Wilmette doesn't have the $4.0 mil, so they would have to finance this boondoggle. At 5%, interest is $200k per year, or $5 a round on 40k rounds. Well, $5/round increase doesn't sound so much of a bump on the rack rate of $49, but $5/round on the discounted membership rounds is a huge bump. Residents are paying about $15-17/round depending on their membership plan, juniors are paying $9/round. I don't see how a 30% increase in membership costs is going to maintain current membership levels, let alone attract new members. Any advertised increase in cart revenue should also be suspect, as Shivas correctly points out, most players are walking this course.
The math on this plan needs a little review.