PROJECT COSTS
The estimated cost of the clubhouse enhancement is $13 million. The funding plan calls for $10 million in loans to be amortized over a period not to exceed 10 years, with the $3 million balance covered through our existing capital reserves. We believe that the terms offered by our banks are attractive and reflect the favorable current interest environment.
This funding approach results in a charge for each member beginning January 1, 2022, of $175 a month, or $2,100 annually, for the lesser of 10 years or until the loan is paid off. It is very important to note that you will pay this monthly charge only while you remain a member. No obligation exists beyond that point, there is no upfront assessment, and the monthly charge will end when the debt is paid off.
(All renderings are conceptual.)