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Matthew Fulton <br />Page 2 <br />July 24, 1998 <br />might receive this year would be higher due to the commitments contractors have. made in <br />completing storm related construction projects. In order for us to maintain the level of debt service <br />we desire for this project, we would suggest delaying the project for one year. This would allow us <br />to increase the level of investment to the project, thereby decreasing the required debt load to a point <br />it could be supported by existing cash flow levels. It might also provide us with a better bidding <br />environment. A delay in the project would not negatively impact on any of our golf course <br />operations <br />Staff Recommendation <br />Delay the new clubhouse construction until the fall of 1999. Design work and site approvals have <br />already been received (subject to Council approval) . Because of this, we can get a great start next <br />Fall which will ensure the new clubhouse is completed by the start of play in 2000. <br />IASHARED\GOLFCOUR\CLU$HOUS. WPD