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of growth rates of:numbers and types of shows,entries,revenues,and costs.In <br />Scenario 3,which we believe will be the most likely scenario,the park operates at an <br />eighty thousand dollar per year loss,despite assuming augmented revenues of <br />$100,000 per year from non-equestrian events.Scenario 2,which assumes a much <br />higher and likely unrealistic rate of facility use,results in net revenues of approximately <br />one hundred fifty thousand dollars per year.The key financial findings of these two <br />scenarios are: <br />*Maximum use of the facility is reached in the sixth year.Scenario 2 breaks <br />even in the sixth year. <br />*Accumulationof 1.4 million dollars in losses by the end of the tenth year in <br />Scenario 3.Scenario 2 accumulatesone million dollars in losses prior to <br />break-even. <br />*Net revenues losses of $74,726 when the facility reaches maturity in year six <br />for Scenario 3.Scenario 2 projects net revenues at maturity in year seven of <br />$140,802. <br />*For Scenario 3,annual revenuesat maturity will be $549,316 and annual <br />expenseswill be $724,042.For Scenario 2 these values are respectively: <br />$915,527 and $774,725. <br />*69,357 exhibitors and spectators will use the facility annually when the facility is <br />at maturity. <br />*For either Scenario,it will be necessary to waive property taxes on the facility <br />and to create a capital funding approach which requires no direct repayment <br />from operating revenues. <br />49