HomeMy WebLinkAbout0558.000November 15, 1990
The Honorable City Council
Palo Alto, California
goLF COQRSB FPSI8ILITY ~
M~s at the Council:
''.""It ip Brief
This is an information report and no Council action is required.
DuriT19 the 1990-92 budget process and again in July 1990,. staff
disCl,;,ssed with t.t..e Finance and Public Works ~o:mmitt.ee the upcoming:
need to address the aging qolf cours.e facilities in terms of
renov~tion and/or upgrade. Staff has also eX¥lored options tor
liqhted ballpark facilities, in view of continuinq concerns about
the rental cost of El Camino Park. Staff now proposes to retain a
financial advisor to prepare a financial feasibility analysis .for
thes. potential capital projects.
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In preparing the 1990-95 Capital Improvement Program, proposed golf
course improvements totalling approximately $2 million we~e
consid~red but not recommended for funding, pending preparation by
Community Services staff of a master pIcon for improvements and the
inveatigation of alternatives to General Fund financing. In July
1990, as part of a response to council concerns about the funding
for previous capital improvements at the q¢lf course, staff
discussed with the Finance and Public Works committee the age ot
the golf course and the need in the next few years to d¢ a major
r~abilitation or renovation project there.
staff has also been exploring various alternative proposals for El
camino Park lease. One c.f the concerns raised during Council
discussions en the increased rent paid to Stanford is the fact that
the Park contains lighted baseball facilities used by 42 teams
during the summer season and 21 teams during the .fall sea'Sion ..
Three separate soccer leaques also use the soccer fields.
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BeteDtipR of riB'Dcial 10.1.or
Statf from Community Services has prepared alternative i~provement
plans tor the 90lt course renovation and a possible ballpark
iacility. Staft now proposes to retain 1!1. financial advisor to
review and analyze significant aspects t financinq the 901f course
.area. This would iJ'lcluae an examination of 'the. present and
prospective future financing capacity; a study of the alternative
renovation proposals; a review of projected revenues and expenses;
a review of the 1978 Golf Course Corporation Lease Revenue Bonds;
and a review of the City"s current policies and objectives~
Res~ctfully s~itted,
'----0 tI~u<-~Q i£~y HARRISON
Director of Finance
I'-~~ ..... .... ~-r-r
J1JNE FLEMING
Assistant City Hanaqer
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