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HomeMy WebLinkAbout2006 02 13 Regular 301 National Golf Foundation WS Golf Club CITY OF WINTER SPRINGS February 13, 2006 02 1 306_COMM_Regul ar_3 0 1_ WinterSprings_ Golf Course_Study Page 1 of2 COMMISSION AGENDA ITEM 301 Regular X February 13,2006 Regular Meeting Mgr/ Dept Authorization REQUEST: City Manager requesting the City Commission to authorize the City Manager to enter into an agreement with the National Golf Foundation to perform a Feasibility Study related to the City's consideration of acquiring the Winter Springs Golf Course. PURPOSE: This agenda item is needed to provide the Commission with independent, objective information regarding the economic feasibility of the City acquiring and operating the Winter Springs Golf Course so that the Commission can make an intelligent decision based upon the best information available. CONSIDERATIONS: The City has received considerable input from the public regarding their desire to have the City to acquire and operate the Winter Springs Golf Course in the alternative to the golf course property being sold for commercial and or residential development. The National Golf Foundation and Kitson & Partners were asked to submit proposals to perform economical feasibility studies. Kitson & Partners declined based upon their current work load. FUNDING: The cost of this study proposed by N.G.F. is $15,000 plus and estimated $2,000 for out of pocket expenses. No funds were appropriated for this in the budget; therefore, the Commission would need to appropriate $18,000 from General Fund Reserves for the study. RECOMMENDATION: Relative to this agenda item the following is recommended, 1) that the Commission authorize the City Manager to enter into a contract with the National Golf Foundation to perform the Feasibility Study related to the possibility of the City acquiring and operating the Winter Springs Golf Course, 2) that the Commission approve a supplemental appropriation from General Fund Reserves in the amount of $18,000. ATTACHMENTS: NGF Feasibility Study Proposal. COMMISSION ACTION: NGF CONSULTING Tel: (407) 327-5957 E-Mail: rmclemore@winterspringsfl.org January 25, 2006 Mr. Ron McLemore City Manager City of Winter Springs 1126 E. State Road 434 Winter Springs, FL 32708 RE: Feasibility Study for Acquisition of the Winter Springs Golf Club (Proposal #206001a) Dear Ron: In follow-up to our conversation, I have prepared this proposal for consulting services concerning the feasibility of the City of Winter Springs ("The City") acquiring and operating the privately owned Winter Springs Golf Club as a municipal golf course. We understand that the City would like to evaluate the facility in the context of the local/regional golf market to determine if the golf course can operate as a viable business. NGF Consulting has done many of these types of studies for both municipalities and private operators across the nation, and we believe we are uniquely qualified to assist Winter Springs in this effort. This study would be used to determine the market potential and financial feasibility of operating the Winter Springs Golf Club as a municipal facility after making any necessary improvements to the golf course and support amenities. We understand that at this time the City does not require a certified appraisal of the subject property. Rather, a market-based value based on existing and potential cash flows will be provided by NGF Consulting to assist in determining whether operating the facility would be financially viable for the City. Thank you for the opportunity to submit this proposal. Please call if there are any questions or if we can be of further assistance. SCOPE OF SERVICES NGF Consulting will complete the scope of work set forth in this proposal in the following sequence: . Task One: . Task Two: . Task Three: Golf Market Demand and Supply Analysis Physical Review of Winter Springs Golf Club Financial Performance Analysis NATIONAL GOLF FOUNDATION CONSULTING, INC. A Subsidiary of the National Golf Foundation 1150 SOUTH U.S. HIGHWAY ONE, SUITE 401, JUPITER, FL 33477 . (561) 744-6006 . FAX: (561) 744-9085 . www.ngforg Task One: Golf Market Demand and Supply Analysis Upon receiving your authorization to proceed, NGF Consulting will begin the analysis of the Winter Springs, Florida area golf market. Among the field activities expected for this project are: . Meet with City officials to review the scope of work and arrange specific dates for deliverables. This process will be repeated as needed throughout the project in order to discuss any necessary refinements, additions, or deletions to the scope of work. . Collect from the City of Winter Springs copies of any additional relevant data and documents that pertain to the project. . Collect demographic and economic data to identify the characteristics of the local market. . Visit each of the competitive golf facilities in the market area, and provide operating data and market placement information on each. . Obtain information regarding proposed new golf facilities both within and outside the determined market area. . Conduct a physical inspection and evaluation of the Winter Springs Golf Club. These field activities will provide NGF Consulting with first-hand information on key market and site factors in the Winter Springs area. These factors will include site characteristics, area competition, planned facilities, present use levels, and community golfing needs. NGF Consulting will then develop an in-depth market analysis that will include: Local Golf Market Analysis In this task, we will consider the population size, median household income levels, age distribution of the residents, and other demographic factors that are influential in determining the number of golfers within the area. A thorough analysis of the area's tourist/seasonal resident market will also be conducted. The summation of the identifiable demand from these sources will represent the "potential" demand for golf within the specified market area. NGF Consulting will also review existing and planned golf facilities in the market area that may impact the operation of Winter Springs Golf Club as a municipal golf course. This will include an analysis of all public access golf facilities located in the defined market area. Key factors to be examined for all competitive facilities include their location, course type, annual rounds played, fee levels, operating hours, and support services. This allows us to ascertain the quality and quantity of public golf supply levels for the area. Included in this market analysis are detailed course overviews illustrating rates, rounds, and market placement. The end product of the market analysis will be a concise report identifying the club's market and financial potential should it be operated as a municipal golf course, after recommended and necessary improvements have been made to the facility. NGF Consulting will make a recommendation as to the specific golf course concept/design, related amenities, and pricing that would offer the greatest chance for success in the Winter Springs area golf market. This will include estimates of all golf facility use levels such as rounds played (broken out by type), membership/annual pass levels (by type and/or category), and driving range/practice facility National Golf Foundation Consulting, Inc. - Proposal #206001a - 2 activity. Further, the corresponding fees for each revenue center will also be estimated for the first five years after acquisition of the Winter Springs Golf Club. Task Two: Golf Course Physical Review NGF Consulting will conduct a thorough inspection of the Winter Springs Golf Club. The areas to be examined include issues specifically related to the conversion of the facility from a daily fee to a municipal golf course, such as (but are not limited to): . Required Maintenance Services Staffing levels Supervision Job descriptions Budgeting . Agronomic programs Course playability Standards of quality Environmental compliance procedures . Potential Renovations and Upgrades to: Greens and tees Fairways and roughs Bunkers Ponds Cart paths Trees and shrubs Driving range Practice greens Structures, including clubhouse . Recommended Improvements and Cost Estimate The inspection of the golf facility will result in the preparation of a recommended list of operations and maintenance program improvements, and capital improvements necessary to develop and sustain the golf course in good quality condition so that it will be competitive in the market. The estimated cost of each improvement will be provided, and the recommendations will be prioritized in terms of the greatest need sequence. Task Three - Financial Performance Analysis NGF Consulting will analyze all necessary revenue and expense categories to estimate potential financial performance of the newly acquired golf facility. This phase of the study process will involve integrating market findings and expected use levels into a five-year cash flow proforma for the converted golf facility. In consideration of market conditions and proposed quality of services, attainable fee levels will be estimated and detailed revenue and expense estimates developed for each facet of the golf operation. We will provide you with a five-year financial pro forma statement that will result in a warranted investment estimate that can then be used to aid in determining an appropriate level of investment in the golf facility. NGF Consulting's financial proformas are prepared for feasibility purposes and therefore will be conservative and unbiased. In addition, NGF Consulting's financial proformas will be developed in a format consistent with the required due diligence National Golf Foundation Consulting, Inc. - Proposal #206001 a - 3 standards of our numerous lender clients who have provided significant feedback over the last ten years. Finally, NFG realizes that some municipalities require their golf courses to stand on their own financially independent of General Fund financial support, and that other communities find it in the best interest of the community to supplement golf courses from their General Fund. NGF Consulting experience has shown that, all other factors being equal, it is optimal for municipalities to operate golf facilities as an enterprise financially independent of General Fund support, especially given the current golf market climate of rising construction and operating costs. However, we will clearly identify the level of supplemental revenue that would be required to operate and maintain the golf course in a good quality, market-competitive condition if sufficient revenues cannot be generated from user fees. STUDY COST AND DELIVERY DATE SUMMARY Task One: Golf Market Demand and Supply Analysis Task Two: Physical Review of Winter Springs Golf Club Task Three: Financial Performance Analysis Totals Timing* Cost 3-4 Weeks $9,000 Concurrent $3,000 1 week $3,000 4-5 weeks $15,000 * Timing from the completion of the field visit. Out-of-pocket expenses such as travel, lodging, meals, telephone calls, purchase of demographic data, and mailing expenses are not included in the professional fees shown above. Reimbursable expenses will not exceed $2,000 without prior authorization from the City of Winter Springs. ACCEPTANCE Acceptance of this proposal may be indicated by signing one copy and returning it to NGF Consulting's Jupiter office. A purchase order or City of Winter Springs, Florida contract will be used as the engagement agreement. We appreciate your interest in the National Golf Foundation and its consulting services. Our goal is to serve our clients and the industry, and to promote the development of successful golf projects. If you need any additional information, please call. Sincerely, Ed Getherall Senior Project Director Acceptance Date National Golf Foundation Consulting, Inc. - Proposal #206001 a - 4 NGF CONSULTING QUALIFICATIONS Corporate Structure National Golf Foundation Consulting, Inc. (NGF Consulting), incorporated in 1987 in the state of Delaware, is a wholly-owned subsidiary of the National Golf Foundation, Inc. National Golf Foundation, Inc. (NGF) is a not-for-profit 501 (c)(6) organization, incorporated in 1936 in the state of Illinois and now located in Jupiter, Florida. With a staff of approximately 25 and an operating budget of approximately $3.5 million, its mission is providing information and insights on the business of golf through research and information products and services for the industry and its members. NGF has two subsidiaries: a for-profit consulting corporation (NGF Consulting) and a not-for-profit 501 (c)(3) organization. National Golf Foundation The NGF has been assisting municipalities and private developers/owners with golf course planning, development, and operational needs as well as industry research for golf businesses for more than 60 years. All research and consulting projects are conducted out of our offices in Jupiter, Florida, by our staff of 25 professionals. The Foundation's work today is supported by a membership base of approximately 6,000 members representing every facet of the industry: private and public golf facilities; golf course architects; developers and builders; companies offering specialized services to the golf industry; national, regional, state, and local golf associations; teachers, coaches, and instructors; and individuals. The 33-member board of directors and board of governors include the chief executives of the PGA TOUR, PGA of America, Golf Course Superintendents Association of America, Club Managers Association of America, National Golf Course Owners Association, and International Association of Golf Administrators. The National Golf Foundation has long been recognized as the U.S. golf industry's primary source for golf market research. The National Golf Foundation's multifaceted research database has set an untouchable standard in the golf industry, with an entire department devoted to daily data collection through telephone interviews and surveys. NGF research data is frequently quoted by other consulting firms, and utilized by these firms to analyze the viability of golf markets. The National Golf Foundation's annual surveys are designed to ascertain golfing habits and trends of golfers, golf facilities and golf manufacturers nationwide. From this research, the NGF publishes upwards of 60 research documents that provide dependable information on the number, nature, and habits of golfers in each state, as well as golf facility operational issues, golf travel issues, alternative golf facility operations, and an annual directory of golf. Our most important "flagship" research includes several publications that are widely quoted in national and international press and are used by numerous other golf-oriented consulting and information firms. The key "flagship" NGF publications include: . Golf Industry Report - published quarterly . Golf Facilities in the U. S. - 2005 . Golf Participation in the U.S. - 2004 . Operating & Financial Performance Profiles of 18-ho/e Golf Facilities in the U.S.- 2004 . Development and Operation Manual: How to Plan Build and Operate a Successful Golf Range - 2003 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 5 . Marketing Your Golf Course - 2003 . Women Welcome Here! A Guide to Growing Women's Golf- 2003 . The Spending Report: Sizing the Golf Consumer Marketplace - 2003 . U.S. Golf Travel Market - 2003 . Careers in Golf: An Insider's Guide to Careers in the Golf Industry - 2001 . A Strategic Perspective on the Future of Golf - 1999 NGF Consulting National Golf Foundation Consulting, Inc. (NGF Consulting) is a subsidiary of the National Golf Foundation that provides assistance to clients regarding the feasibility of potential development projects and the efficiency/profitability of existing golf facilities. This specialized consulting group has been providing advisory services to golf facilities for more than 17 years and has become the recognized leader in new golf facility feasibility studies and existing facility operational reviews. NGF Consulting's industry contacts are extensive, through both NGF members and consulting assignments. Our clients are from all parts of the world, and as a result of this international posture, we have singularly examined more golf markets than any other golf consulting firm in the world. In any consulting assignment, NGF Consulting brings together a team of experts whose efforts are exclusively devoted to the business of golf course development and operations. Our goal is to fully understand the needs of our clients, to thoroughly examine the golf market (with staff members personally visiting the area), and to analyze that market's ability to support a successful golf course. The unique golf demand estimation practice developed by NGF Consulting in the late 1980s was the first to incorporate age and income modeling to create market specific golf participation and frequency estimates based on the demographic profile of any given subject population. In the late 1990s, this modeling technique was updated to include other key factors relating to golf participation such as availability of local golf supply, seasonality in selected markets, price point segmentation (premium, mid-fee, value) and other household specific variables. While our demand modeling capabilities are unmatched in the industry, it is our hands-on presence in the local market of our projects that truly allows NGF Consulting to make the most accurate projections of future golf activity and generate reality-based market and facility financial projections. NGF Consulting prides itself on the level to which we involve local communities in our consulting engagements and refrain from producing statistical-based reports without hands- on local input. Since the National Golf Foundation is not involved in the design, construction, or operation of golf facilities, our staff will not hesitate to advise clients against proceeding with a golf project or to identify operational deficiencies that affect the performance of an existing facility. Since 1987, NGF Consulting has conducted more than 900 assignments throughout the United States, plus Europe, Asia, the Caribbean, and South America, covering a broad spectrum of services. This experience is the cornerstone of NGF Consulting, from which all our clients benefit. National Golf Foundation Consulting, Inc. - Proposal #206001 a - 6 Richard B. Singer, Director of Consulting Services Richard B. Singer has been the Director of Consulting Services for the National Golf Foundation (NGF) since 1997, and now has a total of 16 years of golf facility consulting experience. Mr. Singer first joined the NGF consulting staff in 1989 as a project analyst after completing his Finance MBA at the University of Florida. Mr. Singer has successfully managed the NGF's well- known golf consulting practice with an industry-respected track record of success and a reputation for delivering projects on time and on budget. Experience Mr. Singer's background includes hands-on experience in the following functional areas: -Golf Facility Feasibility Analysis -Golf Operations Consulting -Account Management -Real Estate Master Planning -Expert Witness -Financial Analysis -Business Plan Preparation -Budgeting/Planning -Public Presentations -Due Diligence -Golf Business Valuation -Golf Market Analysis - Staffing/HR - Proposal Writing -Credit Evaluation National Golf Foundation Consulting Experience During his tenure with NGF Consulting, Mr. Singer has been responsible for preparing over 275 research studies for specific projects including: public and private sector feasibility studies for golf facility development and expansion; public and private sector golf facility operational reviews; due diligence studies for golf facility acquisition and/or refinancing; public sector Request For Proposal preparation; private club membership development plans; and public and private golf facility marketing plans. In his 16 years as a golf consultant, Mr. Singer has visited and/or profiled more than 2,000 public and private golf facility operations in the United States and internationally. Mr. Singer also has extensive experience as an expert witness in matters related to golf facility operation, and he has demonstrated considerable poise while under public attack in defense of highly controversial local projects. Golf Facility Operations Consulting - Mr. Singer's golf facility operations consulting assignments have included golf course inspections, operational/accounting audits, clubhouse design/needs assessments, RFP preparation assistance, golf marketing strategies, green fee/member pricing, and business plan preparation. Mr. Singer has also provided litigation assistance to golf facilities in the form of expert testimony in estimating economic damages. Golf Facility Development/Acquisition Consulting - In his 16 years with NGF Consulting, Richard Singer has become one of the most experienced golf facility development and acquisition consultants available today. His extensive experience includes feasibility studies, acquisition due diligence, appraisal and brokerage support, golf master plan development, and golf facility business plan preparation. In the 1999-2004 period, Mr. Singer has completed several consulting engagements involving the conversion of "sensitive" sites into golf facilities (i.e. landfills). Alternative Golf Facility Consulting - Mr. Singer's consulting services for alternative golf facilities have included both new development and operational reviews for driving ranges, putting courses, miniature golf courses, golf learning centers, executive/par-3 courses, and various combinations with other facilities. He co-authored the NGF publication How to Plan, Build and Operate a Successful Golf Range. Regional Market and Economic Impact Analyses - During his tenure with NGF Consulting Mr. Singer has completed several statewide or regional golf market and economic impact National Golf Foundation Consulting, Inc. - Proposal #206001 a - 7 studies. These studies typically involve preparing estimates of golf supply and demand in large geographies, as well as estimating the hard dollar impact of golf facilities on a local economy. Key Accounts Managed (2001-2005) Representative public sector clients in 2001-2005 include: City of Wasco, CA (Adjacent land use analysis); City of Monroe, NC (Operations review - Monroe CC); City of Victorville, CA (2- course operations review); City of Palm Springs, CA (2-course operations review); City of San Antonio, TX (6-course operations review); City of Greeley, CO (2-course operations review); City of Warwick, RI (GC acquisition); Town of Groton, CT (operations review - WPBCC); City of Ft. Lauderdale, FL (new GC on landfill); Town of Linden, NJ (new GC on landfill); City of Houston, TX (8-course operations review); City of Piano, TX (GC Acquisition); the City of Charlotte, NC (5-course operations review). These public sector projects include extensive participation in public meetings and a full defense of all project work. Representative private sector clients in 2001-2005 include: Pulte Homes; The Trump Organization; Arnold Palmer Golf Management; Greg Norman Golf Course Design Company; PGA Tour; Meadowbrook Golf; Western Golf Properties; PaineWebber, Incorporated; Howard Hughes Corporation; Beazer Homes; Olympia Group, Inc.; Meridian Venture Partners; General Motors Corp.; Watermark Communities Inc.; Oaktree Capital Management; Evergreen Alliance GL; Mohegan Sun Casino, Inc.; Palmer Investments; Marriott Golf Management; Cumberland Management; Coral Creek Partners; Bonita Bay Properties; Fortune Bay Casino; Poxabogue in the Hamptons GC; Triangle Equities; Fuhrman University; US Naval Academy Golf Club; and Mahogany Run GC (St. Thomas, USVI). Representative alternative facility clients in 1999-2005 include: Greens of Las Vegas, Inc.; Golden Bear International; Palm Beach County, Florida; County of Ft. Lauderdale, FL; City of Plantation, FL; Development Consulting Co. (three ranges in CA & FL); Brevard Golf Driving Range (Melbourne, FL); and Collier Golf Enterprises (Orlando, FL). Representative regional market and economic impact clients in 1998-2005 include: the State of West Virginia (Statewide 'Golf Trail' study); Bonita Bay Properties; Golf 20/20 - Raleigh-Durham MSA Study; Reliance National Insurance Company; GA TX Capital Golf Group; C. Cabot Incorporated; Gunster, Yoakley, Valdes-Fauli & Stewart, P.A.; Public Finance Consultants Inc.; and Morgan Stanley - Dean Witter. International Experience Mr. Singer's professional resume includes golf facility consulting on projects located in the countries of Sweden, Korea, Egypt, Anguilla (BWI), St. Marten, Brazil, Bahamas, and Chile. Background/Education Mr. Singer is a long-time resident of Palm Beach County, Florida and grew up around the North Palm Beach Country Club. He earned his Bachelor's degree in marketing and Insurance from the University of Florida in 1985, and worked as a financial consultant for Northwestern Mutual Life and Baird Securities before earning an MBA in Finance from the University of Florida in 1989. National Golf Foundation Consulting, Inc. - Proposal #206001 a - 8 Edward Getherall, Senior Project Director - NGF Consulting Ed Getherall joined the NGF Consulting staff as Project Analyst in 2000 after several years of sub-contracting consulting services to the NGF. Mr. Getherall, who was promoted to Senior Project Director in 2001, has been instrumental in coordinating NGF Consulting's golf facility databases since 1997, with a particular focus on key golf course revenue center activity and fee research. Since joining NGF Consulting, Mr. Getherall has become a respected industry authority on issues pertaining to clubhouse operations, including the issue facing every facility at one time or another - whether to renovate or replace an aging or obsolete clubhouse. NGF Consulting Projects Experience Mr. Getherall's extensive business and marketing background has enhanced NGF Consulting's ability to provide marketing expertise to the facility segment of the golf industry. Since joining NGF Consulting, Mr. Getherall has been responsible for processing golf facility data for use in all of our market, financial, and operational consulting projects. Additionally, in the two years since joining NGF's Consulting division, Ed has been the lead project director for more than twenty consulting assignments, covering a broad range of services, including public and private golf course feasibility studies, operational audits, golf-related real estate absorption analyses, and clubhouse renovation/replacement studies. Mr. Getherall's recent clients include: The Trump Organization; Textron Financial Corporation; Meadowbrook Golf; Pulte Homes; City of Houston, TX; City of Palm Springs, CA; Mecklenburg County, NC; City of Melbourne, FL; University of the South; Dalhousie Golf Club; City of Victorville, CA; City of Greeley, CO; City of Miramar, FL; Hoffman Properties, Ltd.; Oaktree Capital Management; Town of Wallingford, CT; City of Concord, NC; City of Solon, OH; Fortune Bay Resort & Casino; General Motors Corporation; Front Royal Country Club; H.C.D.A.; Bonita Bay Properties; Rose Hill Associates; Conley-Manning LLC; Scituate Highlands, LLC; Watermark Communities, Inc.; Coral Ridge C.C.; American Golfers, Inc.; the Vauderine Group; Shodeen Management; Arthur Anderson, LLP; Prestwick Plantation, LLC; City of West Palm Beach, Florida; Village of Wellington, FL; Village of Royal Palm Beach, FL; City of Henderson, Nevada; City of Glendale, Arizona; The World Golf Foundation; Palm Beach County, Florida; Callaway & Price; Loving & Campos Architects; City of Concord, CA; City of Gilbert, AZ; City of Reno, NV; City of Lake Havasu, AZ; City of Tempe, AZ; Town of Kershaw, SC; City of San Antonio, TX; the Mohegan Sun Tribe; Poxabogue Golf Course; Lely Development Corporation; Partyka Resource Management; Triangle Equities; Town of Farmington, CT; River Bluff Resort, LLC; the City of Naples, FL; Palmer Investments, Inc.; Golf Trust, Inc.; Dominion Realty Advisors, Beazer East, Inc.; Kealakehe Ahupua'a 2020; Jonathan's Landing POA; City of Palm Coast, FL; City of Tarpon Springs, FL; and, pocoy Consulting. Background/Education Prior to joining the NGF, Mr. Getherall held several positions in the business community including extensive marketing work for such organizations as South Florida Blood Banks, Inc., the Florida Lottery and the American Cancer Society. His areas of expertise cover a broad spectrum of marketing activity, including research, product management, special event planning and consulting. Mr. Getherall earned his M.B.A. from the University of Florida in 1989, with a concentration in finance. Ed also achieved his undergraduate degree at Florida, with a B.S. in Business Administration (Marketing) in 1986. With a diversified educational and professional background in both marketing and finance, Mr. Getherall has the experience and knowledge to assist in all aspects of golf facility management, marketing, operations and development. National Golf Foundation Consulting, Inc. - Proposal #206001 a - 9 REPRESENTATIVE STUDIES FOR ACQUISITION Following are summaries of similar golf facility acquisition studies conducted by NGF Consulting in recent years. We recognize that on some of the older studies, the contact persons may no longer be current, but the municipalities may still be contacted for reference. VILLAGE OF ROYAL PALM BEACH Royal Palm Beach, FL Municipal Acquisition Analvsis NGF Consulting was retained by the Village of Royal Palm Beach, Florida to assist in determining the financial feasibility of redeveloping the former Tradition Golf Club as a municipal golf course. The Village acquired the 159-acre site in April 2005. Under consideration for this feasibility study was the potential redevelopment of the course, which had been closed since August, 2004, as either an 18-hole facility with essentially the same layout and dimensions as the former Tradition, or as a nine-hole regulation layout, 18-hole executive layout, or nine-hole alternative-length golf course. The study addressed the market and financial potential of the redeveloped golf facility, which would ultimately be determined by the net cash flows that the facility will produce, and the development costs and related debt service associated with the project. NGF Consulting discovered a very competitive golf market in the Royal Palm Beach/western communities area, with many privately-owned golf courses struggling to stay open. Increased competition in this market has led operators to institute broad-based discounting of fees in search of market share, thus lowering average realized revenue per round at most courses. The very uneven history of golf courses in the western communities sounds an additional word of caution to potential new entrants in this market. It is not likely that a large capital investment by the Village for a complete renovation of the 18-hole regulation-length course would result in positive cash flows. NGF Consulting reviewed the option of reducing the size of the golf course from a regulation-length 18-hole golf course to a shorter, executive- length golf course or even a 9-hole golf course. Although all options produce negative cash flows to the Village, the short-course options have a much lower capital investment and the annual operating cash losses are less severe than those associated with the 18-hole renovation option. Further, a short course option would allow the Village to re-evaluate other adjacent open space uses for the remainder of the subject site. With very few quality 9-hole golf courses in the area, there may be a market niche available for the Village to exploit with the development of a top-flight 9-hole golf course that features a comprehensive practice facility. The presence of the practice facility with driving range is a significant factor, as player development programs may be critical to the near and long-term viability of the facility. The practice facility will be especially important in cultivating new family-oriented golfers, as these groups exhibit very high interest in taking up golf. If the Village ultimately decides that a golf course at the former Tradition site is the preferable land use, despite expected operating losses and debt service requirements, a final option to consider would be a "First Tee" facility. The program normally includes small grants from the First Tee, the U.S.GA, and/or other private organizations. Still, the Village would have to fund operations, and though this concept may well be an asset to the citizens of Royal Palm Beach and surrounding communities, it would also likely be a money loser without considerable subsidy from private interests. Client: Stan Hochman Director of Finance Village of Royal Palm Beach 1050 Royal Palm Beach Blvd Royal Palm Beach, FL 33411 (561) 790-5100 125008 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 10 MIRAMAR GOLF COURSE (EAGLE WOODS) Miramar, FL Municipal Acquisition Study NGF Consulting was retained by the City of Miramar, Florida to assist in determining the market and financial feasibility of acquiring and re-developing the privately owned, and currently closed, Eagle Woods Golf Course in Miramar. The City was also considering the possibility of operating a 9-hole course and utilizing the remaining acreage as a city park. NGF Consulting developed a five-year cash flow model for the facility, based on our analysis of the golf market and on the expected quality of the proposed Miramar Golf Course as an 18-hole operation. NGF Consulting was also asked to study the potential feasibility of operating Miramar Golf Course as a 9-hole golf course. We believe there may be strong merit for the re-development of the former Eagle Woods site as a nine-hole track. In fact, the NGF cash flow model shows a higher level of warranted investment for the club under this scenario. With very few quality 9-hole golf courses in the area, there may be a market niche available for the City of Miramar to exploit with the development of a top-flight 9-hole golf course that features a comprehensive practice facility. The presence of the practice facility with driving range is significant factor, as player development programs will be critical to the near and long-term viability of the facility. The Miramar Golf Course may be a strong candidate for "The First Tee" organization, whose main goal is to offer a venue for introducing people (primarily children) to the game of golf in an affordable, non- intimidating setting. Client: Don Waldron Community Development Director City of Miramar 6901 Miramar Parkway Miramar, FL 33023 (954) 967-1635 124009 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 11 CITY OF WELLINGTON Wellington, FL Municipal Market Supply & Demand Analysis The City of Wellington retained NGF Consulting to offer an opinion on the status of the golf market in Wellington. Specifically, the City wanted to know if demand for golf in Wellington was sufficient to support existing golf operations, as well as one or both of the closed facilities in Wellington, to the extent that all of these facilities could compete effectively in the market while meeting financial objectives. (The City had imposed a moratorium on redevelopment of the closed golf course sites.) Key components of the study included analyzing the current and projected status of the immediate Wellington resident golf market and the larger regional golf market; analyzing market area demographics as they relate to the propensity to play golf; considering the impact on golf demand from the area's visitors and seasonal residents; identifying planned new facilities in the market area; measuring actual performance of existing golf facilities in terms of rounds played, fees, and membership levels; and interviews with area golf operators, head golf professionals, membership directors, and several community leaders to gather information and ascertain their opinions on the local and regional golf markets. NGF Consulting concluded that the resident population of Wellington is not sufficient to support four golf facilities comprising six 18-hole golf courses. However, we also noted that Wellington is not an island, and therefore it should not be analyzed as such - the City is part of a larger local/regional golf market. The relevant question is: "Can six golf courses, that are located in Wellington, operate effectively enough in this regional golf market to meet the financial objectives of private owners/investors?" That is, can enough demand from outside the City be drawn in to make all of these operators viable? NGF Consulting could not say conclusively whether these six golf courses can all operate as viable businesses. However, we put forth the following conclusory opinions based on our research in this golf market: 1) The resident population of Wellington is not large enough, on its own, to provide the activity levels sufficient to keep all of these courses profitable; 2) there is significant excess capacity for golf in this regional market; 3) if new supply were to be introduced, golf operators would have to tap latent demand, stimulate new demand, or create enough of a differential operating advantage to gain sufficient market share from competitors; and 4) based on our analysis, golf courses with relatively higher investment levels in development or ongoing operation would be less likely to survive. Client: Paul Schofield City of Wellington 14000 Greenbriar Blvd Wellington, FL 33414 (561) 743-2430 124004 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 12 GREENVIEW COVE GOLF CLUB Wellington, FL Municipal Acquisition/Feasibility Study The governments of Palm Beach County and the City of Wellington required assistance in evaluating the possibility of the City of Wellington, with assistance from Palm Beach County, acquiring the Greenview Cove Golf Course and turning it into a County-run municipal golf course. At present the Greenview Cove Golf Course is closed. In 2002, NGF Consulting studied the golf market in the Wellington/Palm Beach County, Florida area, with special focus on utilization and pricing of the existing golf courses. NGF Consulting data collected for this market study indicates that the immediate Wellington market area represents one of the strongest sub-markets in a very strong regional (Palm Beach County) golf market. Further, when it was open, the Greenview Cove Country Club had a solid core of very active golfers, many of whom lived in immediate proximity to the club. It has been estimated that this Wellington area demand could also form the core of play for Greenview Cove if the facility were re-opened as a County- run municipal golf course. In the near term, the competitive nature of the local golf market will make the attraction of out-of-town golfers a critical element in the success of the re-opened facility. As a result, the Greenview Cove CC, if acquired, will be highly dependent on the facility's ability to create a good quality public golf experience at an affordable green fee level. Client: Jon Herrick Director Special Facilities and Beaches Palm Beach County 2700 6th Avenue S Lake Worth, FL 33461 (561) 966-6626 122022 BLUEFIELD ELKS GOLF CLUB Bluefield, WV Municipal Acquisition/Feasibility Study NGF Consulting was retained by the City of Bluefield in 2002 to assist in evaluating the possibility of the City acquiring the Bluefield Elks Club to provide added recreation to the community and new City revenues. The purpose of the market and facility analysis was to provide the City with a fair estimate of the size and strength of the local golf market and the overall economic potential of the Club as a City-run municipal golf course. NGF Consulting determined that Bluefield Elks Golf Club has been underperforming for the market, and questioned whether a simple change in ownership would be sufficient to turn the operation around. However, it is clear from both our demand analysis and a review of the competition that the market can support a municipal golf operation. Recommendations related to the clubhouse, pro shop, golf course, marketing, fees, and management were included in the report. If the recommended changes are implemented, we feel that Bluefield Municipal can become a success golf operation and generate a positive cash flow for the City. Client: BK Satterfield c/o First Century Bank The Hugh I. Shott Foundation, Inc. for City of Bluefield Box 1559 Bluefield, WV 24701 (304) 324-3235 122042 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 13 CHASE OAKS GOLF CLUB Piano, TX Municipal Market & Facility Analvsis for Potential Acquisition NGF Consulting was retained by the City of Piano to evaluate the possibility of the City acquiring the Chase Oaks Golf Club and operating it as a municipal golf course. At present Chase Oaks GC is a semi- private golf club serving both members and daily play customers. The facility has been struggling to keep up members and revenues, and has approached the City of Piano about the possible acquisition. NGF Consulting analyzed the Piano/Collin County, Texas area, and observed a growing golf market, particularly in the middle fee public golf segment. The market is driven by numerous high-end public golf courses trying to maintain market share without excessive discounting. Chase Oaks is one of these higher-end facilities that has had to adjust to survive. Our review of Chase Oaks indicated that the existing course was not at the quality level necessary to compete in this golf market. The course must be renovated and the playing conditions improved in order to achieve the projections made by NGF Consulting for this study. Chase Oaks Golf Club, if acquired by the City, will be highly dependent on its ability to create a good quality public golf experience at an affordable green fee level. This means that appropriate pricing, including a frequent user discount card, will be necessary for the new facility to distinguish itself and attract adequate play levels from all market segments. Client: Don Wendell Director of Parks & Recreation Department City of Piano PO Box 860358 Piano, TX 75086-0358 (972) 941-7254 123024 MAINLAND GOLF COURSE Lansdale, PA Municioal ACQuisition Study NGF Consulting, a subsidiary of the National Golf Foundation, was retained by the Borough of Lansdale to assist in determining the market feasibility and a preliminary estimate of market value for acquiring Mainland Golf Course in Mainland, Pennsylvania. If acquired by the Borough, the course would be operated as a public access facility with amenities available on a daily fee basis. NGF Consulting found that the golf facility can be successful if oriented toward the middle to upper tier of the public golf market, with appropriate amenities, support services and turf maintenance practices. Our cash flow projections indicate that the acquired golf facility has the potential to exceed current top line revenue figures by approximately ten percent. Should the Borough of Lansdale decide to move forward with this project, NGF Consulting recommended that a more in-depth analysis of the golf asset be conducted, using appropriate specialists such as an agronomist, a golf course or landscape architect, and/or a food and beverage expert. Client: F. Lee Mangan Borough Manager Borough of Lansdale One Vine Street Lansdale, PA 19446 (215) 361-8310 122030 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 14 MARKET AND FACILITY EVALUATION FOR ACQUISITION Fort Pierce, FL MuniciDal ACQuisition/Feasibilitv The City of Fort Pierce was considering the acquisition of the Indian Hills Country Club, a semi-private golf club that had been struggling to retain members and maintain revenues. The City retained NGF Consulting to assist in determining the appropriate course of action. The key issues evaluated by NGF Consulting included the size and strength of the local golf market, present operating condition of the facility, actual performance of other public golf facilities in the market, proposed new public golf facilities that may be added to the market, and the economic potential of the facility after City acquisition. NGF Consulting identified several areas of the golf course that were in need of renovation, including the driving range. If acquired, the success of Indian Hills will be highly dependent on the facility's ability to create a good quality public golf experience at an affordable green fee level. This means that appropriate pricing, including a resident annual pass, will be necessary for the new facility to distinguish itself and attract adequate play levels from all market segments. NGF Consulting also prepared financial projections and estimated a fair market value for the course. Client: Dennis W. Beach City Manager City of Ft. Pierce 100 N US Highway One Ft. Pierce, FL 34950 (561) 460-2200 121047 FEASIBILITY STUDY FOR ACQUISITION Rogersville, TN MuniciDal Acquisition Study The City of Rogersville, Tennessee was considering the purchase of the McDonald Golf & Driving Range for possible conversion to a municipal facility. They required a study to help determine the market potential of the facility and identify improvements needed to compete in the market. The study included an analysis of the size and strength of the local golf market, recommendations regarding renovations needed to bring the facility up to market standards, and identifying the revenue potential of the completed facility. NGF Consulting concluded that although there was some demonstrated demand for further golf facility development in the Rogersville market, the renovated facility would not be able to sustain its own operation until after several years. Unless the acquisition value and renovation costs could be obtained from other sources, such as economic development, etc., this project would not be economically viable. Client: William E. Phillips City Attorney City of Rogersville, TN 210 East Main Street Rogersville, TN 37857 (423) 272-7633 121041 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 15 - , "I!!~ --- -- =='=== . CONSULTING Tel: (407) 327-5957 E-Mail: nnclemore@winterspringsfl.org January 25, 2006 Mr. Ron McLemore City Manager City of Winter Springs 1126 E. State Road 434 Winter Springs, FL 32708 RE: Feasibility Study for Acquisition of the Winter Springs Golf Club (Proposal #206001 a) Dear Ron: In follow-up to our conversation, I have prepared this proposal for consulting services concerning the feasibility of the City of Winter Springs ("The City") acquiring and operating the privately owned Winter Springs Golf Club as a municipal golf course. We understand that the City would like to evaluate the facility in the context of the local/regional golf market to determine if the golf course can operate as a viable business. NGF Consulting has done many of these types of studies for both municipalities and private operators across the nation, and we believe we are uniquely qualified to assist Winter Springs in this effort. This study would be used to determine the market potential and financial feasibility of operating the Winter Springs Golf Club as a municipal facility after making any necessary improvements to the golf course and support amenities. We understand that at this time the City does not require a certified appraisal of the subject property. Rather, a market-based value based on existing and potential cash flows will be provided by NGF Consulting to assist in determining whether operating the faCility would be financially viable for the City. Thank you for the opportunity to submit this proposal. Please call if there are any questions or if we can be of further assistance. SCOPE OF SERVICES NGF Consulting will complete the scope of work set forth in this proposal in the following sequence: · Task One: . Task Two: . Task Three: Golf Market Demand and Supply Analysis Physical Review of Winter Springs Golf Club Financial Performance Analysis NATIONAL GOLF FOUNDATION CONSULTlNG,INC. A Subsidiary of the National Golf Foundation 1150 SOUTH U.S. HIGHWAY ONE, SUITE 401, JUPITER, FL 33477. (561) 744-6006. FAX: (561) 744-9085. www.ngf.org Task One: Golf Market Demand and Supply Analysis Upon receiving your authorization to proceed, NGF Consulting will begin the analysis of the Winter Springs, Florida area golf market. Among the field activities expected for this project are: . Meet with City officials to review the scope of work and arrange specific dates for deliverables. This process will be repeated as needed throughout the project in order to discuss any necessary refinements, additions, or deletions to the scope of work. . Collect from the City of Winter Springs copies of any additional relevant data and documents that pertain to the project. · Collect demographic and economic data to identify the characteristics of the local market. . Visit each of the competitive golf facilities in the market area, and provide operating data and market placement information on each. . Obtain information regarding proposed new golf facilities both within and outside the determined market area. · Conduct a physical inspection and evaluation of the Winter Springs Golf Club. These field activities will provide NGF Consulting with first-hand information on key market and site factors in the Winter Springs area. These factors will include site characteristics, area competition, planned facilities, present use levels, and community golfing needs. NGF Consulting will then develop an in-depth market analysis that will include: Local Golf Market Analysis In this task, we will consider the population size, median household income levels, age distribution of the residents, and other demographic factors that are influential in determining the number of golfers within the area. A thorough analysis of the area's tourist/seasonal resident market will also be conducted. The summation of the identifiable demand from these sources will represent the "potential" demand for golf within the specified market area. NGF Consulting will also review existing and planned golf facilities in the markelarea that may impact the operation of Winter Springs Golf Club as a municipal golf course. This will include an analysis of all public access golf facilities located in the defined market area. Key factors to be examined for all competitive facilities include their location, course type, annual rounds played, fee levels, operating hours, and support services. This allows us to ascertain the quality and quantity of public golf supply levels for.the area. Included in this market analysis are detailed course overviews illustrating rates, rounds, and market placement. The end product of the market analysis will be a concise report identifying the club's market and financial potential should it be operated as a municipal golf course, after recommended and necessary improvements have been made to the facility. NGF Consulting will make a recommendation as to the specific golf course concept/design, related amenities, and pricing that would offer the greatest chance for success in the Winter Springs area golf market. This will include estimates of all golf facility use levels such as rounds played (broken out by type), membership/annual pass levels (by type and/or category), and driving range/practice facility National Golf Foundation Consulting, Inc. - Proposal #206001a - 2 activity. Further, the corresponding fees for each revenue center will also be estimated for the first five years after acquisition of the Winter Springs Golf Club. Task Two: Golf Course Physical Review NGF Consulting will conduct a thorough inspection of the Winter Springs Golf Club. The areas to be examined include issues specifically related to the conversion of the facility from a daily fee to a municipal golf course, such as (but are not limited to): . Required Maintenance Services Staffing levels Supervision Job descriptions Budgeting . Agronomic programs Course playability Standards of quality Environmental compliance procedures · Potential Renovations and Upgrades to: Greens and tees Fairways and roughs Bunkers Ponds Cart paths Trees and shrubs Driving range Practice greens Structures, including clubhouse · Recommended Improvements and Cost Estimate The inspection of the golf facility will result in the preparation of a recommended list of operations and maintenance program improvements, and capital improvements necessary to develop and sustain the golf course in good quality condition so that it will be competitive in the market. The estimated cost of each improvement will be provided, and the recommendations will be prioritized in terms of the greatest need sequence. Task Three. Financial Performance Analysis NGF Consulting will analyze all necessary revenue and expense categories to estimate potential financial performance of the newly acquired golf facility. This phase of the study process will involve integrating market findings and expected use levels into a five-year cash flow proforma for the converted golf facility. In consideration of market conditions and proposed quality of services, attainable fee levels will be estimated and detailed revenue and expense estimates developed for each facet of the golf operation. We will provide you with a five-year financial pro forma statement that will result in a warranted investment estimate that can then be used to aid in determining an appropriate level of investment in the golf facility. NGF Consulting's financial proformas are prepared for feasibility purposes and therefore will be conservative and unbiased. In addition, NGF Consulting's financial proformas will be developed in a format consistent with the required due diligence National Golf Foundation Consulting, Inc. - Proposal #206001 a - 3 , , . standards of our numerous lender clients who have provided significant feedback over the last ten years. Finally, NFG realizes that some municipalities require their golf courses to stand on their own financially independent of General Fund financial support, and that other communities find it in the best interest of the community to supplement golf cOurses from their General Fund. NGF Consulting experience has shown that, all other factors being equal, it is optimal for municipalities to operate golf facilities as an enterprise financially independent of General Fund support, especially given the current golf market climate of rising construction and operating costs. However, we will clearly identify the level of supplemental revenue that would be required to operate and maintain the golf course in a good quality, market-competitive condition if sufficient revenues cannot be generated from user fees. STUDY COST AND DELIVERY DATE SUMMARY Task One: Golf Market Demand and Supply Analysis Task Two: Physical Review of Winter Springs Golf Club Task Three: Financial Performance Analysis Totals Timino* 3-4 Weeks Concurrent 1 week 4-5 weeks Cost $9,000 $3,000 $3,000 $15,000 · Timing from the completion of the field visit. Out-of-pocket expenses such as travel, lodging, meals, telephone calls, purchase of demographic data, and mailing expenses are not included in the professional fees shown above. Reimbursable expenses will not exceed $2,000 without prior authorization from the City of Winter Springs. ACCEPTANCE Acceptance of this proposal may be indicated by signing one copy and returning it to NGF Consulting's Jupiter office. A purchase order or City of Winter Springs, Florida contract will be used as the engagement agreement. We appreciate your interest in the National Golf Foundation and its consulting services. Our goal is to serve our clients and the industry, and to promote the development of successful golf projects. If you need any additional information, please call. Sincerely, [eL /J-L~ Ed Getherall Senior Project Director Acceptance If ~ t</. ?J4 ~ , . J Date J- /1~o6 National Golf Foundation Consulting, Inc. - Proposal #206001a - 4 Purchase Order Fiscal Year 2006 Page 1 NGF CONSULTING 1150 SOUTH US HWY ONE SUITE 401 JUPITER, FL 33477 CITY MANAGER 1126 EAST STATE ROAD 434 WINTER SPRINGS, FL 32708-2799 CITY OF WINTER SPRINGS ACCOUNTS PAYABLE DEPT 1126 E. STATE ROAD 434 WINTER SPRINGS, FL 32708 001 Supplemental Appropriation for 1.0 Feasibility Study on Winter Springs Each Golf Course 1900-53180 18,000.00 18000.00000 18,000.00 PO Total 18,000.00 *** Payments Not to Exceed Amounts and Terms per NGF Proposal Number 206001a. ~ ~Sing Coordinator By I?~ M m(;~ City Manager # VENDOR COPY Bid# (if applicable) NGF CONSULTING QUALIFICATIONS Corporate Structure National Golf Foundation Consulting, Inc. (NGF Consulting), incorporated in 1987 in the state of Delaware, is a wholly-owned subsidiary of the National Golf Foundation, Inc. National Golf Foundation, Inc. (NGF) is a not-for-profit 501 (c)(6) organization, incorporated in 1936 in the state of Illinois and now located in Jupiter, Florida. With a staff of approximately 25 and an operating budget of approximately $3.5 million, its mission is providing information and insights on the business of golf through research and information products and services for the industry and its members. NGF has two subsidiaries: a for-profit consulting corporation (NGF Consulting) and a not-for-profit 501 (c)(3) organization. National Golf Foundation The NGF has been assisting municipalities and private developers/owners with golf course planning, development, and operational needs as well as industry research for golf businesses for more than 60 years. All research and consulting projects are conducted out of our offices in Jupiter, Florida, by our staff of 25 professionals. The Foundation's work today is supported by a membership base of approximately 6,000 members representing every facet of the industry: private and public golf facilities; golf course architects; developers and builders; companies offering specialized services to the golf industry; national, regional, state, and local golf associations; teachers, coaches, and instructors; and individuals. The 33-member board of directors and board of governors include the chief executives of the PGA TOUR, PGA of America, Golf Course Superintendents Association of America, Club Managers Association of America, National Golf Course Owners Association, and International Association of Golf Administrators. The National Golf Foundation has long been recognized as the U.S. golf industry's primary source for golf market research. The National Golf Foundation's multifaceted research database has set an untouchable standard in the golf industry, with an entire department devoted to daily data collection through telephone interviews and surveys. NGF research data is frequently quoted by other consulting firms, and utilized by these firms to analyze the viability of golf markets. The National Golf Foundation's annual surveys are designed to ascertain golfing habits and trends of golfers, golf facilities and golf manufacturers nationwide. From this research, the NGF publishes upwards of 60 research documents that provide dependable information on the number, nature, and habits of golfers in each state, as well as golf facility operational issues, golf travel issues, alternative golf facility operations, and an annual directory of golf. Our most important "flagship" research includes several publications that are widely quoted in national and international press and are used by numerous other golf-oriented consulting and information firms. The key "flagship" NGF publications include: . Golf Industry Report - published quarterly . Golf Facilities in the US. - 2005 . Golf Participation in the US. - 2004 . Operating & Financial Performance Profiles of 18-ho/e Golf Facilities in the US.- 2004 . Development and Operation Manual: How to Plan Build and Operate a Successful Golf Range - 2003 National Golf Foundation Consulting, Inc. - Proposal #206001 a - 5 -?"~ ~ ..- -~':"'-" ',;T''?,'.,m",i'Kl"AW 'T7S:'." - . Marketing Your Golf Course - 2003 . Women Welcome Here! A Guide to Growing Women's Golf- 2003 . The Spending Report: Sizing the Golf Consumer Marketplace - 2003 . U.S. Golf Travel Market - 2003 . Careers in Golf: An Insider's Guide to Careers in the Golf Industry - 2001 . A Strategic Perspective on the Future of Golf - 1999 NGF Consulting National Golf Foundation Consulting, Inc. (NGF Consulting) is a subsidiary of the National Golf Foundation that provides assistance to clients regarding the feasibility of potential development projects and the efficiency/profitability of existing golf facilities. This specialized consulting group has been providing advisory services to golf facilities for more than 17 years and has become the recognized leader in new golf facility feasibility studies and existing facility operational reviews. NGF Consulting's industry contacts are extensive, through both NGF members and consulting assignments. Our clients are from all parts of the world, and as a result of this international posture, we have singularly examined more golf markets than any other golf consulting firm in the world. In any consulting assignment, NGF Consulting brings together a team of experts whose efforts are exclusively devoted to the business of golf course development and operations. Our goal is to fully understand the needs of our clients, to thoroughly examine the golf market (with staff members personally visiting the area), and to analyze that market's ability to support a successful golf course. The unique golf demand estimation practice developed by NGF Consulting in the late 1980s was the first to incorporate age and income modeling to create market specific golf participation and frequency estimates based on the demographic profile of any given subject population. In the late 1990s, this modeling technique was updated to include other key factors relating to golf participation such as availability of local golf supply, seasonality in selected markets, price point segmentation (premium, mid-fee, value) and other household specific variables. While our demand modeling capabilities are unmatched in the industry, it is our hands-on presence in the local market of our projects that truly allows NGF Consulting to make the most accurate projections of future golf activity and generate reality-based market and facility financial projections. NGF Consulting prides itself on the level to which we involve local communities in our consulting engagements and refrain from producing statistical-based reports without hands- on local input. Since the National Golf Foundation is not involved in the design, construction, or operation of golf facilities, our staff will not hesitate to advise clients against proceeding with a golf project or to identify operational deficiencies that affect the performance of an existing facility. Since 1987, NGF Consulting has conducted more than 900 assignments throughout the United States, plus Europe, Asia, the Caribbean, and South America, covering a broad spectrum of services. This experience is the cornerstone of NGF Consulting, from which all our clients benefit. National Golf Foundation Consulting, Inc. - Proposal #206001 a - 6 - -'---""~-----"":,_t',rT.,y,,,_'7---"'--:-"'(' ,~t~-; Richard B. Singer, Director of Consulting Services Richard B. Singer has been the Director of Consulting Services for the National Golf Foundation (NGF) since 1997, and now has a total of 16 years of golf facility consulting experience. Mr. Singer first joined the NGF consulting staff in 1989 as a project analyst after completing his Finance MBA at the University of Florida. Mr. Singer has successfully managed the NGF's well- known golf consulting practice with an industry-respected track record of success and a reputation for delivering projects on time and on budget. Experience Mr. Singer's background includes hands-on experience in the following functional areas: -Golf Facility Feasibility Analysis -Golf Operations Consulting -Account Management -Real Estate Master Planning -Expert Witness -Financial Analysis -Business Plan Preparation -Budgeting/Planning -Public Presentations -Due Diligence -Golf Business Valuation -Golf Market Analysis - Staffing/HR - Proposal Writing -Credit Evaluation National Golf Foundation Consulting Experience During his tenure with NGF Consulting, Mr. Singer has been responsible for preparing over 275 research studies for specific projects including: public and private sector feasibility studies for golf facility development and expansion; public and private sector golf facility operational reviews; due diligence studies for golf facility acquisition and/or refinancing; public sector Request For Proposal preparation; private club membership development plans; and public and private golf facility marketing plans. In his 16 years as a golf consultant, Mr. Singer has visited and/or profiled more than 2,000 public and private golf facility operations in the United States and internationally. Mr. Singer also has extensive experience as an expert witness in matters related to golf facility operation, and he has demonstrated considerable poise while under public attack in defense of highly controversial local projects. Golf Facility Operations Consulting - Mr. Singer's golf facility operations consulting assignments have included golf course inspections, operational/accounting audits, clubhouse design/needs assessments, RFP preparation assistance, golf marketing strategies, green fee/member pricing, and business plan preparation. Mr. Singer has also provided litigation assistance to golf facilities in the form of expert testimony in estimating economic damages. Golf Facility Development/Acquisition Consulting - In his 16 years with NGF Consulting, Richard Singer has become one of the most experienced golf facility development and acquisition consultants available today. His extensive experience includes feasibility studies, acquisition due diligence, appraisal and brokerage support, golf master plan development, and golf facility business plan preparation. In the 1999-2004 period, Mr. Singer has completed several consulting engagements involving the conversion of "sensitive" sites into golf facilities (Le. landfills). Alternative Golf Facility Consulting - Mr. Singer's consulting services for alternative golf facilities have included both new development and operational reviews for driving ranges, putting courses, miniature golf courses, golf learning centers, executive/par-3 courses, and various combinations with other facilities. He co-authored the NGF publication How to Plan, Build and Operate a Successful Golf Range. Regional Market and Economic Impact Analyses - During his tenure with NGF Consulting Mr. Singer has completed several statewide or regional golf market and economic impact National Golf Foundation Consulting, Inc. - Proposal #206001 a -7 ""~?'::?i'".,~~ studies. These studies typically involve preparing estimates of golf supply and demand in large geographies, as well as estimating the hard dollar impact of golf facilities on a local economy. Key Accounts Managed (2001-2005) Representative public sector clients in 2001-2005 include: City of Wasco, CA (Adjacent land use analysis); City of Monroe, NC (Operations review - Monroe CC); City of Victorville, CA (2- course operations review); City of Palm Springs, CA (2-course operations review); City of San Antonio, TX (6-course operations review); City of Greeley, CO (2-course operations review); City of Warwick, RI (GC acquisition); Town of Groton, CT (operations review - WPBCC); City of Ft. Lauderdale, FL (new GC on landfill); Town of Linden, NJ (new GC on landfill); City of Houston, TX (8-course operations review); City of Piano, TX (GC Acquisition); the City of Charlotte, NC (5-course operations review). These public sector projects include extensive participation in public meetings and a full defense of all project work. Representative private sector clients in 2001-2005 include: Pulte Homes; The Trump Organization; Arnold Palmer Golf Management; Greg Norman Golf Course Design Company; PGA Tour; Meadowbrook Golf; Western Golf Properties; PaineWebber, Incorporated; Howard Hughes Corporation; Beazer Homes; Olympia Group, Inc.; Meridian Venture Partners; General Motors Corp.; Watermark Communities Inc.; Oaktree Capital Management; Evergreen Alliance GL; Mohegan Sun Casino, Inc.; Palmer Investments; Marriott Golf Management; Cumberland Management; Coral Creek Partners; Bonita Bay Properties; Fortune Bay Casino; Poxabogue in the Hamptons GC; Triangle Equities; Fuhrman University; US Naval Academy Golf Club; and Mahogany Run GC (St. Thomas, USVI). Representative alternative facility clients in 1999-2005 include: Greens of Las Vegas, Inc.; Golden Bear International; Palm Beach County, Florida; County of Ft. Lauderdale, FL; City of Plantation, FL; Development Consulting Co. (three ranges in CA & FL); Brevard Golf Driving Range (Melbourne, FL); and Collier Golf Enterprises (Orlando, FL). Representative regional market and economic impact clients in 1998-2005 include: the State of West Virginia (Statewide 'Golf Trail' study); Bonita Bay Properties; Golf 20/20 - Raleigh-Durham MSA Study; Reliance National Insurance Company; GA TX Capital Golf Group; C. Cabot Incorporated; Gunster, Yoakley, Valdes-Fauli & Stewart, P.A.; Public Finance Consultants Inc.; and Morgan Stanley - Dean Witter. International Experience Mr. Singer's professional resume includes golf facility consulting on projects located in the countries of Sweden, Korea, Egypt, Anguilla (BWI), St. Marten, Brazil, Bahamas, and Chile. Background/Education Mr. Singer is a long-time resident of Palm Beach County, Florida and grew up around the North Palm Beach Country Club. He earned his Bachelor's degree in marketing and Insurance from the University of Florida in 1985, and worked as a financial consultant for Northwestern Mutual Life and Baird Securities before earning an MBA in Finance from the University of Florida in 1989. National Golf Foundation Consulting, Inc. - Proposal #206001 a - 8 ;;", '~~*->',- }, \"',.i,,~'l;;ffj',;:"i""-' 0.1'7"_);:'~~",;; '~r!:t::'", Edward Getherall, Senior Project Director - NGF Consulting Ed Getherall joined the NGF Consulting staff as Project Analyst in 2000 after several years of sub-contracting consulting services to the NGF. Mr. Getherall, who was promoted to Senior Project Director in 2001, has been instrumental in coordinating NGF Consulting's golf facility databases since 1997, with a particular focus on key golf course revenue center activity and fee research. Since joining NGF Consulting, Mr. Getherall has become a respected industry authority on issues pertaining to clubhouse operations, including the issue facing every facility at one time or another - whether to renovate or replace an aging or obsolete clubhouse. NGF Consulting Projects Experience Mr. Getherall's extensive business and marketing background has enhanced NGF Consulting's ability to provide marketing expertise to the facility segment of the golf industry. Since joining NGF Consulting, Mr. Getherall has been responsible for processing golf facility data for use in all of our market, financial, and operational consulting projects. Additionally, in the two years since joining NGF's Consulting division, Ed has been the lead project director for more than twenty consulting assignments, covering a broad range of services, including public and private golf course feasibility studies, operational audits, golf-related real estate absorption analyses, and clubhouse renovation/replacement studies. Mr. Getherall's recent clients include: The Trump Organization; Textron Financial Corporation; Meadowbrook Golf; Pulte Homes; City of Houston, TX; City of Palm Springs, CA; Mecklenburg County, NC; City of Melbourne, FL; University of the South; Dalhousie Golf Club; City of Victorville, CA; City of Greeley, CO; City of Miramar, FL; Hoffman Properties, Ltd.; Oaktree Capital Management; Town of Wallingford, CT; City of Concord, NC; City of Solon, OH; Fortune Bay Resort & Casino; General Motors Corporation; Front Royal Country Club; H.C.D.A.; Bonita Bay Properties; Rose Hill Associates; Conley-Manning LLC; Scituate Highlands, LLC; Watermark Communities, Inc.; Coral Ridge C.C.; American Golfers, Inc.; the Vauderine Group; Shodeen Management; Arthur Anderson, LLP; Prestwick Plantation, LLC; City of West Palm Beach, Florida; Village of Wellington, FL; Village of Royal Palm Beach, FL; City of Henderson, Nevada; City of Glendale, Arizona; The World Golf Foundation; Palm Beach County, Florida; Callaway & Price; Loving & Campos Architects; City of Concord, CA; City of Gilbert, AZ; City of Reno, NV; City of Lake Havasu, AZ; City of Tempe, AZ; Town of Kershaw, SC; City of San Antonio, TX; the Mohegan Sun Tribe; Poxabogue Golf Course; Lely Development Corporation; Partyka Resource Management; Triangle Equities; Town of Farmington, CT; River Bluff Resort, LLC; the City of Naples, FL; Palmer Investments, Inc.; Golf Trust, Inc.; Dominion Realty Advisors, Beazer East, Inc.; Kealakehe Ahupua'a 2020; Jonathan's Landing POA; City of Palm Coast, FL; City of Tarpon Springs, FL; and, Pocoy Consulting. Background/Education Prior to joining the NGF, Mr. Getherall held several positions in the business community including extensive marketing work for such organizations as South Florida Blood Banks, Inc., the Florida Lottery and the American Cancer Society. His areas of expertise cover a broad spectrum of marketing activity, including research, product management, special event planning and consulting. Mr. Getherall earned his M.B.A. from the University of Florida in 1989, with a concentration in finance. Ed also achieved his undergraduate degree at Florida, with a B.S. in Business Administration (Marketing) in 1986. With a diversified educational and professional background in both marketing and finance, Mr. Getherall has the experience and knowledge to assist in all aspects of golf facility management, marketing, operations and development. National Golf Foundation Consulting, Inc. - Proposal #206001 a - 9 REPRESENTATIVE STUDIES FOR ACQUISITION Following are summaries of similar golf facility acquisition studies conducted by NGF Consulting in recent years. We recognize that on some of the older studies, the contact persons may no longer be current, but the municipalities may still be contacted for reference. VILLAGE OF ROYAL PALM BEACH Royal Palm Beach, FL Municipal ACQuisition Analysis NGF Consulting was retained by the Village of Royal Palm Beach, Florida to assist in determining the financial feasibility of redeveloping the former Tradition Golf Club as a municipal golf course. The Village acquired the 159-acre site in April 2005. Under consideration for this feasibility study was the potential redevelopment of the course, which had been closed since August, 2004, as either an 18-hole facility with essentially the same layout and dimensions as the former Tradition, or as a nine-hole regulation layout, 18-hole executive layout, or nine-hole altemative-Iength golf course. The study addressed the market and financial potential of the redeveloped golf facility, which would ultimately be determined by the net cash flows that the facility will produce, and the development costs and related debt service associated with the project. NGF Consulting discovered a very competitive golf market in the Royal Palm Beach/westem communities area, with many privately-owned golf courses struggling to stay open. Increased competition in this market has led operatqrs to institute broad-based discounting of fees in search of market share, thus lowering average realized revenue per round at most courses. The very uneven history of golf courses in the western communities sounds an additional word of caution to potential new entrants in this market. It is not likely that a large capital investment by the Village for a complete renovation of the 18-hole regulation-length course would result in positive cash flows. NGF Consulting reviewed the option of reducing the size of the golf course from a regulation-length 18-hole golf course to a shorter, executive- length golf course or even a 9-hole golf course. Although all options produce negative cash flows to the Village, the short-course options have a much lower capital investment and the annual operating cash losses are less severe than those associated with the 18-hole renovation option. Further, a short course option would allow the Village to re-evaluate other adjacent open space uses for the remainder of the subject site. With very few quality 9-hole golf courses in the area, there may be a market niche available for the Village to exploit with the development of a top-flight 9-hole golf course that features a comprehensive practice facility. The presence of the practice facility with driving range is a significant factor, as player development programs may be critical to the near and long-term viability of the facility. The practice facility will be especially important in cultivating new family-oriented golfers, as these groups exhibit very high interest in taking up golf. If the Village ultimately decides that a golf course at the former Tradition site is the preferable land use, despite expected operating losses and debt service requirements, a final option to consider would be a "First Tee" facility. The program normally includes small grants from the First Tee, the U.S.G.A., and/or other private organizations. Still, the Village would have to fund operations, and though this concept may well be an asset to the citizens of Royal Palm Beach and surrounding communities, it would also likely be a money loser without considerable subsidy from private interests. Client: Stan Hochman Director of Finance Village of Royal Palm Beach 1050 Royal Palm Beach Blvd Royal Palm Beach, FL 33411 (561) 790-5100 125008 National Golf Foundation Consulting, Inc. - Proposal #206001 a -10 MIRAMAR GOLF COURSE (EAGLE WOODS) Miramar, FL MuniciDal ACQuisition Studv NGF Consulting was retained by the City of Miramar, Florida to assist in determining the market and financial feasibility of acquiring and re-developing the privately owned, and currently closed, Eagle Woods Golf Course in Miramar. The City was also considering the possibility of operating a 9-hole course and utilizing the remaining acreage as a city park. NGF Consulting developed a five-year cash flow model for the facility, based on our analysis of the golf market and on the expected quality of the proposed Miramar Golf Course as an 18-hole operation. NGF Consulting was also asked to study the potential feasibility of operating Miramar Golf Course as a 9-hole golf course. We believe there may be strong merit for the re-development of the former Eagle Woods site as a nine-hole track. In fact, the NGF cash flow model shows a higher level of warranted investment for the club under this scenario. With very few quality 9-hole golf courses in the area, there may be a market niche available for the City of Miramar to exploit with the development of a top-flight 9-hole golf course that features a comprehensive practice facility. The presence of the practice facility with driving range is significant factor, as player development programs will be critical to the near and long-term viability of the facility. The Miramar Golf Course may be a strong candidate for "The First Tee" organization, whose main goal is to offer a venue for introducing people (primarily children) to the game of golf in an affordable, non- intimidating setting. Client: Don Waldron Community Development Director City of Miramar 6901 Miramar Parkway Miramar, FL 33023 (954) 967-1635 124009 National Golf Foundation Consulting, Inc. - Proposal #206001 a -11 ~ ~~ -~- r-- '.~~"r_,'.,.r ",. n'I",1'_,.,"",:Pf'7~~-~-;c!i"': ---,,-,--.--~-- ~~:"":','--~'~p;:-:'?~,'_~~'r;"'~--"~r_'_--"'_"___'_'_""'''' CITY OF WELLINGTON Wellington, FL MuniciDal Market SUDDlv & Demand Analysis The City of Wellington retained NGF Consulting to offer an opinion on the status of the golf market in Wellington. Specifically, the City wanted to know ifdemand for golf in Wellington was sufficient to support existing golf operations, as well as one or both of the closed facilities in Wellington, to the extent that all of these facilities could compete effectively in the market while meeting financial objectives. (The City had imposed a moratorium on redevelopment of the closed golf course sites.) Key components of the study included analyzing the current and projected status of the immediate Wellington resident golf market and the larger regional golf market; analyzing market area demographics as they relate to the propensity to play golf; considering the impact on golf demand from the area's visitors and seasonal residents; identifying planned new facilities in the market area; measuring actual performance of existing golf facilities in terms of rounds played, fees, and membership levels; and interviews with area golf operators, head golf professionals, membership directors, and several community leaders to gather information and ascertain their opinions on the local and regional golf markets. NGF Consulting concluded that the resident population of Wellington is not sufficient to support four golf facilities comprising six 18-hole golf courses. However, we also noted that Wellington is not an island, and therefore it should not be analyzed as such - the City is part of a larger local/regional golf market. The relevant question is: "Can six golf courses, that are located in Wellington, operate effectively enough in this regional golf market to meet the financial objectives of private owners/investors?" That is, can enough demand from outside the City be drawn in to make all of these operators viable? NGF Consulting could not say conclusively whether these six golf courses can all operate as viable businesses. However, we put forth the following conclusory opinions based on our research in this golf market: 1) The resident population of Wellington is not large enough, on its own, to provide the activity levels sufficient to keep all of these courses profitable; 2) there is significant excess capacity for golf in this regional market; 3) if new supply were to be introduced, golf operators would have to tap latent demand, stimulate new demand, or create enough of a differential operating advantage to gain sufficient market share from competitors; and 4) based on our analysis, golf courses with relatively higher investment levels in development or ongoing operation would be less likely to survive. Client: Paul Schofield City of Wellington 14000 Greenbriar Blvd Wellington, FL 33414 (561) 743-2430 124004 National Golf Foundation Consulting, Inc. - Proposal #206001 a -12 GREENVIEW COVE GOLF CLUB Wellington, FL MuniciDal ACCluisition/Feasibilitv Studv The governments of Palm Beach County and the City of Wellington required assistance in evaluating the possibility of the City of Wellington, with assistance from Palm Beach County, acquiring the Greenview Cove Golf Course and turning it into a County-run municipal golf course. At present the Greenview Cove Golf Course is closed. In 2002, NGF Consulting studied the golf market in the Wellington/Palm Beach County, Florida area, with special focus on utilization and pricing of the existing golf courses. NGF Consulting data collected for this market study indicates that the immediate Wellington market area represents one of the strongest sub-markets in a very strong regional (Palm Beach County) golf market. Further, when it was open, the Greenview Cove Country Club had a solid core of very active golfers, many of whom lived in immediate proximity to the club. It has been estimated that this Wellington area demand could also form the core of play for Greenview Cove if the facility were re-opened as a County- run municipal golf course. In the near term, the competitive nature of the local golf market will make the attraction of out-of-town golfers a critical element in the success of the re-opened facility. As a result, the Greenview Cove CC, if acquired, will be highly dependent on the facility's ability to create a good quality public golf experience at an affordable green fee level. Client: Jon Herrick Director Special Facilities and Beaches Palm Beach County 2700 6th Avenue S Lake Worth, FL 33461 (561) 966-6626 122022 BLUEFIELD ELKS GOLF CLUB Bluefield, WV Municipal ACCluisition/Feasibilitv Study NGF Consulting was retained by the City of Bluefield in 2002 to assist in evaluating the possibility of the City acquiring the Bluefield Elks Club to provide added recreation to the community and new City revenues. The purpose of the market and facility analysis was to provide the City with a fair estimate of the size and strength of the local golf market and the overall economic potential of the Club as a City-run municipal golf course. NGF Consulting determined that Bluefield Elks Golf Club has been underperforming for the market, and questioned whether a simple change in ownership would be sufficient to turn the operation around. However, it is clear from both our demand analysis and a review of the competition that the market can support a municipal golf operation. Recommendations related to the clubhouse, pro shop, golf course, marketing, fees, and management were included in the report. If the recommended changes are implemented, we feel that Bluefield Municipal can become a success golf operation and generate a positive cash flow for the City. Client: B.K. Satterfield clo First Century Bank The Hugh I. Shott Foundation, Inc. for City of Bluefield Box 1559 Bluefield, WV 24701 (304) 324-3235 122042 National Golf Foundation Consulting, Inc. - Proposal #206001 a -13 ',"'..... ~.P.".-, "i'VV. ..{.~. ;. ~:""''',:~':;'1 ~Yi.?:-m7'--- ''''''''':;;:~;---'-i:;:j:'~"'.'''''';'.' .'t~,. ---'~:~i$U~:~:~?,c.- CHASE OAKS GOLF CLUB Piano, TX MuniciDal Market & Facility Analysis for Potential ACQuisition NGF Consulting was retained by the City of Piano to evaluate the possibility of the City acquiring the Chase Oaks Golf Club and operating it as a municipal golf course. At present Chase Oaks GC is a semi- private golf club serving both members and daily play customers. The facility has been struggling to keep up members and revenues, and has approached the City of Piano about the possible acquisition. NGF Consulting analyzed the Piano/Collin County, Texas area, and observed a growing golf market, particularly in the middle fee public golf segment. The market is driven by numerous high-end public golf courses trying to maintain market share without excessive discounting. Chase Oaks is one of these higher-end facilities that has had to adjust to survive. Our review of Chase Oaks indicated that the existing course was not at the quality level necessary to compete in this golf market. The course must be renovated and the playing conditions improved in order to achieve the projections made by NGF Consulting for this study. Chase Oaks Golf Club, if acquired by the City, will be highly dependent on its ability to create a good quality public golf experience at an affordable green fee level. This means that appropriate pricing, including a frequent user discount card, will be necessary for the new facility to distinguish itself and attract adequate play levels from all market segments. Client: Don Wendell Director of Parks & Recreation Department City of Piano PO Box 860358 Piano, TX 75086-0358 (972) 941-7254 123024 MAINLAND GOLF COURSE Lansdale, PA MuniciDal ACQuisition Study NGF Consulting, a subsidiary of the National Golf Foundation, was retained by the Borough of Lansdale to assist in determining the market feasibility and a preliminary estimate of market value for acquiring Mainland Golf Course in Mainland, Pennsylvania. If acquired by the Borough, the course would be operated as a public access facility with amenities available on a daily fee basis. NGF Consulting found that the golf facility can be successful if oriented toward the middle to upper tier of the public golf market, with appropriate amenities, support services and turf maintenance practices. Our cash flow projections indicate that the acquired golf facility has the potential to exceed current top line revenue figures by approximately ten percent. Should the Borough of Lansdale decide to move forward with this project, NGF Consulting recommended that a more in-depth analysis of the golf asset be conducted, using appropriate specialists such as an agronomist, a golf course or landscape architect, and/or a food and beverage expert. Client: F. Lee Mangan Borough Manager Borough of Lansdale One Vine Street Lansdale, PA 19446 (215) 361-8310 122030 National Golf Foundation Consulting, Inc. - Proposal #206001 a -14 t~ MARKET AND FACILITY EVALUATION FOR ACQUISITION Fort Pierce, FL Municipal ACQuisition/Feasibility The City of Fort Pierce was considering the acquisition of the Indian Hills Country Club, a semi-private golf club that had been struggling to retain members and maintain revenues. The City retained NGF Consulting to assist in determining the appropriate course of action. The key issues evaluated by NGF Consulting included the size and strength of the local golf market, present operating condition of the facility, actual performance of other public golf facilities in the market, proposed new public golf facilities that may be added to the market, and the economic potential of the facility after City acquisition. NGF Consulting identified several areas of the golf course that were in need of renovation, including the driving range. If acquired, the success of Indian Hills will be highly dependent on the facility's ability to create a good quality public golf experience at an affordable green fee level. This means that appropriate pricing, including a resident annual pass, will be necessary for the new facility to distinguish itself and attract adequate play levels from all market segments. NGF Consulting also prepared financial projections and estimated a fair market value for the course. Client: Dennis W. Beach City Manager City of Ft. Pierce 100 N US Highway One Ft. Pierce, FL 34950 (561) 460-2200 121047 FEASIBILITY STUDY FOR ACQUISITION Rogersville, TN Municipal ACQuisition Study The City of Rogersville, Tennessee was considering the purchase of the McDonald Golf & Driving Range for possible conversion to a municipal facility. They required a study to help determine the market potential of the facility and identify improvements needed to compete in the market. The study included an analysis of the size and strength of the local golf market, recommendations regarding renovations needed to bring the facility up to market standards, and identifying the revenue potential of the completed facility. NGF Consulting concluded that although there was some demonstrated demand for further golf facility development in the Rogersville market, the renovated facility would not be able to sustain its own operation until after several years. Unless the acquisition value and renovation costs could be obtained from other sources, such as economic development, etc., this project would not be economically viable. Client: William E. Phillips City Attomey City of Rogersville, TN 210 East Main Street Rogersville, TN 37857 (423) 272-7633 121041 National Golf Foundation Consulting, Inc. - Proposal #206001 a -15 1""';::sr.:'I/ "'-'''Tc& Purchase Order Fiscal Year 2006 Page 1 NGF CONSULTING 1150 SOUTH US HWY ONE SUITE 401 JUPITER, FL 33477 CITY MANAGER 1126 EAST STATE ROAD 434 WINTER SPRINGS, FL 32708-2799 CITY OF WINTER SPRINGS ACCOUNTS PAYABLE DEPT 1126 E. STATE ROAD 434 WINTER SPRINGS, FL 32708 001 Supplemental Appropriation for 1.0 Feasibility Study on Winter Springs Each Golf Course 1900-53180 18,000.00 18000.00000 18,000.00 PO Total 18,000.00 *** Payments Not to.Exceed Amounts and Terms per NGF Proposal Number 206001a. A ~ ~Slng Coordinator By I?~ M 1Yl~~ City Manager' . VENDOR COpy Bid# (if applicable)