09/22/1998 SELECT BOARD Minutes - Laserfiche WebLink

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Board of Selectmen Minutes 3 September 22, 1998 APPOINTMENTS AND HEARINGS. Golf Realty Advisors,Inc_: The Board of Selectmen held an informational meeting with members of the Finance Committee for the purpose of reviewing the potential acquisition of the Belcher parcel for the development of a municipal golf course and r recreational facility for the Town. Recess: 6:55 p.m. Meeting Resumed: 7:00 p.m. Public Hearing: Golf Realty Advisors,Inc.: Rowland Bates, Golf Realty Advisors was present to discuss the proposed municipal golf course on the 200 acre Belcher property with members of the Board and interested public. Objectives for the golf course facility include; the protection of Town open space, enhancement of recreational amenities, and financial benefits for the community informed Mr. Bates who presented a slide show presentation of the feasibility and market analysis. Mr. Bates indicated that Mashpee can develop a golf course that is financially self sustaining which is projected to contribute revenue service to.the Town. It was noted that the Massachusetts architectural firm,Cornish, Silva and Mungeam., Inc. was hired by Golf Realty Advisors,Inc. to assist with the feasibility process. Mr. Bates stated that there are presently twenty-five public golf courses on Cape Cod which generate approximately 40,000, 18 hole equivalent rounds. Daily fees projections for 18 holes have been estimated as follows; year 1 $25,000 year 2 $35,000 year 3 $40,000 Mr. Bates suggested that a Special Legislation General Bond be assumed to allow for operating reserves during construction. The bond assumption is projected at 515% interest, 20 year amortization and a debt coverage ratio of 20%. A rainy day fund of$385,000 has been projected for reserves.