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• r <br /> FORREST PAULL PARK ( DEVELOPMENT~~; <br /> A select location within ready access to Santa Ana/Garden Grove and Orange Free- <br /> ways, this site has signal light controlled entrance planned with the City of <br /> Orange and land use design totalling 42,000 square feet of buildings approved <br /> by the County of Orange (owner) with ample parking designed. As stated above, <br /> investors are available for developing this plan. As the site for the clubhouse <br /> for the golf course, it gives street exposure that should add 20% to volume of <br /> business. Possibly the most important asset to the City of Santa Ana will be <br /> the banquet/meeting facility at our northern "window" to the City. Note: all <br /> plans referred to herewith are filed with your office. <br /> REVENUES FROM THIS DEVELOPMENT: <br /> <br /> Will it pay for itself and have profits for continued capital needs? This question <br /> <br /> must be asked before such a project is considered. <br /> Our answer to the above is based ONLY on history of the operation of River View <br /> in former years, how it compared then with other golf operations and what are <br /> its "competition" doing currently. Following are facts: <br /> During the years 1975, 1976 and 1977 Willowick and Miles Square generated <br /> combined GREEN FEES totalling $2,785,020. (Refer to Exhibit "A".) <br /> During that time River View generated GREEN FEES totalling $1,253,910 <br /> or 90+% of the AVERAGE of the two "competitors". Therefore, it would <br /> be good marketing projection practice to use "90%" of known CURRENT <br /> gross income from the same courses as gross volume expected of River <br /> View. <br /> GREEN FEES CART RENTAL RANGE <br /> WILLOWICK <br /> 1982 $ 740,000 $230,000 $ 82,000 <br /> 1983 802,000 258,000 99,000 <br /> 1984 862,000 280,000 104,000 <br /> MILE SQUARE <br /> 1982 $ 861,000 $273,000 <br /> $170,000 <br /> 1983 921,000 296,000 190,000 <br /> 1984 1,002,000 356,000 205,000 <br /> AVERAGE per year <br /> ONE Course $ 864,667 $282,167 $141,667 <br /> Projected for <br /> River View After <br /> Maturity (90%) $ 778,200 $253,950 $127,500 <br /> Cart rental (national average) costs for carts, maintenance service anti <br /> personnel salaries is 58% of income. <br /> Hence, 42% (profit) x $253,950= $106,659 <br /> EXHIBIT B ~ O A <br /> Pg 3 of 5 <br /> <br />