Seawall meeting
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Seawall Meeting. Saturday, July 24, 2010. Welcome!. Introductions Committee Chairman: Gov. Rick Myers ME Engineering : David Walker From ODNR: Chuck Wadley Advisory committee: Girard Besanceney. The Project. Evaluation and Planning Engineering and Design Construction.

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Seawall meeting

Seawall Meeting

Saturday, July 24, 2010


Welcome

Welcome!

  • Introductions

    • Committee Chairman: Gov. Rick Myers

    • ME Engineering : David Walker

    • From ODNR: Chuck Wadley

    • Advisory committee: Girard Besanceney


The project

The Project

  • Evaluation and Planning

  • Engineering and Design

  • Construction


Evaluation planning

Evaluation & Planning

  • Shirk and O’Donovan

    • Evaluate existing conditions

    • Determine need

    • Devise plan


Engineering and design

Engineering and Design

  • ME Engineering

    • Design and Specifications

    • Estimate costs

    • Solicit bids from contractors

    • Evaluate bids and recommend contractor


Construction

Construction

  • Phase I

    • the “L” wharf

  • Phase II

    • the “T” wharf

  • Phase III

    • the island & bridge


Financing

Financing

  • Cost of project

    • Estimated at this time

    • Based on engineering and informal talks with contractors

  • Cost of funds

    • Recommendations of advisory committee

    • Discussion with banks


Cost of project

Cost of project

  • Estimated (maximum amounts)

    • Phase I $367,200

    • Phase II $312,840

    • Phase III $125,460

    • Total $805,500

    • Phase in over time


Cost of funds

Cost of Funds

  • Advisory committee recommendations

    • Sell rental houses

    • Apply funds raised to principle

    • Temporary capital assessment

    • Incentive for members


Cost of funds1

Cost of Funds

  • Discussion with banks

    • Funds are available

    • Recommend selling houses

    • Demonstrate member willingness to accept assessment


Cost of funds2

Cost of funds

  • Interest only on the first year of each phase

  • Current rates: prime + 0.5%

  • Today: 3.75%

  • Can lock in fixed rate at our option


The big question

The big question

  • WHAT WILL IT COST ME????

  • Using current maximum cost estimates and 5% rate (today is 3.75%)…

  • $150.00 per member per year

  • Temporary.. Earmarked to Seawall

  • This would retire debt in 17 years


Member resistance vs support

Member resistance -vs_ Support

  • Current bill : Proposed:

    • Dues 675 -Dues 675

    • Capital 100 -Capital 250

    • ILYA 1 -ILYA 1

    • Tax 54 -tax 65

    • Total 830 -Total 992


Current issues

Current Issues

  • Presently being discussed by board

    • How to get the $150

      • 1- increase capital contribution

      • 2- spread cost among dues and rentals

      • 3- combination of 1 and 2 above


Current issues1

Current Issues

  • Presently being discussed by board

    • Member incentive

      • Bring a new member, your $150 is waived

    • Lump sum payment

      • Pay principle only, reduce payback time

    • Donations

    • Fund raisers

      • Commodore association

      • Auxillary


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