is slightly less than total <br />expenditures plus debt service by <br />approximately $2,500 to $3,000. With the <br />cash balance, income being less than total <br />expenditures is not an issue. There will <br />still be close to $500,000 on hand, which <br />will be needed to cover cash flow, since <br />the Golf Course does not expect to <br />HAWPDATA \C0MMSN\121898.MM -8- <br />COMMISSION APPROVED THE BLACKTHORN GOLF <br />COURSE PROPOSED PRICING FOR 1999 <br />