Tuesday, January 15, 2013

Expansion plan status ?? !!

What's goin' on???   Why no vote yet??  Why no construction yet??   Many of you have expressed these questions to me and I assure you, your Board is on top of it and as anxious to get going as anyone.  We have bids in (favorable and slightly lower than expected), a contractor picked, but we're awaiting bids re fire alarm and sprinkling for the building.   We'd had hopes we could mitigate or avoid this expense but the codes are tighter all the time and it appears we've just got to do it!!  It also requires that we upgrade the water line from the nearest city main to provide increased flow. Fred Abelman, as our project manager, is working hard and pushing for some definite numbers from contractors and they should be in this week.
Again, as presented at the Gen'l Mtg and in my December Commodore's letter, we plan on financing the project with reserves (use about 50 of 110K) and 3% promissory notes from you, the members, to the tune of, hopefully, 150K.  With our present and expected cash flow, we can service that amount of debt and payback within 10 years.  
So stay tuned, more info, and a request for your vote and your participation is coming!!!