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Transcript of Read the Ridgeway Golf Market Feasibility Report
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GOLF MARKET FEASIBIITY REVIEWOF
THE RIDGEWAY FACILITYAN 18-HOLE GOLF, POOL AND TENNIS FACILITY
400 RIDGEWAYWHITE PLAINS, WESTCHESTER COUNTY, NY
PREPARED FOR
THE CITY OF WHITE PLAINSWHITE PLAINS, NY
ATTN: MS. SUSAN HABELCOMMISSIONER OF PLANNING
PREPARED BY
GREENWICH GOLF GROUP765 POST ROAD
FAIRFIELD, CT 06824
AS OF
OCTOBER 22, 2010
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Greenwich Golf Group LLC
October 22, 2010
Ms. Susan HabelCommissioner of PlanningCity of White PlainsWhite Plains, New York
Re: Ridgeway Facility400 RidgewayWhite Plains, Westchester County, NY
Dear Ms. Habel:
At your request, we have prepared a golf market feasibility review for the purpose of determining if thesubject property is capable of supporting a municipal golf, pool and tennis facility on the site of the
existing Ridgeway Country Club, 400 Ridgeway, White Plains, Westchester County, New York.
Assumptions were made that have the potential of affecting the findings of this report. They are:
Improvements are to be made to the physical plant of the property including construction of anew 250 car main parking lot and a 50 car Hathaway lot with asphalt curbs, site lighting andlimited planting, storm water catch basins, piping and detention structures for added imperviousparking lots and pool decks, new competitive/lap, activity/leisure and wading pools with concretedecking, fencing and grass/landscaped areas, relocation of the 11th hole of the golf course to thearea currently occupied by the driving range, and limited renovations to the existing mens andwomens locker rooms, snack bar and the creation of a pool access control room
The City of White Plains has the capability and expertise to provide adequate and capablemanagement, supervision, financial controls and appropriate marketing support to successfullyoperate the Ridgeway property as a competitive municipal recreational facility
We would like to thank you for retaining Greenwich Golf Group for this purpose and would like torecognize the assistance and effort provided by the City of White Plains in compiling the informationrequired to deliver this report.
William MrazPresidentGreenwich Golf Group
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Greenwich Golf Group Ridgeway FacilityPage 4
LIMITING CONDITIONS
Information identified as being furnished or prepared by others is believed to be reliable but noresponsibility for its accuracy is assumed. In the delivery of this report Greenwich Golf Group may notbe held responsible for the accuracy of data, financials or other information provided by the City of WhitePlains. Demographic and industry information was obtained from recognized national business and datasources including the National Golf Foundation, The U.S. Census Bureau, CB Richard Ellis (for theseller), Westchester County Department of Planning, The National Recreation and Park Association, TheSporting Goods Manufacturers Association and others for which Greenwich Golf Group shall not be heldresponsible for the accuracy of said data and information.
Greenwich Golf Group assumes no responsibility for the matters of a legal nature affecting the propertyreviewed or the title thereto. It is assumed that all information known to the client and relative to thereport has been accurately furnished and that there are no undisclosed issues affecting the use of theproperty.
Unless otherwise stated in this report, the existence of hazardous material, which may or may not bepresent on the property, was not observed by representatives of Greenwich Golf Group and GreenwichGolf Group is not qualified to detect such substances. The presence of substances such as asbestos,urea-formaldehyde foam insulation or other potentially hazardous materials may affect the ability of theproperty to meet projected uses and objectives. No responsibility is assumed for any such conditions, orfor any expertise or engineering knowledge required to discover them. This report specifically assumesthat the subject site and building are free of environmental contamination.
It is assumed that the property is in full compliance with all applicable federal, state and localenvironmental regulations and laws unless the lack of compliance is stated, described, and considered inthe report. Additionally, it is assumed that the property conforms to all applicable zoning and useregulations and restrictions unless non-conformity has been identified, described, and considered in thereport.
It is assumed that all required licenses, certificates of occupancy, consents and other legislative oradministrative authority from any local, state, or national government or private entity or organizationhave been or can be obtained or renewed for any use of the subject property on which this report is based.
It is assumed that the use of the land and improvements is within the boundaries or property lines of theproperty described and that there is no an encroachment or trespass unless noted in the report
The Americans with Disability Act (ADA) became effective January 26, 1992. Greenwich Golf Grouphas not made a specific compliance survey and analysis of this property to determine whether or not it isin conformity with the various detailed requirements of the ADA. It is possible that a compliance surveyof the property, together with a detailed analysis of the requirements of the ADA, could reveal that theproperty is not in compliance with one or more of the requirements of the Act. If so, this fact could havea negative effect upon the financial feasibility of the proposed operations.
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EXECUTIVE SUMMARY
Subject: Ridgeway Country Club400 RidgewayWhite Plains, Westchester County, New York
Location: The subject is located at the corner of Ridgeway and Hathaway Lane, justwest of I-287, and east of the New York State Thruway and north of theHutchinson River Parkway and North of the New England Thruway in theCity of White Plains, Westchester County, New York.
Tax Section; Block; Lot Section 131.14; Block 2; Lot 3Section 131.14; Block 9; Lot 3Section 131.10; Block 1; Lot 6Section 131.10; Block 3; Lot 43
Land Area: +128.6
Type of Operation: Currently Private (proposed for Municipal use)
Golf Course Architect: Peter Clark 1923 (Jeffrey Meyers 2001)
Golf CourseSpecifications:
Year Built 1923Number of Holes 18Par 71Course Rating Blue 71.6 White 70.8 Gold 67.2 Red 73.0Slope Rating Blue 129 White 128 Gold 121 Red 127Yardage Blue 6476 White 6145 Golf 5443 Red 5376Course Type Core style with returning 9s layout
Ancillary Improvements: Clubhouse with mens and womens locker rooms, restaurant, pro shopmaintenance building/dormitory/cart barn, starters shed, tennis pro shop,tennis courts, swimming pool, on-course rest stations
Water Source: Water delivery to the subject is served by two sources surface runoff andwell water. The club also has the capability to obtain city water forirrigation. Potable water for the club is from city water
Zoning: RI-30 Single Family Residence
Topography: The site is rolling. No drainage problems were apparent at the time of ourinspection.
Soil Information: No adverse subsoil or drainage conditions were observed at the time of
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inspection nor reflected in information provided to us by our client, or theproperty owner.
Flood Information: Flood Insurance Rate Maps were not pulled for the subject property.
Hazardous Waste: No environmental site assessment was provided to us in conjunction withthis assignment. A formal detection and/or inventory of hazardousmaterials are beyond the scope of this report.
Parking: The subject property has 180 asphalt paved, lighted, striped parkingspaces. There are also approximately nine spaces for maintenancevehicles and a small grass area for possible overflow.
Immediate Area: The immediate vicinity of the subject property is improved primarily witha variety of upscale residential and municipal (White Plains High School)uses. The property is supported by major infrastructure bordering theproperty.
The following description of the subject property is based upon an inspection of the improvements on
October 9, 2010, as well as public records and information provided by the City of White Plains and the
General Manger of Ridgeway Country Club.
Ridgeway facilitys golf course was designed by Peter Clark and opened for play in 1924. The Club was
extensively redesigned in 2001 by Jeffrey Meyers. There are multiple tee boxes with the course playing
6,476 yards from the back tees quite typical for this age of course and location in Westchester County. It
is a par 71, core style design with a returning 9s layout. The ladies tees play to a par 72. Ancillary
improvements consist of a main clubhouse; free standing tennis pro shop building, pool, tennis courts,cart barn/maintenance/dormitory building, on-course rest stations and starters building. Practice facilities
consist of a limited distance driving range hitting off of mats and grass and a practice putting greens. On
the golf course there is an additional green used for instruction and sand play.
The following description addresses the layout, design, and manufacturing characteristics of the golf
course, including the practice facilities, as well as a discussion of ancillary improvements such as
clubhouse and restaurant.
Ridgeways golf architect, Peter Clark apprenticed for seven years as a club maker with Willie Park at
Musselburgh before immigrating to America in 1897. He laid out the course for the Century CountryClub in New York in 1898 and was appointed their first pro. In 1913 he moved to Westchester Hills
Country Club at White Plains, New York and laid out their course where he remained until he retired in
the 1930s. Peter was also associated with Nassau Country Club and in 1923 he constructed the private
course at Gedney Farm Golf Club (now the subject Ridgeway Country Club) in White Plains, New York.
At Ridgeway multiple tee boxes permit play from 5,376 yards to 6,476 yards providing for enjoyable,
challenging play for golfers of all skill levels.
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The dcor and design of facilities and amenities on the course are classic, low-key and yet upscale at the
same time capturing the old money feel of the prototypical Westchester County club. The clubhouse is
a wood frame building that has been added on to over the years. A free standing dormitory building is
now used for staff housing, maintenance facilities and cart barn. The clubhouse is set fairly close to the
road with an attractive entrance. On the left of the clubhouse is the tennis facility with its eight courts and
tennis house. The club has made a concerted effort to upgrade play and related grassing and maintenance
on the course with considerable redesign work in 2001 by Jeffrey Meyers. Ridgeway has cart paths only
near tee complexes and greens with travel in between made on the fairways.
Ridgeway Score Card
Hole Rating Slope 1 2 3 4 5 6 7 8 9
BLUE 71.6 129 418 378 415 355 475 290 195 518 341 3385
Par 4 4 4 4 4 4 3 5 5 36
WHITE 70.8 128 403 370 380 348 446 283 155 485 337 3217GOLD 67.2 121 385 335 315 345 425 276 128 427 291 2927
RED 73.0 127 380 332 299 345 420 273 123 424 289 2885
Hole Rating Slope 10 11 12 13 14 15 16 17 18
BLUE 71.6 129 222 321 430 488 380 185 387 485 193 3091 6476
Par 3 4 4 5 4 3 4 5 3 35 71
WHITE 70.8 128 170 313 411 484 373 151 377 472 177 2938 6145
GOLD 67.2 121 142 307 392 419 303 135 296 353 189 2518 5443
RED 73.0 127 137 305 390 417 301 130 294 351 186 2491 5376
Par/Yardage: Par as defined in Golf Courses and Country Clubs as published by the Report Institute is
the score an expert golfer would be expected to make for a given holePar is based on the yardage
recommended by various governing bodies.the standard par for an 18-hole course is 72 strokes. For
instance, according to the United Stated Golf Association (USGA), Par 3 is for holes up to 250 yards for
men and 210 yards for women, Par 4 is 251 to 470 yards for men and 211 to 400 for women and par 5 is
anything longer than 470 yards for men and 400 for women.
Ridgeway is a par 71 course and plays 6,476 yards from the back tees and 5,376 from the front.
Course Rating: Course Rating as defined in Golf Courses and Country Clubs as published by the Report
Institute is the evaluation of the playing difficulty of a course compared with other rated courses.
Courses are rated to provide a uniform, sound basis on which to compute handicaps.
Ridgeway has a course rating of 71.6 from the back tees and 73.0 from the front.
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Slope Rating: The Slope as defined in Golf Courses and Country Clubs as published by the Report
Institute is the evaluation of the playing difficulty of a course compared with other rated courses.
Courses are rated to provide a uniform, sound basis on which to compute handicaps.
Ridgeway has a slope rating of 129 from the back tees and 127 from the front.
Turf Grasses & Over seeding Program: The subject golf course contains a mixture of the following turf
grasses:
Greens Bent/PoaTees Poa/Rye/BentFairways Poa/BentRough Rye/BluegrassOver seeding in September.Green Aeration Schedule: NA
Irrigation System: The irrigation system at the subject property is a mix of single and double row system
upgraded in some areas in 2001.
Manufacturer Toro# of Sprinkler Heads 780Control System Manufacturer Toro, Fully automatedFertigation System None, fertilizer and pesticides are applied by drop spreaders and spray
systems.
Bunkers: Ridgeway features a total of 75 bunkers which are raked daily by both hand and machine. At
Ridgeway bunkers are relatively shallow and are given the perception of being deep by having mounding
built up on the green side of the bunkers.
Practice Facility: The practice driving range sits close to the mens locker room and hits off both mats
and grass. It is a limited distance range using irons only and is fenced from golf holes on both sides. A
small practice green is located immediately outside the southeast corner of the clubhouse. This green
provides both level and gently sloping practice conditions for putting. The level of finish and speed of the
practice green is representative of how greens on the course will play.
Clubhouse: The clubhouse at Ridgeway is approximately 34,418 square feet and contains an attractive
entrance foyer/lobby, two large dining areas and connected bar area, outside patio dining, mens and
womens locker rooms, and kitchen and storage areas. The parking lot is separated into numerous
segmented sections and is comprised of approximately 180 parking spaces. Most of the parking is done
by valet services.
Located next to the clubhouse is a maintenance/cart barn and dormitory building. The dormitory is used
to house Ridgeway staff members. The building is in generally good repair but requires some remediation
and painting
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Tennis House: There is an existing tennis house on the site, situated to the left of the parking area. This
facility is an attractive, one-story design and includes a pro shop, mens and womens rest rooms, and a
private office. There are eight Har-Tru tennis courts and an outside deck overlooking the courts.
Pool: The club has a swimming pool located to the north of the parking area and on the west side of the
clubhouse. The pool has a deck and the area is fenced off. There is a small changing area off the ladies
locker rooms and men change in the mens locker room. There is also a small, convenient food service
area. Members can obtain a lunch-type menu from this service area, avoiding the need to deliver food
from the clubhouse.
Maintenance Facilities: The maintenance facility is housed inside the combined maintenance/cart
barn/dormitory building and is undersized for the facilitys needs. The building is used to house
equipment and provide office space for the superintendent and his staff. There is limited outdoor paved
area for staff vehicles and maintenance equipment, and some equipment spends most of the year outside
and uncovered. The building is wood frame with asphalt roof. There is also a fuel station located near
the maintenance building providing both gas and diesel fuel for on-course maintenance equipment.
Water Delivery Systems: The pump station is located on the golf course and draws directly into a wet
well from the irrigation pond. Water delivery to the subject is served by two sources, collection of run-off
from the golf course and directly from wells which feed the pond. The club also has the capability to
obtain city water for irrigation if needed and has done so in the past. Potable water for the club is from
city water.
Other Improvements: Other facilities on site include two on-course rest stations a starters hut that is
often used as a caddie shack. This building sits on the edge of the parking lot adjacent to the first hole.
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GOLFERS AND PARTICIPATION RATE
The participation rate is defined as the percentage of individuals within a given population or
demographic segment who played golf during the survey year. According to the Golf Participation in
the U.S., 2010 Edition published by the National Golf Foundation, the United States exhibited a
participation rate of 9.6% for ages six and above. Thus, roughly 27.1 million of U.S. residents over the
age of six, played golf during 2009. The percentage golf participation reduced significantly by the end of
2009, although the number of golfers in the US remained relatively the same.
The participation rate of 13.5% by the year 1990 represents a dramatic improvement from prior decades
with golf having doubled its penetration into the American public. Indications are that the golf
participation percentage is becoming relatively flat, although due to an increase in population, roughly the
same number of golfers were entering as were leaving participation by 2009. The following table
summarizes the penetration rate since 1970.
Golf Participation Rate By Decade
1970 1980 1990 2000 2009
Participation Rate 6.5% 9.5% 13.5% 11.7% 9.6%
Source: National Golf Foundation
The following table is a portion of the Demographic Profile survey performed by the National Golf
Foundation.
Demographic Profile All Golfers
Population Percent of All Golfers
GenderMale 80.0%
Female 20.0%
Age
6-17 years 9.9%
18-29 years 18.5%
30-39 years 19.0%
40-49 years 20.3%
50-59 years 15.5%
60-69 years 9.8%
70+ years 6.9%
Household IncomeUnder $30,000 9.9%
$30,000 - $49,000 12.6%
$50,000 - 74,999 19.8%
$75,000 - $99,999 17.8%
$100,000-$124,000 19.9%
$125,000+ 20.9%
Source: National Golf Foundation
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According to this survey the average golfer is male, just over 41 years old, has a household income of
$86,010 and plays 18 rounds per year.
Rounds Played: Rounds played is the result of the participation rate combined with the frequency of play.
As noted above and summarized again below, the number of rounds have increased from 266.0 million
rounds in 1970 to 486.2 million in 2009, down from a high of 564.0 million in 1998. Although rounds
played has improved considerable over the past 40 years the number of rounds played has slightly
declined, over the past decade.
Number of Rounds Played
1970 1980 1990 1991 1992 1993 1994
Rounds Played (million) 266.0 358.0 451.4 479.0 505.0 499.0 465.0
1995 1996 1997 1998 1999 2000 2009
Rounds Played (million) 441.2 477.0 547.0 528.0 564.0 518.4 486.2
Source: National Golf Foundation
According to A Strategic Perspective on the Future of Golf, the challenge for the golf industry in the
future is not only to increase participation rate but to also increase the average number of rounds played,
which has averaged 20.6 rounds per golfer over the past decade but is now down to an average of 18
rounds per golfer per year. In addition, the participation rate has gone down from 11.7% in 2000 to 9.6%
in 2009, with the Participation rate in the Mid-Atlantic Region (New York, New Jersey and Pennsylvania)
at 8.8% and averaging only 14.4 rounds a year.
According to the NGF study, the expected changes in the U.S. population, combined with the aging baby
boom generation should increase rounds by 1.5% over the next decade or so. The true test and the
potential future of the golf industry is to tap into the 40+ million people in the U.S. who are believed to
either want to learn to play golf or have expressed a desire to play considerably more but have not done so
due to various obstacles such as time, money or lack of skill. A particular demographic that needs to be
addressed in order to increase the participation rate is to direct attention to women and minorities who
comprise a relatively small portion of the current golf population. The First Tee program is one such
effort to address a portion of these non-golfer populations.
The results of the survey which identified the 40+ million people are summarized as follows:
Of the golfers age 18 or older, 14 million are highly interested in the game and desire to playmore;
Of the estimated 42 million former golfers, 12 million are highly interested in the game anddesire to take it up again;
Of the 130 million adult non-golfers, 7 million are interested in golf and are open to trial; Of the population between the ages of five and seventeen, 8 million either currently play and
desire to play more or are open to trial.
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COMPETITIVE PRODUCT
The White Plains area has a large number of high-quality, private courses that make up the subjects
competitive market, some of which are considered among the best golf courses in the world. As a private
club, Ridgeway Country Club would be considered a mid-level property compared to the other private
courses in this market with adequate services and amenities. The golf course, like many older courses in
this area is relatively short in length, has small tee boxes and greens and is surrounded closely by
residential properties. Over the course of time and with a poor economy recovering at a very slow rate
Ridgeway has fallen into a difficult financial position and has been placed for sale. The City of White
Plains is in the process of investigating the potential of purchasing Ridgeway Country Club and
converting its services including golf, tennis and pool to a municipally owned facility.
To assist the City of White Plains in their decision to purchase Ridgeway a sampling of daily fee and
municipal golf courses, tennis facilities and pool clubs in the immediate market was reviewed. The City
of White Plains does not at this time own a municipal golf course and no public golf course exists
completely within the City limits of White Plains. The City does own tennis courts and pool facilities that
are made available to City of White Plains residents. It can be expected that the introduction of a higher-
end municipal golf and recreation facility would drive great interest and participation from the White
Plains golfer, tennis player and pool user.
To review competition in this market seven daily fee and municipal golf facilities, and a representative
number of pool and tennis facilities have been selected that are within a reasonable access to White Plains
residents and are similar in the range of services expected to be provided by the conversion of the
Ridgeway facility.
Municipal golf courses typically draw predominantly from the residents of their own city or town and
capture the greatest number of residents participation. Most municipal golf courses will offer play to
non-residents at a rate above that offered to residents and may often restrict access to tee times and tennis
court times to non-residents by making the access lead-time longer than for residents. Non-resident play
is often used to fill golf tee times and tennis court times early in the week that otherwise might go unused
by residents (who have better access to premium tee times). Resident golfers and tennis players with
ready access to their own facilities tend to play the predominance of their games close to home travelling
occasionally for play at nearby facilities. It is likely that the introduction of Ridgeway to the daily fee
market will make it an attractive destination for residents and non-residents alike.
Just outside the subjects market area is a newly opened high-end daily fee golf course, Pound Ridge Golf
Club in Pound Ridge, New York. This Pete Dye golf club with a semi-private membership structure is a
total rebuild of a small local 9-hole course into a championship 18-hole golf facility. Considered
extremely difficult and priced between $155 and $235 this club would not be considered direct
competition for the subject.
The subject and golf course comparables include:
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SUBJECT GOLF COURSE
Course/Resort Name: Ridgeway Country ClubLocation: 400 Ridgeway
White Plains, NY 10605County: Westchester CountyType: Private
PHYSICAL DESCRIPTIONDesigner: Peter ClarkYear Built: 1923No. of Holes: 18Length (yardage): 6,476Par / Slope / Course Rating: 71/127/71.9Clubhouse Size: 34,400 sq.ft.Homes on Course Yes
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): Grass Restaurants: YesPutting Green: Yes Golf Club Rental No Snack Bar: Yes
Chipping Area: Yes Caddies Available Yes Lounge: YesDriving Range: Yes Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday Guest Fees $60Weekend Guest Fees $60OTHER FEESCart Fees (18-holes / 9-holes) $17Driving Range Fees Inc.GOLF ROUNDSTotal Annual Golf Rounds 15,000
COMMENTS
This subject course is relatively flat with narrow fairways. Water comes into play on two holes. Thesignature hole is #5, a 456-yard, par 4. The greens are small and undulating and provide a challenge togolfers of all levels. Architect Jeffrey Meyers directed a major golf course renovation in 2001. Thepractice facility is short and limited to irons-only and hitting is from mats on rainy days and for outings.
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COMPETITIVE GOLF COURSE ONE
Course/Resort Name: Maple MoorLocation: 1128 North Street
White Plains, 10605County: Westchester County
Type: Public
PHYSICAL DESCRIPTIONDesigner: Archie CapperYear Built: 1923No. of Holes: 18Length (yardage): 6,371Par / Slope / Course Rating: 71/110/68.9Clubhouse Size: N/AHomes on Course No
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): NA Restaurants: YesPutting Green: Yes Golf Club Rental Yes Snack Bar: YesChipping Area: No Caddies Available No Lounge: YesDriving Range: No Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday w/wo Park Pass $28/38Weekend / Holidays $32/42
OTHER FEESCart Fees (18-holes / 9-holes) $17/13Driving Range Fees NA
GOLF ROUNDSTotal Annual Golf Rounds 40,000
COMMENTS
Named for the many maple trees on the property, this fairly flat course is easy to walk and features wide-open fairways. The greens are large and slow, and water comes into play on five holes. The course wasrecently renovated with some new bunkers and tee boxes. Tom Winton redesigned this course in the1930's. Grasses are fair and this course would be considered inferior to the subject.
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COMPETITIVE GOLF COURSE TWO
Course/Resort Name: Saxon WoodsLocation: 315 Old Mamaroneck Road
Scarsdale, NY 10583County: Westchester CountyType: Public
PHYSICAL DESCRIPTIONDesigner: Joe WilliamsYear Built: 1931No. of Holes: 18Length (yardage): 6,481Par / Slope / Course Rating: 72/124/70.4Clubhouse Size: N/AHomes on Course No
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): NA Restaurants: YesPutting Green: Yes Golf Club Rental Yes Snack Bar: YesChipping Area: No Caddies Available No Lounge: YesDriving Range: No Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday w/wo Park Pass $28/38Weekend/Holidays w/wo Park Pass $32/38OTHER FEESCart Fees (18-holes / 9-holes) $17/13Driving Range Fees NAGOLF ROUNDSTotal Annual Golf Rounds 40,000
COMMENTS
This course features wide, tree-lined fairways with water hazards coming into play on four holes. The
overall terrain is gently-rolling, however, the greens are fairly level. A variable tee box is offered fromthe second hole, giving the option of playing it as a par 3 or par 4. This course would be consideredinferior to the subject.
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COMPETITIVE GOLF COURSE THREE
Course/Resort Name: Dunwoodie GCLocation: Wasylenko Lane
Yonkers, NY 10701County: Westchester CountyType: Public
PHYSICAL DESCRIPTIONDesigner: Tom WintonYear Built: 1931No. of Holes: 18Length (yardage): 5,778Par / Slope / Course Rating: 70/117/68.3Clubhouse Size: N/AHomes on Course No
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): Mats Restaurants: YesPutting Green: Yes Golf Club Rental Yes Snack Bar: YesChipping Area: Yes Caddies Available No Lounge: YesDriving Range: Yes Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday w/wo Park Pass $28/38Weekend w/wo Park Pass $32/42OTHER FEESCart Fees (18-holes / 9-holes) $17/13Driving Range Fees NAGOLF ROUNDSTotal Annual Golf Rounds 40,000
COMMENTS
This course is typically kept in excellent shape. The front nine is hilly, and the narrow fairways are tree
lined. The back nine is flat and more open. No water comes into play, but there are several sand bunkersincorporated into the course's design. This course would be considered inferior to the subject.
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COMPETITIVE GOLF COURSE FOUR
Course/Resort Name: Sprain Lake GCLocation: 290 E Grassy Sprain Road
Yonkers, NY 10710County: Westchester CountyType: Public
PHYSICAL DESCRIPTIONDesigner: Tom WintonYear Built: 1928No. of Holes: 18Length (yardage): 6,071Par / Slope / Course Rating: 70/NA/NAClubhouse Size: NAHomes on Course No
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): NA Restaurants: YesPutting Green: Yes Golf Club Rental Yes Snack Bar: YesChipping Area: Yes Caddies Available Yes Lounge: YesDriving Range: No Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday w/wo Park Pass $28/38Weekend w/wo Park Pass $32/42
OTHER FEESCart Fees (18-holes / 9-holes) $17/13Driving Range Fees NAGOLF ROUNDSTotal Annual Golf Rounds 40,000
COMMENTS
This is a short, tricky course requiring several uphill and downhill shots. The fairways are narrow, andthe medium-sized greens are undulating. There is a lake that comes into play on seven holes, including#4, a 138-yard, par 3, which requires golfers to carry the edge of the lake off the tee. The terrain is hillyand can be strenuous to walk. This course would be considered inferior to the subject.
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COMPETITIVE GOLF COURSE FIVE
Course/Resort Name: Rye Golf ClubLocation: 330 Boston Post Road
Rye, NY 10580County: Westchester CountyType: Semi-Private
PHYSICAL DESCRIPTIONDesigner: Devereux EmmetYear Built: 1920
No. of Holes: 18Length (yardage): 6,305Par / Slope / Course Rating: 71/123/70.3Clubhouse Size: N/AHomes on Course No
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): No Restaurants: YesPutting Green: Yes Golf Club Rental Yes Snack Bar: YesChipping Area: Yes Caddies Available Yes Lounge: YesDriving Range: No Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday Guest $75Weekend Guest $95
OTHER FEESCart Fees (18-holes) $17Driving Range Fees NAGOLF ROUNDSTotal Annual Golf Rounds 20,000
COMMENTS
This tree-lined course was built on hilly terrain, so you can expect some uneven lies. The scenery isbeautiful, especially the four holes that were designed to play alongside the Long Island Sound. Inaddition, numerous well-placed sand bunkers have been incorporated into the course's design. Thecourse's signature hole is #18, a 471-yard, par 5, requiring a tee shot over water. Rees Jones redesignedthe course in 1982, followed by Stephen Kay, who remodeled seven holes in 1989. This course would beconsidered relatively equal to the subject.
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COMPETITIVE GOLF COURSE SIX
Course/Resort Name: Lake IsleLocation: 666 White Plains Road
Eastchester, NY 10709County: Westchester CountyType: Semi-Private
PHYSICAL DESCRIPTIONDesigner: Devereux EmmetYear Built: 1926No. of Holes: 18Length (yardage): 6,009Par / Slope / Course Rating: 70/120/69.9Clubhouse Size: NAHomes on Course: No
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): NA Restaurants: YesPutting Green: Yes Golf Club Rental Yes Snack Bar: YesChipping Area: Yes Caddies Available No Lounge: YesDriving Range: No Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday Guest $50Weekend Guest $60OTHER FEESCart Fees (18-holes / 9-holes) $20Driving Range Fees NAGOLF ROUNDSTotal Annual Golf Rounds 26,000
COMMENTS
This scenic course is lined with trees and features undulating terrain and a few dogleg fairways. With
more than 50 bunkers and several water hazards in the design, this course plays tough but fair. Thesignature hole is the #16, a par 4, featuring a dogleg fairway. This hole calls for a downhill tee shot overa brook, then an uphill approach to the undulating green. This course would be considered relativelyequal to the subject.
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COMPETITIVE GOLF COURSE SEVEN
Course/Resort Name: Hudson HillsLocation: 400 Croton Dam Road
Ossining, NY 10562County: Westchester CountyType: Public
PHYSICAL DESCRIPTIONDesigner: Mark MungeamYear Built: 2004No. of Holes: 18Length (yardage): 6,935Par / Slope / Course Rating: 71/NA/NAClubhouse Size: NAHomes on Course No
Clubhouse AmenitiesPro Shop: Yes Turf Type (mats/grass): Grass Restaurants: YesPutting Green: Yes Golf Club Rental Yes Snack Bar: YesChipping Area: Yes Caddies Available No Lounge: YesDriving Range: Yes Pro On Site Yes Locker Rooms: Yes
PRICING AND VOLUME2010
CATEGORYWeekday w/wo Park Pass $55/85Weekend w/wo Park Pass $85/115OTHER FEESCart Fees (18-holes / 9-holes) Inc.Driving Range Fees NAGOLF ROUNDSTotal Annual Golf Rounds 33,000
COMMENTS
Hudson Hills Golf Course is an 18-hole, public course, located a short drive from New York City in
northern Westchester County's Hudson valley. This par 71 championship course was designed byarchitect Mark Mungeam. Hudson Hills plays through rolling terrain, with tree lined fairways and large,well bunkered greens. The course design will reward players who favor strategy over distance. Watercomes into play on many of the holes. The course plays from 5,102 to 6,935-yards and there are four setsof tees to accommodate a variety of skill levels. This course is a new course opened in 2004 and can beconsidered a modern layout as evidenced by the length of the course from the back tees. The grasses aregood and well maintained and would be considered somewhat superior to the subject.
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Competitive Golf Market Summary
Name of Course# of
Holes Weekday Weekend
Cart Fee18 Holes
Golf Golf ,TennisAnnual & PoolMember MemberCost CostRes/NonRes Res/Non Res
# ofRounds
Milesfrom
Subject
SP Ridgeway CC (proposed) 18 $65 $85 $18 2,000/5,500 3,500/6,000 33,906 0400 Ridgeway Rd guest guest projected
White Plains, NYProposed Municipal
1 Maple Moor 18 $28/38* $32/42* $17/13 40,000 1.41128 North Street
White Plains, 10605
Westchester County
2 Saxon Woods 18 $28/38* $32/42* $17/13 40,000 4.1315 Old Mamaroneck Road
Scarsdale, NY 10583
Westchester County
3 Dunwoodie GC 18 $28/38* $32/42* $17/13 40,000 13.3Wasylenko LaneYonkers, NY 10701
4 Sprain Lake GC 18 $28/38* $32/42* $17/13 40,000 13.4290 E Grassy Sprain Road
Yonkers, NY 10710
5 Rye Golf Club 18 $75 $95 $17 3,142/6,222 4,616/9,140 16,000 5.7330 Boston Post Road Guest GuestRye, NY 10580
6 Lake Isle Town Park 18 $50 $60 $20 1,495/5,340 2,300/5,370 22,000 7.8666 White Plains Road Guest GuestEastchester, NY 10709
7 Hudson Hills GC400 Croton Dam Road
18 $55/85* $85/115* included 3,350/3,950 33,000 8
Ossining, NY 10562
*w/wo county park pass
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DEMAND ANALYSIS
In order for the City of White Plains to be successful in the conversion of Ridgeway to a municipal
recreation facility it must be determined if there is adequate demand for golf rounds in the market. The
following tables serve to address the demand for rounds and the revenue that is anticipated to be captured
as a result. Golfer data from the National Golf Foundation and regional demographics from the USCensus Bureau were utilized to determine the daily fee golf round demand in the subject market.
Demand Analysis Calculation
Ridgeway CC
400 Ridgeway
EHE = Eighteen Hole equivalent New York State:HHI = Average HouseholdIncome State Participation Rate 8.80%
State Average Rounds 14.4
State Average Age 37.3
State HH Income $55,980
1 Mile Radius 3 Mile Radius 5 Mile Radius
Population 7,603 93,696 262,606
Market Adjustment for ages
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The data provided in the table above indicates that the introduction of an additional daily fee golf product
to the White Plains market can be supported showing a range of unfulfilled demand for golf rounds from
34,255 to 79,250. In an effort to provide conservative data demographics from a relatively small market
size, one-mile, three-mile and five-mile radii from 400 Ridgeway, were used in this model. Despite the
NGF defining core golfers to be from the age of six and up in determining need, to be conservative
golfers 18 and older were used in the calculations in the Table above. Determining available rounds inthe White Plains market took into account a number of factors including area population, golfing
participation rate, average age, income, and the number of existing golf products in the immediate market.
Data provided by the NGF for participation rate, in this case 8.8%, is available only for the Mid-Atlantic
Region which groups together New York, New Jersey and Pennsylvania. Both New Jersey and
Pennsylvania are estimated to have lower participation rates than New York and it can be suggested that a
participation rate of 8.8% for New York would produce conservative figures. The end result is a range of
rounds that would be available to a newly introduced course in the market.
The determinant of the boundaries of the range is income. The high end of the range is determined by thehigher level of income and a greater ability to participate more often in golf. The low end of the range is
determined by the lower level of income and associated with a lesser ability to participate. The greater
the difference between the two income-averages the broader the range of available rounds the subject golf
course has available for capture. The estimated State of New York average income is $55,980 according
to the U.S. Census Bureau and the estimated average income level within a five-mile radius of Ridgeway
is significantly higher at $139,234. Accordingly, in Ridgeways case the range is estimated to be between
34,255 and 79,250 available rounds. As shown, Ridgeway expects to capture a conservative 33,906
rounds annually, well within reasonable limits and far below the upper limit of the potential available
rounds.
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Ridgeway Golf Revenue Model
Total Resident Non-Resident
Play 100% 75% 25%
Weekend AM 9,346 7,010 2,336
Weekend PM 6,886 5,165 1,721
Weekday AM 9,280 6,960 2,320
Weekday PM 7,260 5,445 1,815
Monday PM 1,134 851 283
Total Rounds 33,906 25,431 8,475
Green Fee Rates Resident Non-Resident
Weekend AM 65.00$ 85.00$
Weekend PM 50.00$ 75.00$
Weekday AM 55.00$ 75.00$
Weekday PM 40.00$ 60.00$
Monday PM 40.00$ 60.00$
Green Fee Revenues Total Resident Non-ResidentWeekend AM 654,210$ 455,650$ 198,560$
Weekend PM 387,325$ 258,250$ 129,075$
Weekday AM 556,800$ 382,800$ 174,000$
Weekday PM 326,700$ 217,800$ 108,900$
Monday PM 51,020$ 34,040$ 16,980$
Total Green Fees 1,976,055$ 1,348,540$ 627,515$
Cart Fee Revenue Total Resident Non-Resident
Cart Rate 18.00$ 18.00$
Mandatory Before 2PM 335,268$ 251,460$ 83,808$
50% Use After 2PM 137,520$ 103,149$ 34,371$Total Cart Fees 472,788$ 354,609$ 118,179$
Total Golf Revenue 2,448,843$ 1,703,149$ 745,694$
Membership Round Loss Effect Total Resident Non-Resident
Memberships 375 275 100
Other Membership Revenues Total Resident Non-Resident
Bag Storage Rate 150.00$ 200.00$
Bag Storage Revenue (20% Usage) 12,250$ 8,250$ 4,000$
Range Ball Rate -$ -$
Range Balls -$ -$ -$
Locker Rate 150.00$ 200.00$
Lockers (60%) 36,750$ 24,750$ 12,000$
Net Membership Revenue Effect 49,000$ 33,000$ 16,000$
Net Total Revenue 2,497,843$ 1,736,149$ 761,694$
Golf revenue for the converted Ridgeway facility as shown in the table above has been in part derived by
estimating the number of days in the year that can be considered playable golf days (allowing for a
number of days where rain or other conditions might close the golf course) and how many golfers are
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expected to be on the golf course in any given hour on a month-by-month basis. Time between tee times
has been defined as 10 minutes. A calculation of the available golf-days was made conservatively and it
could be possible for Ridgeway to add additional golfing days to its calendar. Based on factors such as
golf course length, golf-hole configuration, level of difficulty etc. it can be estimated that a course of
Ridgeways type and location should be capable of moving between 32,000 and 37,000 rounds through
the golf course annually. It would be suggested that capturing rounds over 37,000 may create issuesregarding golf course wear and tear creating increased maintenance costs, extended time to complete a
golf round and an inability for customers to capture a tee time, and should be avoided. The model in the
table above is based on capturing 33,906 annual rounds. Golf rounds at Ridgeway are anticipated to be
split 75% - 25% between resident and non-residents, a figure recognized as standard for municipal
courses. Higher green fees than those shown are expected to be charged for non-member golfers, and for
the sake of being conservative, are not included in the revenue calculation. In an effort to remain
conservative only member rates are being demonstrated.
The higher quality golf course and clubhouse experience at Ridgeway can be expected to capture slightly
higher green fees per golf round than most of the competitors in the market, and a good deal higher thanthe Westchester County owned courses excepting Hudson Hills, which captures the highest green fees
among the competitors. The rates and fees demonstrated in the table are considered to be reasonable and
competitive in this market demographic. Estimation of the number of memberships that Ridgeway is
likely to capture was derived from comparison to the closest competitors when data was available. Given
the size of the market and the income level in the White Plains area the estimates that 275 resident and
100 non-resident memberships will be sold are decidedly reasonable and competitive.
When addressing pool and tennis, a part of the planned Ridgway conversion is to enhance the pool
facilities and services. Preliminary staff recommendations are to add additional regulation size pools and
a zero-entry childrens pool, surrounding pool deck, additional parking and services. Doing so bringsRidgeway up to par with its closest competitors, in particular, Rye Golf Club with its extremely large pool
with three diving boards and expansive adjoining lawn. The greatest advantage a converted Ridgeway
would provide is an higher-end and attractive facility that smartly borrows on its private club roots,
enjoying a location in the heart of the well-regarded Gedney Farms residential area.
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Competitive Pool and Tennis Pricing Summary
Name FacilityPoolRes
PoolNon-Res
TennisRes
TennisNon-Res
Tennis &Pool Res/Non Res
SP Ridgeway GCFamily
Single AdultDaily Adult/Child
$670
$500TBD
$2,000
$1,200TBD
$1,000
$500TBD
$2,000
$1,000TBD
$1,500/$3,000
$850/$1,800n/a
1 YorktownFamilySingle AdultDaily Adult/Child
$345$170n/a
n/an/an/a
FreeFreen/a
n/an/an/a
n/an/an/a
2 Briar CliffFamilySingle AdultDaily Adult/Child
$420$182$10
$716$300$10
$346$146n/a
$588$240n/a
$533/$905$236/$395
n/a
3 MamaroneckFamilySingle AdultDaily Adult/Child
$405$215n/a
$470$215n/a
FreeFreen/a
Res Onlyn/an/a
n/an/an/a
4 HarrisonFamilySingle AdultDaily Adult/Child
$175n/a
$25/$5
n/an/an/a
n/an/an/a
n/an/an/a
n/an/an/a
5 GreenburghFamilySingle AdultDaily Adult/Child
$285NA$6
n/an/an/a
n/an/an/a
n/an/an/a
n/an/an/a
6 Rye Golf Club
FamilySingle AdultDaily Adult/Child
$1,480$757$10/$5
$2,938$1,501$10/$5
n/an/an/a
n/an/an/a
n/an/an/a
7 Lake Isle Town ParkFamilySingle AdultDaily Adult/Child
$670$465n/a
$1,900$1,100
n/a
$980$515n/a
$2,000$1,050
n/a
$1,340/$2,860$825/$1,710
n/a
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The City of White Plains can consider Rye Golf Club and Lake Isle as its two closest competitors in all
areas, (golf, pool and tennis). As shown in the table above, Ridgeways intended rates for both pool and
tennis are well in line with competitors in the market and in some areas more affordable and attractive. It
can be expected that with the improvements in the pool complex at Ridgeway the City would capture a
large share of the White Plains resident pool and tennis business, as it can be considered a regional asset.
While no single demographic category will assure either the success or failure of the Ridgeway
swimming pool and tennis facility, a number of indicators can be considered. In the case of Ridgeway,
the indicators suggest that the population of the area should be adequate to support swimming
memberships. Overall, the demographics suggest that swimming and tennis memberships at Ridgeway
could be successful.
The National Recreation and Park Association standards suggest that one swimming pool should be
available for every 20,000 residents. With the Ridgeway service area population at 97,705 (in the five-
mile radius); as many as three or four swimming locations would be appropriate. It must also be
considered that with the population density of the area, users will likely travel from outside the servicearea to use the Ridgeway facilities. It is typically younger families and their children that utilize
swimming pools the most. An under-18 population close to 25% of total population is desirable to
adequately support a local swimming pool. The population within a five-mile radius surrounding
Ridgeway is within an acceptable range at 23.4% under the age of 18 years.
Average household size is an indicator of the typical age of families. The smaller the household size, the
older the family age and the less likely it is to have children who will use a swimming pool facility. The
average household size in the five-mile radius is 2.69 which falls in a mid-range of suggested household
size. Median age is an indicator of the typical age of the population for the area. The Ridgeway median
age of 41 in the five-mile radius is considered to be within a desirable range (37-43). Average household
income is another important factor in pool utilization as it is an indicator of a prospective membersability to pay for recreational services. The average income in the Ridgeway five-mile radius is relatively
high at $139,234 (average state of NewYork income $55,980/yr) indicating a stronger likelihood of
discretionary money being available to pay for amenities such as pool and tennis.
Tennis is one of the fastest growing sports in America today. Using figures from the chart below and
with Ridgeways five-mile radius median household income over $139,000 it can be stated that
approximately 49,895 existing or potential tennis players exist in the Ridgeway tennis market. The
Sporting Goods and Manufacturers Association (SGMA) conducted tennis market studies in early 2009
analyzing the tennis market and player participation in the United States. Normal player-to-court ratio for
tennis facilities are approximately 250 players per court for fully occupied commercial, court fee basedtennis centers. Even with 12 White Plains-run courts nearby Ridgeway with its eight Har-Tru courts can
be expected to experience high demand for tennis not just from the immediate five-mile radius population
but from the greater surrounding area as well.
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On a national basis, the breakdown of tennis-player participation by household median income level is as
follows:
MEDIAN HOUSEHOLD INCOME U.S. POPULATION TENNIS PLAYERS
Less than $25 K 22% 9%
$25 K40 K 15% 12%$40 K50 K 9% 7%
$50 K75 K 20% 21%
$75 K100 K 13% 19%
$100 K150 K 13% 19%
$150 K or more 8% 13%Source: Sporting Goods Manufacturers Association
It has been determined by The A. C. Nielsen Company that the number of tennis players as a percentage
of U. S. population, does not change to any significant degree despite variables in location within the
U.S., climate, geography or other demographics. National tennis participation is particularly consistent in
the larger metropolitan areas of the United States which includes the City of White Plains, New York.
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FINANCIAL MODEL
The tables on the following pages are a summary proforma and supporting data showing projected
expenses and revenue from the municipal operation of Ridgeway. Operating revenue from 2012 and on is
dependent upon the planned parking, pool and locker room additions and renovations being in place.Revenue is within a reasonable and expected range for facilities of this size and location and as compared
to Ridgways competitors such as Lake Isle and Rye Golf Club. While the final model may differ from
that currently proposed, this model assumes that food and beverage (restaurant, grill room, snack bar and
catering) would be contracted out as one or more concessions generating net revenue of $250,000 in year
1 (fiscal year ended June 30, 2012).
Salaries and benefits are within reasonable limits based on typical municipal standards of operation and
contractual obligations. Debt service (debt principal and interest) is based on a general obligation bond
issued on or about January 1, 2011 of $15 million (covering purchase price and capital improvements)
with a maturity of 20 years at current Aa municipal rates plus 50 basis points, using a level debt serviceschedule. All other operating expenses are estimated based on similar operations at Ridgeway, Lake Isle
and Rye Golf Club. Years going forward from 2012 assume a 3% across the board increase in all revenue
and expense categories except debt service, which is based on debt service schedules provided by the
Citys financial advisors.
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City of White Plains, New York
Ridgeway Pro Forma Financials
Prepared October 19, 2010
2012 2012 2012 2012 2012 2012
Item Admin Golf Ops Course Maint Pool & Tennis Concessions Total
Operating Revenue -$ 2,497,843$ -$ 1,593,000$ 250,000$ 4,340,843$
Operating Expenses:
Salaries & Wages* 180,000 175,000 665,000 230,000 - 1,250,000
Benefits 64,800 63,000 239,400 82,800 - 450,000
Equipment 5,000 55,000 100,000 50,000 - 210,000
Fuel & Lube - - 20,000 - - 20,000
Garbage & Recycling 30,000 - - - - 30,000
Insurance 100,000 - - - - 100,000
Legal & Auditing 50,000 - - - - 50,000Miscellaneous 10,000 10,000 10,000 10,000 - 40,000
Property Taxes 11,500 - - - - 11,500
Repairs & Maint 20,000 50,000 100,000 100,000 - 270,000
Service Contracts 60,000 150,000 - - - 210,000
Supplies 20,000 50,000 100,000 100,000 - 270,000
Telephone 25,000 - - - - 25,000
Utilities 300,000 - - - - 300,000
Total Op Exp 876,300 553,000 1,234,400 572,800 - 3,236,500
Income from Ops (876,300) 1,944,843 (1,234,400) 1,020,200 250,000 1,104,343Non-Op Rev (Exp):
Interest Income - - - - - -
Debt Principal - - - - - -
Debt Interest (473,184) - - - - (473,184)
Total Non-Oper Exp (473,184) - - - - (473,184)
Net Income (Loss) (1,349,484)$ 1,944,843$ (1,234,400)$ 1,020,200$ 250,000$ 631,159$
*This workforce employment model is only one of many variations that could be used. Work force employment models run the range from fully
contracted services for all positions to fully employer retained staffing.
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City of White Plains, New York
Ridgeway Pro Forma Financials
Prepared October 19, 2010
Item 2013 2014 2015 2016 2017
Operating Revenue 4,471,068$ 4,605,200$ 4,743,356$ 4,885,657$ 5,032,227$
Operating Expenses:
Salaries & Wages* 1,287,500 1,326,125 1,365,909 1,406,886 1,449,093
Benefits 463,500 477,405 491,727 506,479 521,673
Equipment 216,300 222,789 229,473 236,357 243,448
Fuel & Lube 20,600 21,218 21,855 22,511 23,186
Garbage & Recycling 30,900 31,827 32,782 33,765 34,778
Insurance 103,000 106,090 109,273 112,551 115,928
Legal & Auditing 51,500 53,045 54,636 56,275 57,963
Miscellaneous 41,200 42,436 43,709 45,020 46,371Property Taxes 11,845 12,200 12,566 12,943 13,331
Repairs & Maint 278,100 286,443 295,036 303,887 313,004
Service Contracts 216,300 222,789 229,473 236,357 243,448
Supplies 278,100 286,443 295,036 303,887 313,004
Telephone 25,750 26,523 27,319 28,139 28,983
Utilities 309,000 318,270 327,818 337,653 347,783
Total Op Exp 3,333,595 3,433,603 3,536,612 3,642,710 3,751,993
Income from Ops 1,137,473 1,171,597 1,206,744 1,242,947 1,280,234
Non-Op Rev (Exp):Interest Income - - - - -
Debt Principal (620,000) (630,000) (640,000) (650,000) (665,000)
Debt Interest (473,184) (465,558) (456,234) (444,778) (431,193)
Total Non-Oper Exp (1,093,184) (1,095,558) (1,096,234) (1,094,778) (1,096,193)
Net Income (Loss) 44,289$ 76,039$ 110,510$ 148,169$ 184,041$
*This workforce employment model is only one of many variat ions that could be used . Work force employment models run therange from fully contracted services for all positions to fully employer retained staffing.
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City of White Plains, New York
Ridgeway Pro Forma Financials
Estimated Workforce Requirements
Prepared October 19, 2010
Golf Course Pool &
Position Count Admin Ops Maint Tennis Total
Full Time Manager 1 125,000$ 125,000$
Full Time Office Assistant 1 40,000 40,000
Part Time Seasonal 15,000 15,000
Full Time Maint Mechanic 1 55,000 55,000
Full Time Maint Laborer 1 50,000 50,000
Full Time Starter 1 35,000 35,000
Part Time Seasonal 25,000 25,000
Overtime 10,000 10,000
Full Time Greenskeeper 1 82,000 82,000
Full Time Asst Greenskeeper 1 63,000 63,000Full Time Maint Mechanic 1 63,000 63,000
Full Time Laborer 1 59,000 59,000
Full Time Park Groundskeeper 5 193,000 193,000
Part Time Seasonal 185,000 185,000
Overtime 20,000 20,000
Part Time Asst Pool Director 2 17,500 17,500
Part Time Lifeguard 24 132,000 132,000
Part Time Rec Asssistant 4 24,000 24,000
Part Time Rec Leader 4 25,000 25,000
Part Time Rec Attendant 15 31,500 31,500
Total 180,000$ 175,000$ 665,000$ 230,000$ 1,250,000$
The above table reflects only one workforce employment model. Workforce employment models run the range of fully contracted
services for all positions to fully employer retained staffing. The number of positions required varies by facility.
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City of White Plains, New York
Ridgeway Pro Forma Financials
Estimated Be nefits
Prepared October 19, 2010
Golf Course Pool &
Admin Ops Maint Tennis Total
Retirement 8,000$ 8,170$ 31,130$ 10,580$ 57,880$
FICA 13,750 13,340 50,680 17,530 95,300
Workers Comp 4,300 4,140 15,730 5,440 29,610
Life Insurance 150 130 480 170 930
Unemployment Insurance 10,700 10,830 41,730 14,160 77,420
Disability Insurance 50 50 170 60 330
Health Insurance 12,900 12,540 47,660 16,490 89,590
Dental Insurance 1,000 930 3,530 1,220 6,680
Vision Insurance 300 270 1,030 360 1,960
OPEB 13,000 12,000 45,000 16,000 86,000
MTA Tax 650 600 2,260 790 4,300
Total Benefits 64,800$ 63,000$ 239,400$ 82,800$ 450,000$
The above table reflects only one workforce employment model. Workforce employment models run the range of fully
contracted services for all positions to fully employer retained staffing. The number of positions required varies by facility.
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Golf operations expenses include costs associated with golf other than administration or course
maintenance. The physical layout of the clubhouse, first tee, cart staging and parking are in relatively
close approximation to each other which should allow for efficient and cost-effective management of the
golf operations. These numbers are reasonable and fall well within expected operating expense ranges
and close to actual operating expenses that were available from Ridgeways public, daily-fee competitors.
Expenses for golf course maintenance typically can be identified by type of course (public, private etc.),
number of golf holes, length of the course, number of bunkers, size of greens and tee boxes, total acreage
maintained, annual golfer traffic and the finishes desired by the golfing customer, among other factors.
Annual expenses for golf course maintenance ranges widely from course to course in the industry, and
can run $650,000 for a low-end facility to over $2,000,000 for high-end private or resort courses. The
estimated course maintenance expenses of $1.2 million for Ridgeway in year one is reasonable and within
these limits.
CONCLUSION
The City of White Plains is at this time considering an opportunity to purchase a well-maintained andoperated golf and recreational property, namely the Ridgeway Country Club, that lays within the city
limits. White Plains does not currently own or offer golf to its residents but does provide some pool and
tennis availability. In investigating the local golf market for golf round demand it was found that there is
a sufficient number of unfulfilled golf rounds in the Ridgeway market to justify providing public golf at
the Ridgeway location. Revenue and expense projections for a converted Ridgeway facility based on
local competition and golfing demand fall within reasonable limits and standards, and should be
considered attainable, provided that appropriate management and marketing efforts are maintained by the
City of White Plains. Likewise, based on local population, industry standards for utilization and
comparable product pricing in the market, pool and tennis at Ridgeway also would appear to meet
financial requirements necessary to support their successful operation at the Ridgeway location.
In conclusion, the conversion of Ridgeway Country Club to a municipal recreational facility offering golf,
pool and tennis, could be operated as an enterprise fund where user fees and charges would support all
costs, including operating costs, capital costs, and debt service. In addition, all indications are that
Ridgeway as a municipal golf and recreation facility would offer a noticeably higher-end product than
most other county, municipal or private-ownership daily fee courses in the market.
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Greenwich Golf Group Ridgeway FacilityPage 35
ADDENDUM
GROWTH OF GOLF
The following table is a snapshot of the growth in golf in the U.S. over the past 29 years. The number of
golfers increased from 15.1 million to 27.1 million; the number of rounds played increased from 358.0million to 486.2 million and the number of courses increased from 12,849 to 15,979.
U.S. Golf: Supply & Demand
1980 1990 2000 2009
Golf Courses 12,849 13,951 15,487 15,979
Golfers (millions) 15.1 27.4 28.8 27.1
Rounds Played (million) 358.0 502.0 518.4 486.2
Avg Rds Per Course (000's) 27.9 36.0 33.5 30.4
Source: National Golf Foundation
NATIONAL SUPPLY
The following table summarizes the number of 18-hole equivalents that opened from 1980 through 2009.
As noted, development averaged just over 132 courses per year in 18-hole equivalents between 1980 and
1990. From 1990 to 2000 development averaged 309 18-hole equivalents a year as golf course
development boomed. By the close of 2009, the development in the last nine years had slowed to an
annual average of just 79 new 18-hole equivalents.
Golf Course Supply in 18-Hole Equivalents 1980-2009
State and Region 1980 1990 2000 2009
Daily Fee and Municipal 5,756.5 6,796.0 10,057.0 10,615.0
Private 4,096.0 4,382.50 4,211.0 4,364.0
Total 9,852.5 11,178.5 14,268.0 14,979.0
Source: National Golf Foundation
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FUTURE SUPPLY
The breakdown of daily fee, municipal and private clubs that were in development in 2009 is summarized
in the following table.
2009 Golf Course Development Summary
StatusOpen Under Construction In Planning/Proposed
Type New Expansion Total New Expansion Total New Expansion Total Total
Daily Fee 21.5 9.0 30.5 62.5 35.5 98.0 206.5 41.5 248.0 376.5
Municipal 3.5 1.5 5.0 2.5 3.0 5.5 20.5 5.5 26.0 36.5
Private 12.0 2.0 14.0 29.5 6.0 35.5 33.5 14.5 24.5 97.5
Total 37.0 12.5 49.5 94.5 44.5 139.0 260.5 61.5 322.0 510.5
Source: National Golf Foundation
The potential future supply is further summarized by region which is presented in the following table.
Regional Courses Under Construction and In Planning - 2009
Courses
State and Region Under ConstructionIn Planning or
Proposed Total
New England 6.5 16 22.5
Middle Atlantic 15.5 22.5 38.0
East North Central 130 14 31.0
West North Central 74 20 28.0
South Atlantic 122 64.5 99.5
East South Central 43 22 28.5
West South Central 79 27 43.5
Mountain 75 46 66.5Pacific 51 90 103.5
U.S. Totals 707 322 461.0
Source: National Golf Foundation
The following table is a summary of new courses, either proposed or under construction, for the Mid
Atlantic region.
Regional Courses Under Construction and In Planning - 2009
State and Region Under Construction In Planning TotalNew Jersey 2.0 2.0 4.0
New York 6.0 15.5 21.5
Pennsylvania 7.5 5.0 12.5
Middle Atlantic 15.5 22.5 38.0
Source: National Golf Foundation