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South Bend Redevelopment Commission <br />Regular Meeting —April 1, 2005 <br />6. NEW BUSINESS (CONT.) <br />F. Airport Economic Development Area <br />(1) continued... <br />company went bankrupt. <br />Blackthorn now needs to lease the <br />equipment. The lease will have a term of <br />five (5) years. Mr. Firestone distributed a <br />Return on Investment Summary to the <br />Commission for review. The summary is as <br />follows: <br />Total Projected Golf Rounds <br />26,600 <br />Total Projected Golf Cart Rounds <br />20,000 <br />Total Revenue from GPS Fees <br />$100,000 <br />Total Projected GPS Advertising <br />$ 80,000 <br />Total GPS Revenue Generated <br />$180,000 <br />Avg Cost of GPS Lease Per Year <br />$ 56,000 <br />Annual Net Profit from GPS <br />$124,000 <br />GPS units provide for a terrific golf <br />experience and sets Blackthorn Golf Course <br />apart from other golf facilities in the area. <br />Mr. Hunt asked if Blackthorn felt it could sell <br />the GPS units to all 20,000 projected golf <br />cart rounds. <br />Mr. Firestone replied that Blackthorn has a <br />ninety -eight percent usage rate and that <br />almost every golfer takes advantage of the <br />units. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved a Master Lease and <br />miscellaneous documents related to lease of <br />75 Parview 10 -in GPS Systems for <br />Blackthorn Golf Course. <br />15 <br />COMMISSION APPROVED A MASTER LEASE AND <br />MISCELLANEOUS DOCUMENTS RELATED TO <br />LEASE OF 75 PARVIEW 10 -IN GPS SYSTEMS FOR <br />BLACKTHORN GOLF COURSE. <br />