Mayor Campbell _ Date: June 9, 1978,

J. Maitland City Treasurer c.c. L.D. Pollock

Re: PoCo Valley Golf Club

On Tuesday, June 6 and again on Thursday June 8, 1978 I met with the ‘reasurers of Port Moody and Coquitlam to examine the merits of acquiring the above golf course.

in this regard we had at our disposal. the following: (1) Interim agreement for Mr. Methven to purchase for $735,000.

(2) Appraisals on the property: Penny and Keenleyside $1,650,000 B.C. Assessment Authority $1,374,750

(3) Operating costs on the combined facility for the years 1976 & 1977. ‘Based on this information we pass along our comments as follows:

(1) based on the appraisal of assets, in our opinion we would receive good value if an offer was entertained of $735,000.

we would expect conservatively a minimum annual loss of $100,000

on the golf course exclusive of debt charges.

PoCo Valley presently experiences 16,000 to 17,000 rounds of golf per year. By comparison the rounds of golf provided by other municipal course (which show a slight profit on their operation) are:

Burnaby Mountain 43,400 Fraserview 76,300 McCleery 60,000

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; This undercapacity is inadequate to offset normal operating costs in excess of $200,000 of the golf course alone.

In our opinion we do not foresee a sufficient golfing population in the immediate future to.run the course as a viable enterprise. .

We also feel that if the intent of Council's interest is to ensure public access to golfing facilities within School District #43, that this could be achieved by the present or any future,offer to purchase PoCo Valley because of the restriction in our land lease with the club.

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