Rock Spring Acquisition Analysis.pdf

Rock Spring Acquisition Preliminary Plan & Financial Analysis 2/14/2019 Total 8 year cost 16,888,983 Total 8 year Offsetting Revenue 18,293,265 Net Surplus (loss) 1,404,282 Purchase Price 11,283,000 Year 1 Golf Revenues ‐ Soft Costs* 767,340 Early Closing Credit Year 2 Golf Revenues 100,000 Total Bond Ordinan 12,050,340 183,000.0 11,867,340 Year 2 Green Acres Award 750,000 Year 3 Golf Revenues 150,000 Year 1 Cost ‐ 7,500,000 Year 2 Cost Tax Loss & Interest 911,472 Year 3 Cost Tax Loss & Interest 891,237 Year 4 Cost Tax Loss & Interest 688,324 Year 5 Cost Tax Loss & Interest 667,699 Year 3 Green Acres Award 750,000 Year 6 Cost Tax Loss & Interest 644,335 Year 4 Golf Revenues 150,000 Year 7 Cost Tax Loss & Interest 620,970 Year 4 Green Acres Award 750,000 Year 8 Cost Tax Loss & Interest 597,606 Year 5 Golf Revenues 150,000 Year 5 Green Acres Award 750,000 Year 6 Golf Revenues 150,000 Year 6 Green Acres Award 750,000 * Breakdown of Soft Costs 767,340 1,518,186 Cost of BAN/Bond Issuance 44,500 Engineering 75,000 Environmental 40,000 Year 7 Golf Revenues 150,000 Legal Costs 125,000 Year 7 Green Acres Award 750,000 Closing Cost 37,500 1,518,186 Green Acres Application Costs 50,000 Miscellaneous Costs 5,000 2019 Tax Amortization 390,340 Year 8 Golf Revenues 150,000 Year 8 Green Acres Award 738,708 1,518,186 Year 3 ‐ Sale of 15 Acres for luxury residential development @ 10 units per acre Year 6 ‐ Taxes from new Residential Ratable Year 7 ‐ Taxes from new Residential Ratable Year 8 ‐ Taxes from new Residential Ratable