HomeMy WebLinkAbout6D(4)TO: Redevelopment Commissioners
FROM: Beth Leonard Inks &,t/
RE: Blackthorn Golf Course — Purchase of Capital Equipment in 2011
DATE: April 20, 2011
Staff requests permission to use approximately $75,000 of Airport TIF monies to finance
the purchase of 3 pieces of maintenance equipment for the golf course. The Airport TIF
monies will be repaid by Blackthorn Golf Course at 0% interest over 8 years— making 6
seasonal payments totaling approximately $9,400 per year to efficiently manage cash
flow. The pieces are: 1 Triplex Green Mower; 1 Walking Aerator for Greens; and 1
Green Tee Bank Mower. These pieces will replace current equipment pieces which are
each over 15 years old. The bids for this equipment are currently under review. If the
Commission does not approve financing through TIF, we will need to seek financing
through the vendor, at a higher cost.
Attached is a pro forma for Blackthorn operations and capital thru 2016 which shows we
expect sufficient cash flow to support these payments. In addition, we have added
additional anticipated capital needs to the forecast. If net operating income does not meet
projections, these additional capital purchases will need to be adjusted. In any case, we
would expect the $9,400 /year payment requested here would not cause an undue burden
on Blackthorn operations.
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