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<br /> ATTACHMENT C
<br /> CALLIPPE PRESERVE
<br /> ~'Jmmary Operating Pro Forma.
<br /> I 'ENTY YEAR
<br /> YEAR 1 Year2 Year 3 :rnu ~ Year6 Year 7 YearS Year 9 Year10
<br /> ROUNDS 65,000 56.500 58,000 59,160 60,343 60,947 61,556 62,172 62,793 63,421
<br /> REVENUE
<br /> Green Fees 1,911,800 2,013,039 2,118,144 2,225,322 2.337,923 2,432,142 2,530,15T 2,632,122 2,738,197 2,848,546
<br /> Per Rnd. Avg. 34.76 35.63 36.52 37.62 38.74 39.91 41.10 42.34 43.61 44.91
<br /> Carts 500,500 527,004 554,520 582,579 612,057 636,723 662,383 689,077 716,847 745,736
<br /> 9.10 9.33 9.56 9.85 10.14 10.45 10.76 11.08 11.42 11.76
<br /> Merchandise Sales 302,500 318,519 335,149 352,108 369.925 384,833 400,341 416,475 433.259 450,719
<br /> 5.50 5.64 5.78 5.95 6.13 6.31 6.50 6.70 6.90 7.11
<br /> Food & Beverage 385,000 405,388 426,554 448,137 470,813 489.787 509,525 530,059 551,421 573,643
<br /> 7.00 7.18 7.35 7.58 7.80 8.04 8.28 8.53 8.78 9.04
<br /> Driving Range 117,700 123.933 130,404 137,002 143,934 149,735 155,769 162,047 168,577 175,371
<br /> 2.14 2.19 2.25 2.32 2.39 2.46 2.53 2.61 2.68 2.77
<br /> Other Miscellaneous Rev 55,000 57,913 60,936 64,020 67,259 69,970 72,789 75,723 78,774 81,949
<br /> 1.00 1.03 1.05 1.08 1.11 1.15 1.18 1.22 1.25 1.29
<br /> GROSS OPERATING REVENUE 3,272,500 3,445,794 3,625,707 3,809,168 4,001,912 4,163,189 4,330,965 4,505,503 4,687,075 4,875,964
<br /> REV PER ROUND 59.50 60.99 62.51 64.39 66.32 68.31 70.36 72.47 74.64 76.88
<br /> COST OF GOODS SOLD
<br /> Merchandise 226,875 238,889 251,362 264,081 277,443 288,624 300,256 312,356 324,944 338,040
<br /> Food & Beverage 134,750 141,886 149,294 156,848 164,785 171,425 178,334 185,521 192.997 200,775
<br /> Total Cost of Goods Sold 361,625 380,775 400,656 420,929 442,228 460,050 478,590 497,877 517,941 538,814
<br /> NET OPERATING REVENUE 2,910,875 3,065,019 3,225,051 3,388,239 3.559,683 3,703,139 3,852.375 4,007,626 4,169,133 4,337,149
<br /> OPERATING EXPENSES
<br /> Course Maintenance
<br /> labor Costs 556,626 570,542 584,805 602,349 620,420 639,032 658,203 677,949 698,288 719,237
<br /> Non labor Costs 629,799 645,544 661,683 681,533 701,979 723,038 744,730 767,071 790,084 813,786
<br /> Mitigation Costs 92,039 94 340 96.698 99 599 102.587 105.665 108,835 112,100 115.463 118927
<br /> Subtotal 1,278.464 1,216,086 1,246,488 1,283,882 1,322,399 1,362,071 1,402,933 1,445,021 1,488,372 1,533,023
<br /> Golf Oneratlons
<br /> labor Costs 323,741 331,835 340,130 350,334 360,844 371,670 382,820 394,304 406,133 418,317
<br /> Non labor Costs 126.761 129,930 133,178 137,174 141.289 145527 149,893 154.390 159,022 163,792
<br /> Subtotal 450,502 461,765 473,309 487,508 502,133 517.197 532,713 548.694 565,155 582,110
<br /> Food & Beverage
<br /> labor Costs 153,855 157,701 161,644 166,493 171,488 176,633 181,932 187,390 193,011 198,802
<br /> Non Labor Costs 43,300 44,383 45,492 46,857 48,263 49,710 51.202 52,738 54,320 55,949
<br /> Subtotal 197,155 202,084 207.136 213,350 219.751 226,343 233,133 240,127 247,331 254,751
<br /> General & Administrative
<br /> Labor Costs 128,294 131,501 134,789 138,833 142,998 147,288 151,706 156,257 160,945 165,773
<br /> Non labor Costs 199.446 204.433 209.543 215.830 222,305 228.974 235,843 242,918 250.206 257.712
<br /> Subtotal 327,741 335,934 344,332 354,662 365,302 376,261 387.549 399,176 411,151 423,485
<br /> Total Operating Expense 2,253,862 2,215,868 2,271,265 2,339,403 2,409,585 2,481,872 2,556,329 2,633,018 2.712,009 2.793,369
<br /> NOI Before Mgmt Fee & Reserve 657,014 849,151 953,786 1,048,836 1,150,099 1.221,266 1.296,047 1,374,608 1,457,124 1.543,780
<br /> Management Fees
<br /> Fixed 78,000 79,950 81,949 84,407 86,939 89,548 92,234 95,001 97,851 100,787
<br /> Incentive 60,863 62,385 63,944 65,863 67,838 69,874 71,970 74,129 76,353 78,643
<br /> Total Management Fees 138,863 142,335 145,893 150,270 154,778 159,421 164,204 169,130 174,204 179,430
<br /> Replacement Reserve 65,450 67,087 68,764 70,827 72,952 75,140 77,394 79,716 82,108 84,571
<br /> NET OPERATING INCOME 452,700 639,730 739,130 827,739 922,369 986,705 1,054,449 1,125,762 1,200,813 1,279,779
<br /> Debt Service 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000
<br /> Net Cash Flow (1,147,300) (960,270) (860,870) (772,261) (6n,631) (613,295) (545,551) (474,238) (399,187) (320,221)
<br /> 20 Year 08.03.05.XLS SUMMARY
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