Los Lagos Golf Course - San Jose's Financial Sand Trap

Below is a list of updates provided to City Council: ./ December 1997 - Market and Financial Analysis For The Proposed Development of the Coyote Creek Golf Course provided to City Council NGF Projected ./ June 30, 1999 - revised course design with added features and updated cost estimates to the Golf Facilities Task Force on June 30, 1999, together with the second update by NGF of its Market and Financial Analysis. In that update, NGF raised its revenue projections significantly, resulting in an approximate 50% increase in projected NOI ./ May 23, 2000 - Council Memorandum regarding Tuers-Capitol Golf Course / Camden Park Refunding ./ May 30, 2000 - City Council presentation regarding the final master plan and cost estimates (Attachment C) ./ June 27, 2000 - Staff report to Council/Financing Authority ./ July 31, 2000 - Revised proforma (Attachment D) Subject: Response toGrand Jury ./ August 8, 2000 - Tuers-Capitol Golf Course Construction Award memorandum ./ June 5, 2001 - Council Memorandum seeking additional project funding ./ June 26, 2001 - Council Memorandum requesting Project Consultant Agreement Amendment for continued construction management ./ March 19, 2002 - Proposed Agreement for Operations and Maintenance Grand Jury Finding & Recommendation #4 Finding At the time a decision was reached to approve the master plan, thefeasibility study was one year old and had not been updated.