FUNDING

As noted earlier in the Chronology and Summary Section, the JIA earlier asked consultant Ken Bleakly to review funding scenarios to achieve the improvements included in the Vincent Master Plan recommendations. Bleakly noted various alternatives including bonds, grants, fees, and additional development. However, the degree of additional funding required would be contingent upon the JIA Board’s appetite for covering golf course operational costs and the ultimate golf course improvements desired by the JIA Board.

More specific funding options may include:

• Jekyll Island Tourism Development Fund- This Fund uses capital generated from the collection of hotel motel taxes on Jekyll Island for tourism-related island capital improvements. • Golf Round User Fee- Temporary fee for each round of golf played to supplement other funding options for each course as it is renovated. • Parking Fee Increase- Implement an island wide parking fee increase to help pay for costs associated with the renovations. This fee could become a dedicated funding source for repayment of any bond financing. • OneGeorgia Authority Loan or Grant- Through the Georgia Department of Community Affairs OneGeorgia Authority Rural Innovation Fund, money may be available through a grant or loan to promote development of economic and employment opportunities. • As is the case now, direct revenues from other JIA amenities could continue to subsidize overall golf course operations/maintenance. The JIA Board would need to determine its appetite for continuation of this practice. It is doubtful that enough revenue could be generated annually from the operation of JIA amenities to help fund the necessary renovations required to make the golf experience more profitable. • Capital Project Reserve Funds- Use Jekyll Island Authority capital improvement funds not currently allocated to a specific project for the renovations. • SPLOST- Knowing this project will occur over several years, a future Glynn County SPLOST could be proposed for nature themed trails, paths, and conservation portions of the improvement plan. • Jekyll Island Foundation- The Jekyll Island Foundation may be able to aid with funding for specific segments of the improvement plan. • Bond Financing- Secure funds from a Revenue Bond by securing a private placement or public offering deal structure. • America the Beautiful Challenge Grant- Offered by the National Fish and Wildlife Foundation, this is a public-private grant program designed to support locally led, voluntary ecosystem restoration projects across the U.S. Grants range from $1 million to $5 million. • New Amenities- New amenities added as a result of the Golf Improvement Plan can add revenue streams, including lease payments, to help fund phases of the plan. • Georgia Outdoor Stewardship Program, Department of Natural Resources This newly founded grant program may be available to support parks, trails and conservation/wildlife areas associated with the Golf Improvement Plan. • Coastal Incentive Grant Program, Georgia Department of Natural Resources- a CIG would be appropriate for possible funding of Golf Improvement Plan conservation areas. • Special appropriations from the Georgia Legislature for a grant or loan.

STRATEGIC ACTIONS

• Utilize $1.45 million from Jekyll Island Authority Capital Reserves, which has already been approved by the JIA Board, to design Pine Lakes course and Great Dunes/Oleander 18-hole redesign. • Utilize $100,000 from FY23 Approved Operational Budget to accomplish the ecological/conservation planning and design study. • Pursue a $10 million private placement or public offering revenue bond to pay for construction of the proposed courses. • Consider utilizing a dedicated funding source such as a parking fee increase of $1.00 for golf course Improvements. • Allocate $500,000 from the Tourism Development fund in FY24, FY25, FY26, and FY27 for a total of $2.0 million to be used for golf course improvement construction.