FINANCIAL STATEMENTS
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Certified Public Accountants
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CHI 011 RODRIGUEZ YOUTH JOUNDAnON, INe.
Finucial Statements
June JO, 1998
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THE CHI CHI RODRIGUEZ YOUTH FOUNDATION, 1Ne.
Table of Contents
Paee
Independent Auditor's Report on F1D3IICial Statements ..........................................................................................1
Financial Statements:
Balanc:e Sheet........................ ................. ........ ............ .......... ............................................ .................................... 2
StateInent of Activities....................... .............................. .................................................................................... 3
Statement of Functional Expenses........ ......... ........................ ..... ......................................................................... 4
Statement of Cash Flows......................... ............................ ................................................................................. 5
Notes to Financial Statements.......................................................................................................................... 6 - 11
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II FRASER I
& Company
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Certified Public Accountants
111 Second Avenue N.E.
Suite 800
St. Petersburg. FL 33701
Telephone (727) 821-3133
FAX (727) 822-2890
Indeoendent Auditor's Reoo" on Financial Statements
To the Board of Directors
Tbe Chi Chi Rodriguez youth Foundation, Inc.:
We have audited the aa:ompanying balar1a: sheet of Tbe Chi Chi Rodriguez youth Foundation, Inc. (a non-profit
organization) as of JWle 30, 1998, and the related statements of activities, functional expenses, and cash flows for the year
then ended. These financial statements ale the responsibili1y of the Foundation's management Our respoDSlbility is to
expn:ss an opinion on these 1inanciaI statelJlents based on our audit
We oonducted our audit in aa:ordance with generally accepted auditing standants. Those standards require that we plan
and perlOrm the audit to obtain reasouable assurance about whether the financial ~tP.mP.11fll ale free of material
mi~fP.mP.nf An audit iDcIudes ~minillg, OIl a test basis. evidence supporting the amounts and disclosures in the
financial SWemP.11tll An audit also includes assessing the ~mting principles used and significant estimates made by
management, as well as evaluating the overaI1 financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial SlatellleDts referred to above present filirIy, in all material respects, the :financial position of
Tbe Chi Chi Rodriguez Youth Foundation, Inc. as of June 30, 1998, and the changes in its net assets and its cash flows for
the year then ended, in oonfonnity with generaDy accepted SlN'Dmting principles.
~~~o
September 19, 1998
Members: American Institute of Certified Public Accountants · Florida Institute of Certified Public Accountants
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mE CHI CHI RODRIGUEZ YOUTH FOUNDATION, 1Ne.
Balance Sheet
June 30, 1998
Unrestricted
Propcrty
aDd Total Temporarily Permanently
A!!m Operating Equipment Unrestricted Restricted Restricted Total
Cash and cash equivalents $ 625,558 30,000 655,558 99,312 754,870
Investments (note 3) 148,784 148,784 37,588 702,188 888,560
Accounts receivable 10,000 10,000 10,000
Promises to give (note 4) 27,602 27,602
Land lease receivable. current (note 9) 1,055,394 1,055,394
Inventory (note 5) 38,888 38,888 38,888
Prepaid expenses 38,585 38,585 38,585
Property and eqqipment, less lU:Cumulated
depreciation of$2,I 15,609 (note 6) 2,917,635 2,917,635 2,917,635
Land lease receivable -Iong-tcnn (note 9) 1,233,029 1,233,029
Deposits 4,420 4,420 4,420
Loan costs, unamortized 18,451 18,451 18,451
Total assets $ 866,235 2,966,086 3,832,321 2,452,925 702,188 6,987,434
Uabi6ties and Net Assets
~unts payablc $ 54,651 54,651 54,651
Deferred revenuc 10,977 10,977 10,977
Current portion of notes payable (note 7) 45,272 45,272 45,272
Accrued salaries aDd wages 31,005 31,005 31,005
Long-term portion of notes payablc (note 7) 1,980,707 1,980,707 1,980,707
Tota1liabilities 96,633 2.025,979 2.122,612 2,122,612
Net assets:
Unrestricted:
Operating 769,602 769,602 769,602
Property and equipmcnt 940,107 940,107 940,107
Temporarily restricted 2,452,925 2,452,925
Permanently restricted 702,188 702,188
Total net assets 769,602 940,107 1,709,709 2,452.925 702,188 4,864,822
Total liabilities and nct assets $ 866,235 2,966,086 3,832,321 2,452.925 702,188 6,987,434
See accompanying notes to financial statements
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mE CHI CHI RODRIGUEZ YOUTH FOUNDATION, INe.
Statement of ktivitiea
Year Eoded June 30,1998
Unrestricted
Property
and Total Temporarily Permanently
Operating Equipment Unrestricted Restricted Restricted Total
Public support and revenue:
Public support
Special events S 384,109 384,109 99,312 483,421
Direct costs of special events (168,571) (168,571) (168,571)
Special events. net 2lS,538 2lS,538 99,312 314,850
Contributions 739,360 739,360 14,410 125,888 879,658
Net assets released from restrictions:
Satisfaction of time restriction 970,990 970,990 (970,990)
Satisfaction of program restriction 11,309 11,309 (11,309)
Restrictions satisfied by payments 14,500 14,500 (14,500)
Total public support 1,951,697 1,951,697 (883,077) 125,888 1,194,508
Revenue:
Greens fees 1,290,633 1,290,633 1,290,633
Memberships 5,132 5,132 5,132
Pro shop, net ofS121,937 direct costs 37,160 37,160 37,160
Snlu:k bar, net of546,696 direct costs 56,300 56,300 56,300
Equipment rentals 18,923 18,923 18,923
PGA family goIfleasc 60,000 60,000 60,000
Interest income 49,630 49,630 49,630
Unrealized gain on sale of investments 7,814 7,814 7,814
Other 10,331 10,331 10,33 I
Total revenue 1,535,923 1,535,923 1,535,923
Total public support and revenue 3,487,620 3,487,620 (883,077) 125,888 2,73Q,43 I
Expenses:
Program services:
kademic and vocational 1,327,526 113,593 1,441,119 1,441,119
Junior golf 437,009 36,984 473,993 473,993
Personallifc management 981,510 83,653 1,065,163 1,065,163
Total program services 2,746,045 234,230 2,980,275 2,980,275
Supporting services:
rmancial development and campaigns 162,512 17,904 180,416 180,416
Management and general 317.228 41,386 358,614 358,614
Total supporting services 479,740 59,290 539,030 539,030
Total expenses 3,225,785 293,520 3,519,305 3,519,305
Increase (decrease) in net assets before transfers 261,835 (293,520) (31,685) (883,077) 125,888 (788,874)
Transfers:
Property and equipment acquisitions (139,366) 139,366
Property and equipment donations (85,000) 85,000
Principal debt service payments (45,651) 45,651
Increase (decrease) in net assets (8,182) (23,503 ) (31,685) (883,077) 125,888 (788,874)
Net assets at beginning of year 777.784 963,610 1,741,394 3,336,002 576,300 5,653,696
Net assets at end of year S 769,602 940,107 1,709,709 2,452,925 702.188 4,864,822
See accompanying notes to financial statements.
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THE CHI em RODRIGUEZ YOUTH FOUNDATION, INC.
Statement of Functional Expenses
Year Ended June 30, 1998
Program Services
Academic Personal
and Junior Life
Vocational Golf Management Total
Salaries S 344,998 112.389 254,617 712,004
Payroll taxes 24,886 8,103 18,327 51,316
Fringe benefits 8.101 2.638 5.966 16.705
Total salaries and related expenses 377,985 123.130 278,910 780,025
Professional fees and contract
service payments 7,945 2,587 5,851 16,383
Building maintenance and repairs 9,666 3,147 7,118 19,931
Equipment maintenance and repairs 16,250 5,291 11,967 33,508
Golf course mainteDanc:e and repairs 78,638 25,603 57,912 162.153
Utilities and telephone 23,755 7,734 17,494 48,983
School and student services and supplies 25,983 13,186 22.462 61,631
Insurance 39,035 12,709 28,747 80,491
Advertising and promotion 12,883 4,194 9,487 26,564
Office expense and supplies 16,750 5,453 12,335 34,538
Use of contributed facilities 477,743 . 155,544 351,826 985,113
Interest expense 70,865 23,072 52,187 146,124
Golf course equipment leases 39,473 12,852 29,069 81,394
Other operating expenses 135,721 44,189 99,949 279,859
Depreciation of property and equipment 108.427 35,302 79,849 223,578
Total expenses S 1,441,119 473.993 1.065,163 2.980,275
See accompanying notes to Cmancial statements.
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Supporting Services
Financial
Development Management
and and Total
Campaigns General Total Expenses
54,198 126,018 180,216 892,220
3,923 9,067 12,990 64,306
l,2n 2,952 4,229 20,934
59,398 138,037 197,435 9n,460
1,252 2,895 4,147 20,530
1,524 3,522 5,046 24,9n
2,56 I 5,920 8,481 41,989
12,395 12,395 174,548
6,763 8,655 15,418 64,401
61,631
6,153 14,222 20,375 100,866
2,031 4,694 6,725 33,289
6,596 6,103 12,699 47,237
25,868 59,794 85,662 I,070,n5
11,170 25,819 36,989 183,113
6,222 6,222 87,616
21,393 49,449 70,842 350,701
17,090 39,504 56,594 280,172
180,416 358,614 539,030 3,519,305
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THE CHI CHI RODRIGUEZ YOUTH FOUNDATION, 1Ne.
Statement of Cub Flows
Year Ended June 30,1998
Cash flows from operating IICtivities:
Chango in not assets $ (788,874)
Adjustments to recooci1e change in net assets
to not cash provided by operating IICtivities:
DcpreciatiOll expense 280,172
Donated property & equipment (8S,OOO)
Loss on sale of property & equipment 7,364
Amortization of discount on land lease receivable 890,790
Amortization of loan costs S,984
Unreslized gains OIl investments (7,814)
(Increase) decrease:
Accounts receivable (10,000)
Pledges receivable S10,2oo
lnvcntory (1,802)
Prepaid expenses (S,S63)
Other assets S,631
Increase (decrease):
Accounts payable and accrued expenses (S,374)
Deferred revenue 6S4
Net cash provided by operating activities 796,368
Cash flows used by investing activities:
AcquisitiOll of property and equipment (139,36S)
Purchases of investments (6S0,189)
Net cash (used) by invcstins IICtivities (789,5S4)
Cub flows used by financing activities:
Principal payments 011 notes payable (4S,6SI)
Net cash (used) by financing activities (4S,651)
Net decrease in cash (38,837)
Cash, bcgiming of year 793,707
Cash, end of year $ 7S4,870
Supplemental disclosures of cash flow information:
Cash paid during the year for interest
$
182,960
See accompanying notes to fmancial statements.
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THE CHI CHI RODRIGUEZ YOUTH FOUNDATION, INe.
Notes to Financial Statements
(1) Summa", of Simificant Accountint! Policies
(a) Ol'g)'nuJltion
The Chi Chi Rodriguez Youth Foundation, Inc.. (Foundation) is a not-for-profit corporation that provides
academic and vocational, junior golf: and personal life management programs for disadvantaged cbi1dren
through its golf course and classroom facilities. The Foundation, located in Clearwater, Florida, bas
c::oopeI3ted with nwnerous community agencies in worldng to develop disadvantaged children into socially
well-adjusted, educated and motivated members of society. The program objectives are as follows:
Academic & Vocational Programs are designed to provide individualized instIuction for remedial, prepatory
and enrichment purposes. Specific target areas include: reading, writing, mathematics, problem solving,
study skills and test taking stIategies.
Junior Golf Programs seek to provide students with focus, stJUduIe and discipline required to succeed both
on the golf course and in life. A personal code of ethics is developed and nurtured through goal setting,
decision making, communication, and team.bJilding opportunities.
Personal Life Management Programs are developed to enhance self~1D, confidence and self-reliance
while teaching practical living skills. Representative personal life activities include: personal finance,
compamtive shopping, telephone skills, restaurant etiquette, nutrition, personal grooming and hygiene.
(b) Basis of Presentation
The accompanying financial statements have been prepared on the accroal basis of accounting in
accordance with generally accepted accounting principles. Net assets and revenues, expenses, gains and
losses are classified based on the existelx:e or absence of donor-imposed restrictions. Accordingly, net assets
of the Foundation and changes therein are ....-med and reported as follows:
Unrestricted net assets - include net assets that are not subject to donor imposed stipulations.
TemDOrarilv restricted net assets - include gifts for which donor imposed restrictions have not been
met, and unconditional promises to give for which the ultimate purpose is not pennanently restricted.
Permanentlv restricted net assets - include gifts that require, by donor restriction, that the corpus be
invested in perpetuity and only the income be made available for program operations in accordance
with donor restrictions.
The unrestricted net assets of the Foundation are reported in two self~g groups as follows:
Ooeratine: - aa:ounts for unrestricted resources which are readily available to carry out the operations of
the Foundation.
Pronertv and EauiDment - accounts for property and equipment used in the operation of the Foundation
and any debt relating thereto.
(e) Federal Income Toes
The Foundation is exempt wm federal inoome tax under Section SOl(c)(3) of the Internal Revenue Code,
and bas been detennined not to be a private foundation.
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THE em em RODRIGUEZ YOUTH FOUNDATION, 1Ne.
Notes to Financial Statements
(d) Cub and Cub Equivalents
For purposes of financial statement presentation, the Foundation considers all temporary cash investments
purchased with a maturity of three months or less to be cash equivalents.
(e) Investments
Investments in equity securities with readily detenninable fair values and all investments in debt securities
are measured at fair value. Cash intended to be held for long term purposes is classified as an investment
(f) Allowance for Doubtful Accounts
An allowance for doubtful accounts is oonsidered unnecessary as management feels that all receivables are
oollecbble.
(g) Property and Equipment
Property and equipment are stated at cost. Donated assets are recorded at fair maIket value at the time of
donation. Dqneciation is ca.1allated using the straight-line method over the estimated useful lives of the
assets which range from 5 to 30 years. Expenditures in excess of $500 with an estimated useful life greater
than one year are capitalized. Gifts of long-lived assets are reported as unrestticted support.
(b) Contributions
Contnbutions, including 1JIl(X)nditional promises to give. are recorded when made. All oontnbutions are
available for unrestricted use unless specifically restrided by the donor. Conditional promises to give are
recognized when the conditions on which they depend are substantially met.
~ Contributions that are restrided by the donor are reported as an iDaease in unrestricted net assets if the
restriction expires in the reporting period in which the support is recognized. All other donor-restricted
oontnbutlons are reported as an increase in temporarily or permanently restrided net assets depending on
the nature of the restriction. When a restriction expires, temporarily restrided net assets are reclassified to
unresttided net assets.
(i) Donated Senices
The Foundation receives donated services from a variety of unpaid volunteers. No amowlts have been
recognized in the accompanying statement of activities because the aiteria for recognition of such volunteer
effort under SF AS No. 116 have not been satisfied.
(j) Statement of Func:tional EIpeDJeI
The a>st.s of providing the various programs and other activities have been detailed in the Statement of
Functional Expenses. Expenses have been allocated among program and supporting services classifications
on the basis of salaries paid and on estimates made by the Foundation's management
(k) Use of Estimates
The preparation of financial statements in oonfonnity with generally accepted aa:ounting principles
requires management to make estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly, actual results oould differ from those estimates.
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THE CHI CHI RODRIGUEZ YOUTH FOUNDATION, lNe
Nates to Financial Statements
(2) Concentration of Credit Risk
The Foundatian tnaintailLll its cash balanc:es at two financial institutians. The Federal Deposit Insurance
Corporatian insures aocount~ at each financial institutian up to SI00,OOO. Allone 30, 1998 the uninsun:d cash
baJanc:e totaled $697,922 at one of the financial institutians.
(3) Investments
Investments atlune 30, 1998 consist afthe fallawing:
Certificates af deposits $
Maney market funds
Mutual funds
Equity securities
5,000
660,762
36,517
186,281
888,560
$
Investment return consists afinvestment income ofS24,301 and net unrealized gains afS7,814.
(4) Promises to Give
Unconditianal promises are included in the financial statements as pledges receivable and revenue of the
appropriate net asset categary. Pledges are recorded after discounting to the present value of the future cash
flaws. Unconditianal promises are expected to be realized in the fallowing periods:
In lOne year lOr less S 17,700
Between lOne year and five years 11,000
Unamartized discount (1,098)
S 27,602
(5) Invento",
Inventory is recorded at cost, using the first-in, first-oot method. As of June 30, 1998, inventory consisted afthe
following:
Merchandise
Food
S
35,657
3,231
38,888
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(6) Prooerty and EauiDment
The fallowing is a summary of the components afproperty and equipment as af Iune 30, 1998:
Leasehald improvements - Chi Chi Rodriguez Golf Club S 3,284,136
Leashald improvements - Glen Oaks Golf Course 268,666
Building and parking lot 907,433
Machinery and equipment 384,968
Vehicles 57;504
Office furniture and equipment 130,537
5,033,244
(2,115,609)
$ 2,917,635
Less accumulated depreciatian
Net property and equipment
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THE CHI CHI RODRIGUEZ YOUTH FOUNDATION, 1Ne.
Notes to Financial Statements
(7) Notes Pavable
Notes payable consists of tile following at June 30, 1998:
Note payable to NationsBank of Florida, payable in monthly installments of
S18,626 including principal and interest of 8.8% until July 2001 when the entire
principal balance outstanding and any accrued interest shall be due in full~ the note
is collateralized by all currently owned and future contract rights, real and personal
property and a mortgage assignment of the leasehold interest in Chi Chi Rodriguez
Golf Club and is secured by the City of Clearwater's guaranty in the amount of
SI,ooo,OOO.
S 2,025,300
Note payable to GMAC Financial Services, payable in monthly installments of
$400 including principal and interest of 9.5% until July 1998.
679
S 2,025,979
The required maturities are as follows:
Ending June 30,
1999
2000
2001
2002
S 45,272
48,252
53,225
1,879,230
S 2,025,979
(8) ~
Land Leases
The Foundation is a party to leases with the Oty of Oearwater as follows:
Glen Odks Golf Course -
The Foundation is committa:l to a lease on the Glen Oaks Golf Course through April 6, 1999~ it may be
renewed for sua:essive five..ycIr periods with approval ofboth parties. The lease requires payments of
one dollar per year for the life of the lease. lU:quirements of the lease include: (1) the Foundation is
responsible for all operating costs related to the golf course, (2) all buildings and other improvements
permanently amxm to the property will become the property of the Oty at the expiration or
tennination of the agreement, and (3) the City retains the right to tenninate the lease for any municipal
need consistent with its charter.
Chi Chi Rodriguez GolfOub -
The Foundation is committa:l to a lease of approximately 212 acres of land in the Countryside area.
The lease tenD is fifteen years, through November 12, 2000, and may be renewed. However, the
maximum of the initial tenD plus all renewals is limited to twenty-five years. As part of the lease, the
Foundation agreed to conslnK:t educational and rehabilitative f3cilities that include an 18 hole
regulation size golf course, driving range and facilities nec:essaIY for its educational programs. The
lease requires payments of one dollar per year for the life of the lease. Additional requirements of the
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THE CHI CHI RODRIGUEZ YOUTH FOUNDATION, INe.
Notes to Financial Statements
lease include: (1) the Foundation is responsible for all operating costs of the fdcilities, (2) all buildings
and other improvements pennanendy affixed to the property will become the property of the City at the
expiration or termination of the agreement and (3) the Foundation may sublease a portion of the
property to a amunerciaI enterprise for the purpose of constructing and operating a driving range.
The golf courses under both of the 1eases are open to the general public at fees compamble with other similar golf
courses. All fees and charges n:c.eived from these operations, including any sublease are retained by the
Foundation. The public use of all &cilities, including the golf course. is subject to the requirements of the
Foundation's programs.
Ooeratine: Leases and Sublease Income
The Foundation is committed to rent a pennanent fleet of70 golf carts at $58.93 per golf cart per month through
July 2002 for an estimated annual renta1 commibnent of $49,500. A service agreement for the maintenance of
the 70 pennanent fleet golf carts and 8 seasonal fleet golf carts was entered into for $30 per golf cart per month
through July 2002 for an f'.GillUllted annual rental commibnent of $26,640. Rental expense for carts and
maintenance service of $76,140 was incurred for the current year.
The Foundation has subleased a portion of the property leased from the City (see Chi Chi Rodriguez Golf Club
above) to an unrelated commercial entity for use as a driving range. The initial lease tenn is through December
2000, and may be extended through the year 2010. Total sublease income included in the accompanying
financial statements totaled $60,000 for the year ended June 30, 1998.
The future minimum operating lease payments for these operating leases are as follows:
Fiscal Year
Ending June 30,
1999
2000
2001
2002
2003
Lease
Expense
76,140
76,140
76,140
76,140
6,225
Sublease
Income
60,000
30,000
(9) Land Lease Receivable
As discussed in note (8), the Foundation leases certain property from the City of Clearwater for a nominal
amount In the financial statements these 1eases are recorded as land lease receivables and revenue of the
appropriate net asset category. The 1eases are recorded after discounting to the present value of the future cash
flows.
Land lease receivables are expected to be realized in the following periods:
In one year or less
Between one year and five years
Unamortized discount
$
1,055,394
1,387,719
(154,690)
2,288,423
$
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THE CHI CHI RODRIGUEZ YOUTH FOUNDATION, 1Ne.
Notes to Financial Statements
(10) Temoorarilv Restricted Funds
At June 30, 1998, the donor n:stricted funds oonsist of the following:
Chi Chi & the Zinger '98
College fund
Pledges receivable
Land lease receivable
$
99,312
37,588
27,602
2,288,423
2,452,925
$
(11) Pension Plan
The Foundation has a defined oontnbution retirement savings plan for its employees. The Foundation's
discretiOnaIy oontnbution is based on a unifonn percentage of the elective defena1s of each employee who is
eligible for employer oontnbutioDS. To be a participant in the plan, an employee must be at least twenty~ne
years old and oomplete one year offull-time service. The total oontnbution for the year ended June 30, 1998 was
$11,120.
(12) Subseouent Events
Subsequent to fiscal year end the Foundation entered into an agreement with Pine1Ias County IndustJy Council
(the Council) to refinance the notes payable to Nations Bank of Florida (see note 7). The Council will issue and
sale $2,100,000 in authorized face amount variable rate demand revenue bonds, series 1998. The proceeds of the
Bonds will be used solely to retire the Nations Bank of Florida debt.
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Commissioner Thomas indicated staff has been directed to solve the entire problem.
Commissioner Johnson questioned if it was essential to proceed with this sidewalk
project. Mr. Baier recommended completing this part of the project now. He said if the
City chooses to install gabions, it will take time to construct them. He predicted this
project would provide some relief to the area flooding problem.
Commissioner Berfield questioned how many lots share the pond. Mr. Baier said the
pond is located on three properties and part of a fourth. Commissioner Berfield questioned
what it would take to make the entire area the same. Mr. Baier said that would not be
possible if the City wanted to gain the capacity needed. Commissioner Berfield expressed
concerns regarding illegal fill.
Commissioner Thomas moved to approve Change Order #1 to the 1995 Sidewalk
Contract (95-10) to MTM Contractors, Inc. of Pinellas Park, FL, increasing the contract
amount by $51,047.50, for a new contract total of $240,677.50, and approve a time
extension of 30 days, and that the appropriate officials be authorized to execute same.
The motion was duly seconded and carried unanimously.
OTHER ITEMS ON CITY MANAGER REPORT
ITEM #46 - {Rescheduled from 06/01/951 Assignment of Lease from the PGA Tour
Associates-I. Ltd. {PGAI to MJM Golf Enterprises. Inc., for the PGA's interest as "Lessee"
under Lease dated 11/12/85, between the Chi Chi Rodriguez Youth Foundation (Lessor)
and the PGA (Lessee) (PR)
On November 12, 1985, the City entered into an agreement with the Chi Chi
Rodriguez Youth Foundation, Inc. to lease City property on McMullen-Booth Road to the
Foundation for educational purposes and the construction and operation of a public golf
course. On the same date, a "Lease" was entered into between the Chi Chi Rodriguez
Youth Foundation, Inc. and the PGA Tour Associates-I, Ltd., to sublease a portion of the
land on the east side of McMullen-Booth Road for the construction and operation of a golf
driving range (Family Golf Center). The agreement's initial term was for 15 years to
November 12, 2000. Automatic extensions have added 10 years to the term, now running
to 2010. PGA Tour Associates-I, Ltd. may not assign their interest under the lease to
another party without the written approval of the City and Chi Chi Rodriguez Youth
Foundation
Commissioner Berfield moved to approve Assignment of Lease from the PGA Tour
Associates-I, Ltd. to MJM Golf Enterprises, Inc. for the PGA Tour Associates interest as
"Lessee" under Lease dated November 12, 1985, between the Chi Chi Rodriguez Youth
Foundation (Lessor) and the PGA Tour Associates-I, Ltd. (Lessee) and that the appropriate
officials be authorized to execute same. The motion was duly seconded. Commissioners
Berfield and Johnson and Mayor Garvey voted "Aye"; Commissioner Thomas voted "Nay."
Motion carried.
mcc06b.95
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06/15/95