WHITEWATER IN YOUR TOWN
Financial Aspects
Financial planning is a critical element for any successful whitewater course. Whether you are pursuing initial capital to design and build the course or the ongoing plan to fund operations and maintenance, the following financial aspects are important to consider:
Sources of Capital – We work with our clients to explore funding opportunities. Public financing has been common, private sources have played a major role, and many courses have leveraged private / public matches.
Sustainability - You will not have to worry about maintenance costs on a fixed McLaughlin Whitewater Design Group whitewater venue. However, your whitewater park sustainability model may include operational overhead. If you are providing public services, you will need to work with the leaders of your local Parks and Recreation and Public Works department to maintain the access and amenities.
Economic Impact - Whitewater courses and parks have been funded, promoted and otherwise buoyed by aggressive projections of economic benefit for new venues. Vail and Golden (CO), and the Adventure Sports Center International (MD) have projected annual revenue in excess of $1m. While economic impacts are tough to measure (given the variety of external forces in play), whitewater courses and parks are generating new or rejuvenated tourism dollars at lodging, eating and other retail establishments.
The McLaughlin Whitewater Design Group can advise you about the bases for your assumptions if you plan to conduct an economic impact study.
Liability and Risk Management - Your intention is to facilitate the creation of an exciting new outdoor recreational facility for your community, so it is important to consider the steps you can take to minimize the likelihood of your having to face a frivolous lawsuit. We are neither lawyers nor insurance experts, but can advise you on the alternatives you have as an operational group and have access to experts in pertinent specialty fields to help you establish a solid risk management plan.