12.00: “April. 9th, 9th 1973,

"agreed to. a a flfty year Lease cand h his: ‘firm had proceeded on. that basis. with, a
-kespect: to "Htnaacing: however, the J ease. was: ‘later reduced by the Covnest
to. ‘thirty years Le. ould a also 0 coimented el that no mention was made that the ae
top: stl on: eons land In the vicinity of the sewer Lagoon had been te
moved, oad this had to be replaced at a cost of approxinately $50, 000. 00.
Mr GUL then showed plan sketches : and costs incurred for underground drain~
age and, an automatic = underground “Arrigation system, and advised that. the-
completion cost of the facility, dineluding all equipment, ete. and nd conserue=
thon of a new Siub house, would be approxinately $1,250, 000. 00. In answer
to a query from Alderman Thompson, Mr. Gill Advised that: the course - would be
open to the » public seven days a: week, provided time is available.

Thompson commented af ‘the membership is full ‘the - course will be closed; “how-

‘Alernan

ever, Mr, Gila advised it would still be open to the public. Alderman.

would be comparable to Fates in, ft surround ing areas. Alderman Thompson to

| quired concerning the 31, 200. 00 initial debenture for members and Me. Gil
advised. this would be redeenable if a nenber wishes to withdraw at sone
‘future date, Plus half of any additional value the debenture has at ‘that
time.” in answer to an inquiry from Alderman Traboulay, Mr. Gill advised
‘that he “hopal the factiity would be open around the end of June. ‘Alderman |

| Traboulay inguéred how many people to ) date have indicated they wish to > Join
“the: Club, and Mr, ind replied approxi imately 60 had, commenting that no
green fees will be charged to nenbers for this ye ar. Alderman Taking tom
“quired 1 if ther ewes" any sea lover fee s structure could be charged for use of

- the course and | dining oon facil setes. only, and } Mr. Gilt stated he vould
investigate this possibility. “Alderman Nabbett stressed to He, Gan the
need for. a community Bolt 20 course, and posnted out that as the majority of

residents in the area are mvérage wage-earners, they + would not be able to

afford the $1, 200. 00 initial debenture; however, Mr. ote connented “that
those desiring nenberships so far are mostly ordinary ‘working people, and
that the ‘1, 200. 00 debentures can be Financed through hank loans. His
Worship the Mayor then advised chat any ember of the public gallery would

_ be given an opportunity at this tine to ask questions of Me. GilL, and Mr.

T. Murphy stated he understood that although the’ debentures are redeenable,

they do not accumulate interest over the years. Mee Gi AL advised this. was

correct, but Pointed out that | the nenber wishing - to withdraw would, in