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Willow Park Golf Course
The Willow Park Golf Course is located in the expanding Crest Canyon area. This 18-hole facility offers a challenging layout and beautiful views. The property includes a Pro Shop, driving range, cart barn, maintenance buildings, and a pavilion that seats up to 50. Willow Park Golf Course also will have an on-site snack bar.
The facility was the Crescent Hills Golf Course for ten years before closing in 1999. Most of Crescent Hills Golf Course assets were sold in 1999. The property was bought by Claremont Properties in 2000 for $2,000,000. Since the purchase, Claremont Properties has been seeking a leasing arrangement that would reopen the facility. In the interim, the new owners have completed repairs on the Pro Shop, snack bar, cart barn, maintenance shed, and driving range. Claremont Properties owns 4,000 condo units in the Crest Canyon area. The company also owns Willow Park Condominiums which borders Willow Park Golf Course. The Willow Park Golf Course will form a strategic alliance with Claremont Properties in promoting and advertising the new golf course.
Willow Park Golf Course will require extensive landscape work. This work will be performed during the three month period (October-December) before the course opens in January. In addition, the following new equipment will be purchased:
- Driving Range Equipment
- Greens and Landscape Maintenance Equipment
- Food Service Equipment for the Snack Bar
Thirty-six golf carts will also be leased to assure that there is sufficient transportation for all members and guests. Willow Park Golf Course will have a staff of four to maintain the golf cart pool.
2.1 Start-up Summary
Marty Snyderman, Palmer St. Andrews and Luke Roth will each invest in the venture. They will also secure a long-term loan.
|Pro Shop Setup||$50,000|
|Landscape Development and Repair||$280,000|
|Food Service Equipment||$20,000|
|Driving Range Equipment||$80,000|
|Lease Golf Carts||$10,000|
|Total Start-up Expenses||$625,400|
|Other Current Assets||$0|
|Start-up Expenses to Fund||$625,400|
|Start-up Assets to Fund||$274,600|
|Total Funding Required||$900,000|
|Non-cash Assets from Start-up||$240,000|
|Cash Requirements from Start-up||$34,600|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$34,600|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$0|
|Other Current Liabilities (interest-free)||$0|
|Palmer St. Andrews||$200,000|
|Additional Investment Requirement||$0|
|Total Planned Investment||$600,000|
|Loss at Start-up (Start-up Expenses)||($625,400)|
|Total Capital and Liabilities||$274,600|
2.2 Company Ownership
Marty Snyderman, Luke Roth, and Palmer St. Andrews are co-owners of the Willow Park Golf Course.