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r <br />Minutes of Special Council Meeting 8-24-74 -2- <br />the rates be about 20X higher thitn what the City actually settled for when the <br />rink ogened up. Taking 20X higher you would have a reserve for purchasing of <br />equipment; also have a reserve to fall back on for manor losses if there were <br />any. Rocky River is this pear raisia$ their fees 30X to offset su~-osedlq ghat <br />their losses ere. Mr. Guesser doss not think these figarea necessarily indicate <br />that the Rocky River Coaipiex ua losing money stating reuons. <br />Mr. Gleaner discussed the fact that easy studies case be made but you can never <br />predict whether the rec cae~i+eac will be making money ual.~s it is opas~ad and the <br />users start using it. regarding rash figures -you are newer really going to be <br />sure of anything -like other finessea you are always going on pro acted <br />studies. A]so commante~ os~: the nss~er of facilities in the rec cosplex which is <br />a drawing card; if the biehz are right aatd the coaplex is open ve must get soseeone <br />is to promote it as business and rswn it as a business. Mr. Giesser discussed the <br />operating expense pro3ection and haw snare can be .offset. <br />Mr. Giesser asked Mrs. Sharps if Coua-cil may speak to Ilse people Mrs. Sharpe <br />has spoken to who have done st+~cli.es on rec corglexes and if they have sore <br />concerns maybe they can shad sore light on the matter. Mrs. Sharpe will supply <br />the names to Mr. Giesser. <br />Mr. Giesser gave his comraaats on affect a recession has on rec complesces. The <br />studies indicate that during torte of recession the rec complexes resin c~cestant. <br />Cannot find any alternate information ennui would appreciate any information which <br />will be looked into. <br />Mr. Giesser spoke about the tessZtis courts ~d explained what Mayor Mooney had <br />done far a study. Also eomreutard there era a number of privately owned tennis <br />courts in this area and so far has not eraeen air fold so he must assssere shay are <br />making money. Mrs. Sharpe comsnted she hopes we caa make money on tine whole <br />complex. <br />Mr. Giesser than asked the financial people who did the study -how such <br />revenues are we really Looking at outsu~e of the City in this geographical area. <br />Mr. Webster stated with the population of this City it could supply at leest <br />80X of the drawing paver sad that apgrouiseately 24X of the area around Aforth Olmsted. <br />Mr. West asked if we were going to have an official presentation by this group. <br />Would like to have something up-to-date to be able to spessd sometime lookf.ng <br />at and picking apgrt, etc. <br />Mr. Giesser stated the financial team has updated the financial picture and <br />asked Mr. Webster to make presentation. Mr. Webster gave presentation of <br />original and present cost in detail. <br />Mr. West asked when report will be written up so Council may Zook at it. <br />This report should be out to Council early part of next week. <br />Mr. West discussed interest rates, City Bonds; credit rating which regulates <br />interest on City Bonds; location of toboggan slide; descending revenue of the <br />four activities. <br />Mr. Roster and Council had a general discussion on various aspects of the <br />Rec Complex. <br /> <br />