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EXECUTIVE SUMMARY <br />The primary objectives of this study were to determine the financial feasibility and <br />potential economic impact of the Washington State Horse Park (WSHP)in its proposed <br />location in Kittitas County,and to make recommendationsas to the organizational <br />structure for managementof the facility.We cannot recommend unequivocally that the <br />plans to raise funds for a Phase 1 facility proceed.As explained below,our analysis <br />shows that like practically all public equestrian facilities,the Washington State Horse <br />Park will most likely require annual operating cost subsidies in addition to waivers of <br />propedy tax and capital repayment.Economic impacts of this facility and broad <br />unquantifiablebenefits may justify its subsidization,as with other public facilities. <br />Relativeto the capital commitrnent to the venture,the projected losses are minor.This <br />study includes both financial feasibility and economic impact analysis.Key findings and <br />recommendationsin terms of financial feasibility,economic impact and organizational <br />structure are summarizedbelow: <br />FINANCIAL FEASIBILITY <br />We developed a relativelysophisticated financial model to determine economic <br />feasibility.To gather inputs into this model we: <br />Surveyed horse facility using organizationsin Washington State <br />Validated our survey with the work of professional marketers <br />Surveyed the developmentaland financial experiences of horse parks around <br />the country <br />Gathered anecdotalrecommendationsof potential users of the facility. <br />3