6.0. PRSR 06-09-1999 Item# 6
'ity of MEMORANDUM
j1k River TO: Park and Recreation Commission
FROM: Stephen Wensman, Planner )
DATE: June 9, 1999
SUBJECT: BMX Update
Attachments
• BMX financial projections
• Site map of Cass property
Update
On April 14, 1999, the Park and Recreation Commission asked the BMX
group to come back to the Commission with a financial plan. The BMX group
• has completed a financial projection for the Commissions review.
Also at that meeting, City staff had identified an alternate location for the
BMX tract on the former Cass property adjacent the ERYAC complex on
165th Street NW (See attached site map). This site has several advantages
over the Hillside City Park location in that utilities are much closer, visibility
is greater, bathroom facilities are closer, fewer insects to contend with, and
greater room for parking and adjustments to the course.
Some disadvantages include: a lack of bicycle access from residential areas
and not being included in an overall bike theme park as proposed for Hillside
City Park.
Other Issues
A few remaining issues remain to be worked include: terms of a lease
agreement and accessing water and electricity from the ERYAC.
•
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • TDD &Phone: (612)441-7420 • Fax: (612)441-7425
Memo to Park and Recreation CommissionBmxudt3
June 9, 1999
Page 2
• Request
Staff and the BMX group request that the Park and Recreation Commission
review the financial projection for the BMX bicycle track and make a
recommendation.
\\elkriver\sys\shrdoc\planning\stevewen\parkmmo\bmxudt3.doc
JUN-04-99 11 : 18 AM KEMPER DRUG 4419004 P. 01
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ELK RIVER BIKE PARK AND BMX
FINANCIAL PROJECTION
Twelve Months Ending December 31, 19XX
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JUN-04-99 11 : 18 AM KEMPER DRUG 4419004 P. 02
• Elk River Bike Park and BMX
Projected Balance Sheets Under Hypothetical Assumptions In Note A
December 31, 19XX
Assets
Current Assets
Cash $ 10,749.00
Total Current Assets 10,749.00
Equipment and Leaseholds
Cost 30,000.00
Accumulated Depreciation (6,000,00)
24.000.00
$ 34,749.00
• Liabilities and Equity
Equity
Donated Capital $ 20,000.00
In-Kind Capital 15,000.00
Retained Earnings (251.00)
$ 34,749.00
JUN-04-99 11 : 19 AM KEMPER DRUG 4419004 P. 03
• Elk River Bike Park and BMX
Projected Statement of Income and Retained Earnings
Twelve Month Ending December 19XX
Revenues
Donations $ 5,000.00
Race Fees 8,500.00
Concession Stand 4,400.00
17,900.00
Expenses
Concession 2,300.00
Garbage Service 200.00
Insurance 1,300.00
Maintenance 500.00
Telephone 300.00
Toilets 800.00
Track Supplies 1,100.00
Electricity 500.00
• Postage 200.00
Advertising 1,300.00
Trophies 3,000.00
Sanction Fee 400.00
Depreciation 6,000.00
Land Lease 1.00
Miscellaneous 250.00
18,151.00
Net Income (Loss) $ (251.00)
Beginning Retained Earnings -
Ending Retained Earnings $ (251.00)
JUN-04-99 11 : 19 AM KEMPER DRUG 4419004 P. 04
S
Note A- Nature and Limitations of Projections
The accompanying projection assumes that Elk River Bike Park and BMX (Organization) is able to raise
$20,000 in cash, $15,000 in in-kind donations and that a lease can be negotiated with the City of Elk
River at the cost reflected in the projection.The projection was based on actual historical costs
associated with the operations of BMX tracks thought to be similar to the track the Organization
intends to construct and operate. The projection reflects the board members best judgements and
interpretations of the data they have collected as of June 2, 1999.
The projection assumes a membership of 150 BMX riders and membership in the American Bicycle
Association (ABA). It also assumes the Organization can achieve IRC 501 (c)(3) status.
Even if projected levels of funds and membership is achieved, there will usually be differences between
projected and actual results, because events and circumstances frequently do not occur as expected,
and those differences may be material,
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