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<br /> <br />Item 5.4. <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Pat Klaers, City AdminiltibOr <br />lY~ <br />DATE: September 13,2004 <br /> <br />SUBJECT: Westbound Liquor Store Discussion <br /> <br />A number of Councilmembers have requested that the Westbound Liquor store issue be on <br />a worksession agenda for discussion and consideration. The fmance director will have <br />financial information to present to the City Council at the meeting. This information <br />includes fmancial projections on a Westbound store and these projections being combined <br />with the existing operation at Northbound, so that we can get a sense as to the impact on <br />net profits. Construction estimates and the amount of bonds needed for a new store will also <br />be presented. <br /> <br />In general, a new Westbound store will not generate increased profits for the first few years; <br />but over time increased profits will be realized. A key figure in the financial assumptions is <br />the gross sales amount at a Westbound and whether or not this store will significantly impact <br />gross sales at Northbound. Also, it should be noted that debt on the cutrent Northbound <br />store is paid off in 2007. <br /> <br />Attached for YOut information is a newspaper article on municipal liquor stores in the Apple <br />Valley and Lakeville area. <br /> <br />S:\Council\Pat\2004\ Westbound. doc <br />