on the North Shore with a company of local perfor- Le mers who are committed to a reflecting and serving the needs of this community. School. Shore. Pamela Lang SPOTLIGHT FEATURE Contact: Scott Swan, The closing of The Diviners at Vancouver Little Theatre this month signalled the Swan song for the Vancouver Playhouse Acting Scott Swan, the North Shore- based director of the school, is now looking for new challenges and directions since the school’s closure. within his local community. With financial backing, the North Shore could have a world class theatre company, says Swan, adding that he wants to contribute to the cultura! growth of the North Theatre school’s Swan seeking new directions ANTED: the op- portunity to direct and teach theatre He sees those challenges a Sve Studied page 22 ‘Night's Dream for Bard on the Beach. At VanCity, American Express’ Travellers Cheques are free. When you come into VanCuy for your American Express® Travellers Cheques, vou get what you pay for, dollar for dollar, Untike many other finar cial insntutions, we dont charge you a commission. For one hundred years, American Express® Travellers Cheques have been safeguarding the travellers’ funds. Now they're protecting the traveller. too. Only American Express® offers hand-delivered refunds virtually anywhere in the world and Express Helpline’, to help vou outin case of medical legel or other difficulties when away fram home Sow, with VanCity offeong then commission: free, isnt that even more reason to insiston American Express® Traveller (heques AE: oe * A 1891-1991 teleBanking, ManCuys 24-hour Louch lone Banking Service, 877-7001. TeleService, 877-7000. lelephone Device for the Deaf. 876-5822. se: NEWS photo Mike Watelield AFTER FOUR years as a teacher, Scott Swan is happy to be directing again. Swan is now in rehearsals for a Midsummer- Country | THE 10 MOST ASKED QUESTIONS 1. What happens to my investment if the golf course does not go ahead? All money is heid in trust with Jones & Fairweather, Barristers and Sokcitors, and will be returned with interest (minus 2% tor administrative costs) 2. The lease is for a 30 year term. What happens to my investment after 30 years? We have spoken with a number of consultants about this matter and for all intents and purposes it would be business as usual, although the lease payments wauid be renegotiated to reflect conditions of the day. The term of the Limited Partnership is untii December 31, 2090. 3. The lease payment in the offering seems quite high and front end heavy. Can the golf course support these high payments? The final lease payments and terms have now been established with the District of Sechelt. We feel this now represents a fair deal for the golf course and Town. A summary of the changes is as follows: *8% of gross revenues (minus liquor sales and taxes) on the first $2,000,0G0 and 12% of gross over $2,000,000. no payments during construction to a maximum of 30 months. © base rent of 4.000 / month for the first year of golf aneratiaons and $6,000 / month for subsequent years. 4. What will regulate how many golfing privileges the General Partner bestows upon “other” people? These golfing privileges are only for promotion of the golf course. Limited Partners have the ability to control the number cf rounds used for promotion. 5. Why are the construction costs $2.5 million when most other courses are considerably more expensive to build? « The District of Sechelt has provided for the ‘ease of a 150 acre parcel of land which is ideal for a golf course development. © 100 acres of this site has been cleared and grubbed and will be very easy to develop. * The District of Sechelt has agred to provide adequate water to the site at a very reasonable rate. ¢ There is three phase power adjacent to the property which is suitable for our needs. * There is only minor road construction required and aspnait surfacing of the existing access road. * The site has a substantiai sand deposit which has been analyzed and is suitable for golf course construction. © There is no bedrock or natural waterways whch are expensive to work with. * The developer has deferred many of ihe development costs until the course is operating. * Local contractors can provide ali the services required other than a few specialized areas such as greens anc tees construction and installation ot the irrigation sysiem. 6. Can the Charter Member be asked for more money beyond the initial investment? No. There is full protection for limited liability. Only the General Partner is exposed to tiability beyond its investment. 7. How transferrable is this Charter Membership? The Charter Membership is fully transferrable and is designed to meet various needs. For example, the playing privileges (Charter Membership) can be split from the investment (Limited Partnership) and soid separately. 8. Are there any annual membership fees or assessments? No. the Charter Member will not pay any dues or assessments after his initial investment. 9. What assurance is there that the construction cost estimate will be sufficient to complete the golf course? An independent quantity survey, requested by the District of Sechelt, was conducted and has confirmed the accuracy of the construction cost estimate. 10. What information was used to formulate the financial projections? A conservative average was derived from a combination of figures provided by The Canadian Golf Associaiion, The Nationa! Golf Foundation and a feasibilty study which was commissioned by the District of Sechelt. We've tried to answer some of the most frequently asked questions. !f you require any further clarification, please give us 4 Call at 885-3342. CHARTER MEMBERSHIPS ARE ONLY AVAILABLE UNTIL JUNE 30 BY OFFERING MEMORAMDUM ONLY. Pine rears hee