- 7 -
Estimated Costs
The Golf Course $13,390,624
The Clubhouse 3,707,662
Employee Housing 375,0001
Finance Costs 5,861,5952
Total Estimated Costs $23,334,881
___________________
1
The costs of employee housing are not in dispute.
2
Total estimated finance costs relating to both the Golf Course and
the Clubhouse equaled $7,022,000. The $5,861,595 set forth above
represents the difference between the $7,022,000 total estimated
finance costs and the $1,160,405 actual finance costs incurred by
VRI in 1994.
VRI undertook substantial interest-bearing debt obligations
in connection with the construction of the Golf Course and the
Clubhouse.
On July 10, 1996, prior to completion of the Golf Course and
the Clubhouse, VRI executed in favor of VCI and transferred into
escrow, a deed with respect to ownership of the Golf Course and
the Clubhouse.
In the summer of 1996, construction of the Golf Course and
the Clubhouse was completed by VRI.
On July 19, 1996, the Golf Course and the Clubhouse opened
and play began.
Also on July 19, 1996, upon completion of construction of
the Golf Course and the Clubhouse, apparently because VCI had not
sold the required number of Club memberships, the deed to the
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011