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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 recommendations as to the organizational <br />structure far management of 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 />property tax and capital repayment. Economic impacts of this facility and broad <br />unquantifiable benefits may justify its subsidization, as with other.public facilities. <br />Relative to the capital commitment to the venture, the projected losses are minor. This <br />study includes both financial feasibility and economic impact analysis. Key findings and <br />recommendations in terms of financial feasibility, economic impact and organizational <br />structure are summarized below: <br />FINANCIAL FEASIBILITY <br />We developed a relatively sophisticated financial model to determine economic <br />feasibility. To gather inputs into this model we: <br />Surveyed horse facility using organizations in Washington State <br />Validated our survey with the work of professional marketers <br />Surveyed the developmental and financial experiences of horse parks around <br />the country <br />Gathered anecdotal recommendations of potential users of the facility. <br />3 <br />