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Seawall Meeting

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

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  1. Seawall Meeting Saturday, July 24, 2010

  2. Welcome! • Introductions • Committee Chairman: Gov. Rick Myers • ME Engineering : David Walker • From ODNR: Chuck Wadley • Advisory committee: Girard Besanceney

  3. The Project • Evaluation and Planning • Engineering and Design • Construction

  4. Evaluation & Planning • Shirk and O’Donovan • Evaluate existing conditions • Determine need • Devise plan

  5. Engineering and Design • ME Engineering • Design and Specifications • Estimate costs • Solicit bids from contractors • Evaluate bids and recommend contractor

  6. Construction • Phase I • the “L” wharf • Phase II • the “T” wharf • Phase III • the island & bridge

  7. 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

  8. 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

  9. Cost of Funds • Advisory committee recommendations • Sell rental houses • Apply funds raised to principle • Temporary capital assessment • Incentive for members

  10. Cost of Funds • Discussion with banks • Funds are available • Recommend selling houses • Demonstrate member willingness to accept assessment

  11. 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

  12. 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

  13. 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

  14. 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

  15. 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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