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Presented 10/7/14
<br />There are numerous variables. We would have to trim costs to turn a better margin, or
<br />do other things —which would likely cost more —to make Coal Creek an irresistible
<br />value. With the projected costs and other revenues, at a Rack Rate of $55.00 and an
<br />Average Fee of $41.25, we would have to achieve 35,000 rounds in 2016 to break
<br />even. That does not seem reasonable at this stage. However, all else being equal, at a
<br />$60.00 Rack Rate and $45.00 Average Rate, we could break even at 32,000 rounds. At
<br />this stage, with the golf market trending down as people pursue other leisure activities, it
<br />seems reasonable to expect 30,000 rounds (the 5 year average,) in 2016 at rack rate of
<br />$60.00 and an Average rate of $45.00. However, that still is not sufficient, all other
<br />revenues and costs remaining equivalent, to break even.
<br />Staff will continue working with the Golf Course Advisory Board as we transition from
<br />grow -in to on -going maintenance to opening the golf course in 2015 to make sure the
<br />course is ready. Once the course reopens, our mission is to ensure Coal Creek is
<br />perceived as a good value compared to other Front Range golf courses, the overall
<br />experience meets or exceeds customer expectations for course conditions, food and
<br />beverage, pro -shop courtesy and the overall experience encourages patrons — including
<br />avid golfers, occasional golfers, those new to the sport, and even non - golfers looking for
<br />an outing where everyone, including families, teenagers and young children, can have
<br />fun —to tell their friends to come back again and again.
<br />Coal Creek's 25th anniversary occurs in 2015, which works well with our planned grand
<br />re- opening, followed by Louisville's 4th of July celebration hosted at Coal Creek Golf
<br />Course. 2015 will be a year of celebration on these two counts and it also marks the
<br />Silver Anniversary of the Recreation Senior Center too.
<br />Open Space and Parks Funding
<br />Ballot Measures Establishing and Continuing Funding for Open Space and Parks
<br />Ballot Question A initiated through voter petition and approved by Louisville voters in
<br />1993 authorized a ten -year, 3/8% sales and use tax with the revenue from the tax to be
<br />used, "exclusively for the acquisition of land in and around the City of Louisville for open
<br />space buffer zones, trails, wildlife habitats, wetlands preservation and future parks ".
<br />Following that question, in 1994, the City Council placed a measure on the ballot and
<br />Louisville voters approved Ballot Issue 2B. This Ballot Issue increased the City's debt by
<br />$4.2 million, with a repayment cost of $5.8 million, for the purpose of, "acquiring land for
<br />open space buffer zones, trails, wild life habitats, wetlands preservation and future parks
<br />and all necessary and appurtenant facilities ", with the debt repaid out of revenues from the
<br />City's Open Space Sales and Use Tax (approved through the 1993 Ballot Question A).
<br />Then in 2002, with the 10 -year tax approved in 1993 set to expire in 2004, the City Council
<br />placed another measure on the ballot. That Ballot Measure 2D, approved by Louisville
<br />voters in 2002 authorized a 10 -year 318% sales and use tax with revenue from the tax to
<br />be used, "exclusively for the acquisition of land in an around the City of Louisville for
<br />open space buffer zones, trails, wildlife habitats, wetlands preservation and future
<br />parks; and for the development, construction, operation and maintenance of such open
<br />space zones, trails, wildlife habitats, wetlands and parks ".
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