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Harbour RedevelopmentTown Hall Meeting #2: Questions & DiscussionMay 1st, 2013Correct as of May 6, 2013 (Slide 26)1896-1996: a vision towards 2046
Financial Strategies & Strategic Plan Review Where are we now? Timelines Q & A Review Survey & Feedback Results Financing Draft Motion Open Session for Questions & Feedback What’s Next? How to provide feedbackAgenda
Financial HistoryProjects that have been done recently JS boats, boat sheds, new garageHow do we schedule and prioritize from board toboardWe have a history of using loans to pay forinfrastructure improvements, JS Boats, BreakwallUsing a long term financing model means that allmembers over longer time bear the responsibilityfor projectsSelf sustaining projects…JS supports JS.. gas docksupport gas dock.. Harbour support harbour
Strategic Plan (review)• Development of Strategic Plan• Identification of key focus areas• Phased approach• Execution
Water lot Appraisal has been received Transport Canada has provided a list ofrequired approvals Design/Engineering firm to manageapproval process.Where are we now?
April-May 2013• Town Hall meetingsMay 2013• Special General Meeting• Lease from Transport CanadaJune-July2013• Harbour Marketingbegins• Engineering• Electrical• Centre dock &harbour soundings• Design and layout
July 2013•Finalize Design andSpecifications•Town Hall Meeting to presentDesign Options•Send out RFPAug-Sept2013•Select PreferredContractor•Negotiate ContractOct 2013Mar 2014•Manufacture ofattenuators anddocksApril2014• On SiteInstallation
Q: I have a Shark moored in the inner basin (theShark Basin), will my mooring fees go up?Q: Would all mooring holders in the harbour berequired to pay the Refundable Dock Deposit?Q: Will the Refundable Dock Deposit rise annual withcost of living increases?Q&A
Q: Has the Board considered the possibility that all30 slips might not be filled? Q: Will there continue to be a safe dinghy launch andswimming area (JS Launch, etc.)?Q&A
Q: What studies have been done to ensure that thewave attenuator solution is appropriate to our windand wave conditions?Q: What measures are being put in place to protectmoorings from Eastern exposure?Q&A
90 members (43 Family, 16 Single)60 are boat owners (40 currently moored at KYC)25 of which are in the affected portion of the harbour12 of 20 boats are interested in moving to the harbourWho Responded?
How will it be Funded?Harbour will be Self Sustaining Only new revenues will service debtSources of Funding for Project ($1.6M) Capital Reserves ($100K) Refundable Dock deposit (~$127K) Loan at 4.5% over 25 years (~$1.37M)Sources of Debt Servicing ($85K/year) Fees from ~30 new moorings (~$64K/year) Incremental fees for those converted to fingers (~$15K/year) Incremental fees from other sources (~$15K)
Financing Risks How did we model the financing?• What if the harbour slow to fill? Summary Sheet will be available online
Motions Mooring Fees & Structure• Broad member support for moving ahead with this• $61/ft is a key component to the financing model• Board will bring a finalized motion to the AGM Entrance Fees• Membership was split on this issue• Will revisit and consider bringing to the AGM
MotionsHarbour Project Motion (Draft)The membership authorizes the Board to proceed with the harbourredevelopment project as presented, with the following conditions:• A Harbour design that will meet the needs of the membership and theenvironment• The maximum total project expenditure will be capped at $1.6 milliondollars. This amount to include:• A portion of existing Club capital funds• No more than a $1.37 million loan• Introduction of a Refundable Dock Deposit
Questions from the FloorPlease come to the microphone to ask your questions
What’s Next? Special General Meeting – May 15th Following Approval Engage Engineering Firm to: Resolve Lease and Permitting Develop Harbour Designs Alternatives withmember input Update Quotes and Budgeting Issue RFP for final design Sign Contracts
Ongoing Feedback Options• E-mail: firstname.lastname@example.org• Web: www.kingstonyachtclub.ca/newharbour• Financial Model Summary• Draft Motions• Moore Fee Chart• Q&A• Paper Questionnaire and input form at the bar• Electronic Survey still available for those who haven’t completed it.Getting your input