Fort Sheridan
Master Plan Advisory Committee – December 2, 2009




                         December 2, 2009
            ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009

                                    Agenda
•    Advisory ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


                Advisory Committee Purpose
             ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Advisory Committee Process
 Working Meetings are for Adv...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Project Background


Recent Actions
      • Presented by...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Project Background

 Forest Preserve District recent act...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Project Background
 Forest Preserve District recent acti...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Project Background

Forest Preserve District potential u...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Project Background


Budget Update
      • Presented by ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Funding Sources                          Public Access, ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


 Additional Funding Since                          Publi...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009

     Expenditures                                        ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009



               Expenditures in preparation for bidding ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Land Use Options for consideration



      • Presented ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Land Use Options for consideration
 Adopted 2003 Master ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Land Use Options for consideration
 Adopted 2003 Master ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009

Land Use Options for consideration
 Blended Golf & Preser...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Land Use Options for consideration
 Traditional Forest P...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Land Use Options for consideration
 Land Banking Alterna...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


 Golf Market Analysis

       • Presented by Chris Brewe...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009



                                Project Context
•   AEC...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009



                                 Market Context

Privat...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009



             18-hole Option – Current Master Plan
•   S...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009



             18-hole Option – Current Master Plan

•   ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009



              18-hole Option – Current Master Plan
•   ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009



 18-hole Option – Current Master Plan-Implications
•   ...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009

                                 9-Hole Scenario
•   Anal...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


                    9-Hole Scenario Implications
•   Ass...
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


 Discussion
Fort Sheridan
Master Plan Advisory Committee – December 2, 2009


Board of Commissioners 2008-2010
 President             ...
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2009-12-02 Fort Sheridan Master Planning Advisory Committee

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For more information about the Fort Sheridan master planning process, please visit http://LCFPD.org/fort_sheridan_golf

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2009-12-02 Fort Sheridan Master Planning Advisory Committee

  1. 1. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 December 2, 2009 Fort Sheridan Master Plan Advisory Committee
  2. 2. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Agenda • Advisory Committee purpose, goals & process • Fort Sheridan Forest Preserve project background • Potential Land Use Options • Golf course feasibility • Market analysis & projections • Financial impacts & greens fees • Committee member discussion • Next meeting date & agenda
  3. 3. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Advisory Committee Purpose Reach consensus on preferred public uses • Recommend a Fort Sheridan Forest Preserve conceptual Master Plan • Consistent with Forest Preserve mission • Recommended plan to include o Opinions of probable cost o Analysis of projected operating costs and revenues • Send to Forest Preserve District Board
  4. 4. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Advisory Committee Process Working Meetings are for Advisory Committee Members • Public is invited to observe • Any member of public wishing to provide comments may do so in writing Other Public Input Opportunities • Planning Open Houses • Review options under consideration • Ask questions • Submit written or video recorded comments • Online at www.LCFPD.org • Meeting notices, agendas, minutes and documents • Public comment email submittals: Fort@LCFPD.org
  5. 5. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Project Background Recent Actions • Presented by Tom Hahn Executive Director
  6. 6. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Project Background Forest Preserve District recent actions • August 2008 – Board settled lawsuit filed against Town of Fort Sheridan and other developers • Fall 2008 to Fall 2009 - Dirt stockpile processing, demolition, earthmoving and seeding of upland area, and initial restoration of Janes Ravine.
  7. 7. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Project Background Forest Preserve District recent actions • January 2009 - Committee of the Whole reviewed golf course market and economic analysis consultant reports, solicited public comments, discussed options. • March 2009 - Committee of the Whole reviewed additional feasibility and cost analysis, heard additional comments. • May 2009 - Board decided not to rebid golf course construction. Directed formation of Advisory Committee. • July 2009 - Board approved Advisory Committee appointments.
  8. 8. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Project Background Forest Preserve District potential upcoming projects •Winter 2009-2010 and Winter 2010-2011 – Restoration of lakeshore bluffs. •Future – Feasibility and design study by US Army Corps of Engineers (USACE) for additional ravine, bluff and lakeshore restoration through Great Lakes Fisheries and Ecosystem Restoration (GLFER) program. Fort Sheridan Master Homeowners Association, Openlands and USACE met in fall 2009 to discuss this project.
  9. 9. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Project Background Budget Update • Presented by Bonnie McLeod Director of Finance
  10. 10. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Funding Sources Public Access, Golf Course Total (FY 2003-2004) Restoration, Construction Environmental, Legal, Remedial & Cemetery Development Bond Funds $ 5,500,000 $ 5,500,000 Development Bond Fund interest $ 2,452,070 $ 2,452,070 Land Development Levy Fund $ 335,000 $ 335,000 Fort Sheridan Cemetery Fund $ 200,000 $ 200,000 Debt Service Fund interest $ 389,580 $ 389,580 Golf Course projected bank loan $ 5,592,410 $ 5,592,410 Original Funding Subtotal $ 6,035,000 $ 8,434,060 $14,469,060
  11. 11. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Additional Funding Since Public Access, Golf Total Restoration, Course New Since 2003-2004 Environmental Legal, Remedial & Cemetery Insurance Fund for environmental costs $ 293,660 $ 293,660 Tree replacement settlement $ 320,000 $ 320,000 USEPA ravine restoration grant $ 75,000 $ 75,000 Dirt pile remediation, earth moving, demolition $ 1,750,000 $ 1,750,000 Additional Funding Subtotal $ 2,438,660 $ 2,438,660 Original Funding Subtotal $ 6,035,000 $ 8,434,060 $14,469,060 Updated Funding Total $ 8,473,660 $ 8,434,060 $16,907,720 (includes $5.5 million loan)
  12. 12. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Expenditures Public Access, Restoration, Environmental Legal, Remedial & Cemetery Public access, restoration, tree replacement, legal and $ 5,169,997 cemetery improvements Dirt pile remediation, earth moving, demolition $ 2,135,915 Environmental costs (Insurance Fund) $ 293,660 Total through 10/31/2009 $ 7,599,572 Funding Still Available Public Access, Restoration, Environmental Legal, Remedial & Cemetery Public access & restoration $ 546,438 Fort Sheridan Cemetery Fund $ 92,610 Tree replacement settlement $ 235,040 Total $ 874,088
  13. 13. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Expenditures in preparation for bidding Golf Course (total from 10/2001 through 11/2009) Golf course & maintenance building design, $ 762,279 engineering & architect, and other costs Funding Still Available Golf Course Bond & debt service interest earnings allocated $ 2,079,371 for golf course Bank loan required to complete golf course. TBD Amount to be determined by project costs.
  14. 14. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Land Use Options for consideration • Presented by Tom Hahn Executive Director
  15. 15. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Land Use Options for consideration Adopted 2003 Master Plan • 18-hole golf course (Silva design) Blended golf & preserve alternative • 9-hole golf course • Limited public trails, open space & habitat areas Traditional forest preserve alternative • Ample public trails, lake overlooks, picnic shelters, open spaces & habitat areas Land banking alternative • 3-5 year hold to reassess market & economic changes
  16. 16. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Land Use Options for consideration Adopted 2003 Master Plan • 18-hole golf course (Silva design) Issues • Doesn’t require Deed Restriction change • Could bid in 2010, start construction in 2011 • Requires average greens fees over $100 to cover operations • Potential adverse financial impacts to other area courses • Public trails & open spaces are very limited • Substantially less wildlife habitat & preservation value
  17. 17. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Land Use Options for consideration Blended Golf & Preserve Alternative • 9-hole golf course • Limited public trails, open space & habitat areas Issues • May not require Deed Restriction change • Could design 2010, bid 2011, start construction in 2012 • Public operating funding required for golf, trails & public areas • Potential adverse financial impacts to other area courses • Public access by lakeshore limited, most open space would be in Parade Ground, which requires higher maintenance • More wildlife habitat & preservation value than 18 holes
  18. 18. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Land Use Options for consideration Traditional Forest Preserve • Ample public trails, lake overlooks, picnic shelters, open spaces & habitat areas Issues • Requires Deed Restriction change • Could design 2010, bid 2011, start construction in 2012 • Public operating funding required for trails & public areas • No adverse financial impacts to other area courses • Public access greatly expanded, especially by lakeshore • Parade Ground open space requires higher maintenance • Greatly expanded wildlife habitat & preservation value
  19. 19. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Land Use Options for consideration Land Banking Alternative • Existing conditions remain for next 3-5 years Issues • May not require Deed Restriction change • Delays decision for 3-5 years • Allows for evaluation of future golf market trends & other economic conditions • No adverse financial impacts to other area courses • Mowed trails provide temporary public access to recently graded and seeded areas • Some public funding required for maintenance of land-banked areas
  20. 20. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Golf Market Analysis • Presented by Chris Brewer, Economics Research Associates
  21. 21. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Project Context • AECOM role began in December of 2008 • Presentations were made to forest preserve commissioners regarding viability of an 18-hole plan for Fort Sheridan – Greens fees / rounds / revenue – Impact on ThunderHawk • Other recreational options for the site have been preliminarily explored: – Nine-hole scenario – Park & open space
  22. 22. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Market Context Private Market Reality • 16 18-hole primary market courses • Courses are losing members – modest shift toward public play • Courses are starting to lower prices Public / Daily Fee Market Reality • 7 18-hole courses in the primary market • Discounting is impacting profitability • Since 2000: 3 18-hole courses closed
  23. 23. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 18-hole Option – Current Master Plan • Stabilized year rounds: 25,000 • Prime season weekend rate: $102 – Includes cart • Thunderhawk:$84 w/cart • No driving range income • Estimated sales for food & beverage & pro shop • Food &beverage assumes small meetings, outings and tournaments – No banquets
  24. 24. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 18-hole Option – Current Master Plan • Assumes Forest Preserve operation • High-end courses are more expensive to operate – Player expectations / client service • Maintenance / mowing • Larger marketing budget – ERA: 25% above ThunderHawk • Replacement reserves • Grow-in / startup costs need to be accommodated
  25. 25. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 18-hole Option – Current Master Plan • Effective Gross Revenue: $2.3 million • Operating expenses: $1.5 million • Income before debt: $800,000 • Supportable debt service: – 20 Years @ 5%:$10 million • Supportable project budget: $12 Million • 30-Year financing is possible – Would require general fund guarantee
  26. 26. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 18-hole Option – Current Master Plan-Implications • Public market should begin to stabilize within two years – Increase revenue per round? • The private market will remain highly competitive • If Fort Sheridan opened in 2014 – $12 million project budget is insufficient – A significant impact on ThunderHawk – 15% market shift toward Ft. Sheridan from ThunderHawk
  27. 27. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 9-Hole Scenario • Analysis based on a regulation length 9-hole course – Consideration of alternative tee boxes and multiple greens – Placement of course primarily in center portion of site • Market guidance for upscale 9-hole golf is modest – Few Chicago area 9-hole courses priced above $25 – Nationally, trade area for 9-hole golf is smaller • In season weekend fee: $35 for nine holes – Excludes cart – Utilization at 35% – Year 1 net revenue per round $23 • Modest revenue from food and beverage and merchandise – No banquet is assumed – Temporary clubhouse • Operating expense estimate is built from ThunderHawk/Countryside – Per hole average cost is applied to Fort Sheridan
  28. 28. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 9-Hole Scenario Implications • Assuming course opening five years from today • Growth in revenue and expenses at 3% per year • 26,000 stabilized year 9-hole rounds (year 3) • Effective gross income of $857,000 could cover operating expenses • No cash flow to support debt service • Construction costs not yet determined
  29. 29. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Discussion
  30. 30. Fort Sheridan Master Plan Advisory Committee – December 2, 2009 Board of Commissioners 2008-2010 President Aaron Lawlor, Vernon Hills Bonnie Thomson Carter, Ingleside Ann B. Maine, Lincolnshire Vice President Stevenson Mountsier, Lake Barrington Carol Calabresa, Libertyville Audrey H. Nixon, North Chicago Diana O’Kelly, Mundelein Anne Flanigan Bassi, Highland Park Collin O’Rourke, Waukegan Melinda Bush, Grayslake Brent Paxton, Zion Patrice Carey, Grayslake Linda Pedersen, Antioch Stephen Carlson, Gurnee Suzi Schmidt, Lake Villa Mary Ross Cunningham, Waukegan David B. Stolman, Buffalo Grove Michelle Feldman, Deerfield Craig Taylor, Lake Zurich Susan Loving Gravenhorst, Lake Bluff Terry Wilke, Round Lake Beach Diane Hewitt, Waukegan Executive Director Angelo D. Kyle, Waukegan Tom Hahn

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