Anthony:
Most of Southern Wisconsin was hit by flooding this June -- record rains all over the place. Flooding is an interesting piece of this property, however -- the state did want to keep it largely undeveloped, in part because of some watershed and other issues.
Hard to tell whether Rainbow Springs is part of a larger trend or not. It may be sui generis; RS the course was always tied to the larger project, which for a lot of odd reasons never took hold. But, I also have a sense that these sorts of mid-tier courses -- not at the level of the Kohler courses, the Bog or other high-end stuff, but more expensive than the muni's and moderate-free daily publics -- are really getting squeezed.