Middle Bass Island Yacht Club 1989 - 2007. MBIYC Reconstruction This presentation has been prepared for the members of the Club. It attempts to show the.

Middle Bass Island Yacht ClubMiddle Bass Island Yacht Club

1989 - 2007

MBIYC ReconstructionMBIYC Reconstruction

This presentation has been prepared for the members of the Club. It attempts to show the Club management’s plan for the reconstruction of the the new State Park marina and the MBIYC grounds and buildings.

All plans are still being developed but we have reached a point where membership approval is required to move further forward.

The Club Constitution requires the Officers and Directors of the Club to obtain member approval prior to indebting the Club. In order to execute the current reconstruction plan, a long-term lease commitment with state and financing from commercial institutions must be obtained.

We ask that you take in the complete presentation before beginning a questions and answer session as many of your questions may be answered throughout the presentation.

Thanks for your help,

John WierzchowskiCommodore

MBIYC VisionMBIYC Vision

The "organization" shall continue to maintain, enhance and improve the club's facility for the enjoyment of its members, families and guests. To preserve and protect the natural habitat of the area for all that visit and abide by all laws and covenants set forth by the township and State of Ohio.

The "organization" shall maintain its commitment to all members for continued growth and prosperity of the Middle Bass Island Yacht Club for now and in the future.

Special Membership MeetingSpecial Membership Meeting4.3 Special Meetings Special meetings of voting members may be called by any of the following: 4.3.1 The Commodore, or, in case of the Commodore’s absence, death, or disability, the Vice Commodore; 4.3.2 The directors by action at a meeting, or a majority of the directors acting without a meeting; 4.3.3 The lesser of (a) ten percent of the voting members or (b) twenty-five of the voting members.4.4 Notice of Meetings Notices of all regular and special meetings of members shall be mailed to the last known address of

each member entitled to receive such notice at least 20 days prior to regular meetings, and at least 10 days prior to special meetings. The inclusion of a Notice of Meeting in an official Club publication mailed the required time before such meeting will be deemed to comply with the foregoing provisions. Any notice of Special Meeting shall describe the object of the meeting, and no other business than that stated shall be acted upon at such meeting.

4.5 Postponement If weather or other circumstances make it impractical to hold a meeting as scheduled, the Board may postpone the meeting provided no such postponement shall be for a period longer than 30 days. Notice of such postponement shall be provided as directed by the Board.

4.6 Quorum At any annual, regular or special meeting of members, attendance in person by 10% of the Active members as determined by the records of the Club, shall constitute a quorum.

4.7 Voting 4.7.1 Attendance Attendance at meetings shall only be in person and voting may not be conducted by mail or the use of

communication equipment, except with respect to election of directors, officers and elected committee members, where written absentee ballots may be used, or as specifically provided by the Board of Directors with such provision stated in the notice of meeting.

4.7.2 Number of Votes Each Active member present and in good standing in this Club shall have one vote on each question.

4.7.3 Voting Except as otherwise provided in Article 5, voting shall be by voice unless a poll is demanded by an Active member duly qualified to vote, in which event votes shall be cast by a show of hands. Upon a motion supported by at least one-fifth of the Active members present and voting, a roll-call vote shall be held. The presiding officer may require that voting be by secret ballot if circumstances warrant.

6.3 Authority The Board of Directors shall have general control and management of the affairs, property and funds of the Club but, unless authorized by a two-thirds vote of the members present at any duly called meeting, shall not make the Club liable for any debt or debts beyond the amount of cash on hand at the time the debt is incurred.

Meeting AgendaMeeting Agenda How did we get here? Today’s Situation Paths Pursued State Negotiation Goals Marina Plans and MBIYC Options MBIYC Dock – Plans – Costs MBIYC Leasehold – Plans – Costs MBIYC Building(s) – Plans – Costs Dollars & $ense – Plans – Forecasts Questions & Answers Call for Vote on Lease with State Call for Vote on Financing Call for Vote on Dues & Fees


How Did We Get Here?How Did We Get Here?

When the State acquired the marina and surrounding land in 2000 they became our landlord.

In 2003, the State committed to MBIYC to enter into a long-term contract for docks, land and buildings.

2007 – State began reconstruction of the State Park Marina and MBIYC’s lease terminated in October 2007.

Today’s SituationToday’s Situation

State began reconstruction of the marina basin in October 2007.

Marina is closed until summer 2009.State to award dock contract in January

2008 and finalize by March 2008. Dock deliveries to begin fall 2008.

Marina to reopen Spring 2009.


Paths PursuedPaths Pursued

Purchase our own property and construct our own marina outside the State Park.

Purchase our own property outside the State Park and purchase or lease docks within the State Park marina.

Lease property and purchase or lease docks within the State Park.

Lease only property within the State Park and utilize State Park docks in the manner as the general public.

Purchase or lease only docks within the State Park marina.

Paths PursuedPaths Pursued

Purchase our own property and construct our own marina outside the State Park.

Purchase our own property outside the State Park and purchase or lease docks within the State Park marina.

Lease property and purchase or lease docks within the State Park.

Lease only property within the State Park and utilize State Park docks in the manner as the general public.

Purchase or lease only docks within the State Park marina.


State Negotiation GoalsState Negotiation Goals

To negotiate a long-term contract with the State to provide the Club with docks and land in the new State Park Marina.

– Minimum 25 year term with renewal options.– Docks purchased by MBIYC for exclusive use.– Maintain or increase current dock capacity.– Minimize membership and dock cost increases to members.


Marina PlansMarina Plans

Available OptionsAvailable Options

West End Location– West end of the marina is not desirable due to

proximity to Park buildings and campgrounds.– Split dock arrangement– Must provide ADA docks near marina buildings

East End Location– East end is preferred by State– Offers separation from State activities– Dedicated Dock

RecommendationRecommendation

East End Marina Location Clubhouse on southeast corner of Marina

NEXT – Determine dock requirements for Club members


State Proposal Highlights - DocksState Proposal Highlights - Docks

25 year initial term + 15 year renewal option MBIYC owns and maintains docks

– Maintenance includes cleaning, repairs to fixtures, general upkeep, etc…

– State will winterize and repair ice damage as required.

Single Pier (F) with 56 docks Could lease extra docks on a seasonal basis from

State in the future at a rate not to exceed the public seasonal rate.

Current DockageCurrent Dockage

Dock # description power water

A dock (39) 30’ slips single 120V/1Ø/30A non-potable water

(1) 30’ slip single 220V/1Ø/50A non-potable water

B dock (40) 30’ slips single 120V/1Ø/30A non-potable water

C dock (16) 20’ slips no power no water

N dock (12) 25’ slips no power no water

-----------------------------------------------------------------------------------------------------

Totals (40) 30’ slips with power non-potable water

(12) 25’ slips no power no water

(16) 20’ slips no power no water

(68) slips

Today’s SituationToday’s SituationMBIYC Boat SizesDOCK HOLDERS WAITING CLUB1 %50’+ 0 1 1% 7 2%49’ 0 0 048’ 1 2% 0 4 1%47’ 0 0 046’ 1 2% 1 1% 4 1%45’ 0 0 1 <1%44’ 0 1 1% 2 <1%43’ 1 2% 0 3 <1%42’ 0 0 10 3%41’ 1 2% 2 3% 3 <1%40’ 0 1 1% 7 2%39’ 2 4% 1 1% 6 2%38’ 1 2% 5 7% 14 4%37’ 2 4% 2 3% 16 4%36’ 2 4% 2 3% 17 5%35’ 1 2% 6 9% 8 3%34’ 7 12% 12 17% 43 12%33’ 4 7% 4 6% 19 5%32’ 7 12% 6 9% 33 9%31’ 1 2% 4 6% 23 7%30’ 3 5% 5 7% 24 7%25’-29’ 13 23% 13 19% 76 21%<25’ 10 18% 4 6% 33 9%Total 57 70 3531Club data based on 2006 membership roster – There is not data available for all members.

Tomorrow’s NeedsTomorrow’s NeedsNew Slips (length x well for 2 boats)

SLIPS2 # Needed3 #Desired4 %

32’ x 30’ 34 60% 28 45%

36’ x 33’ 14 25% 16 25%

40’ x 35’ 5 9% 8 12%

44’ x 40’ 2 3% 4 6%

45’ x 40’ 0 4 6%

52’ x 40’ 2 3% 4 6%

Total 57 64 100%2Slip size is taken from sizes presented at Feb. State meeting.

Well size is based on average boat beam with 4’-5’ spacing between docked boats.

3#Needed is based on current dock holder boat sizes.4#Desired is based on the max we think we can get from the

State and overall membership boat sizes.

Dock LayoutDock Layout(28) 30’ – (16 ) 36’ – (8) 40’ - (4) 44’ – (4) 45’ - (4) 52’

64 Total

Marina Plans – “F” DockMarina Plans – “F” Dock

(6) 44’ – (2) 48’ (16) 36’ – (8) 40’(24) 30’

56 Total

(28) 30’ - (16 ) 36’ - (8) 40’ - (4) 44’ - (4) 45’ - (4) 52’

Marina Plans – “F” DockMarina Plans – “F” Dock

(6) 44’ – (2) 48’ (16) 36’ – (8) 40’(24) 30’

56 Total

(28) 30’ - (16 ) 36’ - (8) 40’ - (4) 44’ - (4) 45’ - (4) 52’

State Estimated “F” Pier cost - $850,000


State Proposal HighlightsState Proposal HighlightsLeaseholdLeasehold

25 Year Initial Term + 15 Year Renewal Option– The 25 year term provides MBIYC with the necessary time

to pay off the financing required without requiring fee increases so large that membership retention is adversely affected. The membership has indicated it will support increases to fund the new marina and facilities but support will be lost if the increase exceeds 150-175% of current levels.

Leasehold - PreviousLeasehold - Previous

Leasehold - PreviousLeasehold - Previous

Leasehold - ProposedLeasehold - Proposed

MBIYC

Leasehold - ProposedLeasehold - Proposed

MBIYC|0.6-0.7 acres

Previous Lease – 2.4 acres - $20,000 per year

Proposed Lease – 3.1 acres - $10,000 first 2 years $15,000 next 3 years

Then – negotiated adjustments every 5 years

Water104,000 ft2 x .05/ft2 = $5,200

$0.05/ ft2 was determined from recent appraisals for submerged land leases.

Land $100,000/acre x .7 acres = $70,000 x 12% return = $8,400

Calculated Lease Rate (First 5 Years)$5,200 + $8,400 = $13,600 x 5 years = $68,000

Negotiated Lease Rate (First 5 Years)$10,000 per year, first 2 years - $15,000 per year, next 3 years

Total First 5 Years = $65,000

Previous Lease Rate - $20,000 per year = $100,000/5 years

Leasehold Value CalculationLeasehold Value Calculation


Building(s) – Site PlanBuilding(s) – Site Plan

Building(s) – Clubhouse S&WBuilding(s) – Clubhouse S&W

Building(s) – Clubhouse N&EBuilding(s) – Clubhouse N&E

Building(s) – Floor PlanBuilding(s) – Floor Plan

Building(s) - CostsBuilding(s) - CostsPreliminary Plan A Only!

Features•About twice as large as our tent.

•38’x29’ Great Room with Fireplace. (170 people max)

•Large screened windows face marina (north) and lake (east).

•Propane grilling area on outside wall of fireplace facing docks.

•4 Stall, 2 Sink Women’s Restroom

•2 Stall, 2 Urinal, 2 Sink Men’s Restroom

•4 Stall Shower Facility

•16’x19’ Warming Kitchen

•Office and Storage Rooms

Estimated Construction Cost•2,690 square feet @ $130 per sq.ft. = $349,700


Capital and Finance Assumptions Docks - $750,000 - $850,000 Club - $350,000 Total - $1,100,000 - $1,200,000 20% Downpayment Finance – Bank, Building Fund, Bonds Bank Interest – 8% Financing Up to $1,000,000

Dollars & $ense – SummaryDollars & $ense – Summary

Dollars & $ense – Capital CostsDollars & $ense – Capital Costs

Qty Length Width Ft2 CostMain 1 500 8 4,00030' 12 30 4 1,44036' 8 36 4 1,15240' 4 40 4 64044' 2 44 4 35248' 2 48 8 768

28 8,352 $722,500 15% under State Est.

Cost per Ft2: $87# of Docks (Fingers) 28Cost per Dock: $25,804# of Slips 56Cost per Slip: $12,902

Expected Life 35MBIYC Lease Term 35MBIYC Dock Cost $722,500

Land $9,000 Cost/Ft2 $130Water $6,000 FT2 2,690 $349,700

Cost/Ft2 $0FT2 0 $0

Discount $0$15,000 $349,700

Clubhouse

Bathhouse

CAPITAL COSTSDOCKS

LEASE BUILDING

Dollars & $ense - FinancingDollars & $ense - Financing

MBIYC Participation 25% Building Fund $320,000Interest Rate 7.50% Down Payments ($268,050)Term (years) 25 Misc ($20,000)Annual Debt Service - Docks $48,053Annual Debt Service - Building $23,258 Cash Reserves $31,950

$71,311

FINANCING

Membership and Dues Assumptions

Membership – 350 - 400Dues - $225Initiation - $250 Work Hour - $50Docks - $475 - $775 (30’ – 50’)Transient – $35/NightTransient Nights – 500 - 800


Annual Income and ExpenseIncome - $166,000Expense - $150,000Cash Flow - $16,000Bank Required Cash Flow -

$13,000


Dollars & $ense - Income Dollars & $ense - Income Seasonal Slip Rental Rate $16 per FtLength Seasonal Slips Revenue

30 $480 24 $11,52036 $576 16 $9,21640 $640 8 $5,12044 $704 6 $4,22448 $768 2 $1,536

56 $31,616 per Dock AVG $565

Transient Dockage Rate $35Sun-Thu: Rentals per day 3Fri-Sun: Rentals per day 20Weeks per season 20Transient Income per Season $28,525 per Dock per Season $509

Avg Membership 400Avg Work Fees 200Avg New Members 25Dues $225 Increased from $100Work Fee $50 Increased from $25Initiation Fee $250 Increased from $200

Dues Revenue $90,000Work Fee Revenue $10,000Initiation Fee Revenue $6,250TOTAL ANNUAL INCOME $166,391

INCOME

MEMBERSHIP INCOME

Dollars & $ense - Expenses Dollars & $ense - Expenses

Associations ($2,000)Maintenance ($6,000)Payroll ($15,000)Events ($7,500)Insurance ($5,000)Meetings ($2,000)Membership ($2,000)Publications ($6,000)Misc ($1,500)Professional ($1,500)Utilities ($15,000)

Operating Expenses ($63,500)Lease ($15,000)Annual Debt Service ($71,311)TOTAL ANNUAL EXPENSES ($149,811)

EXPENSES

Dollars & $ense – Summary & Cash FlowDollars & $ense – Summary & Cash Flow Dock Costs $722,500Building Costs $349,700

$1,072,200 $1,072,200

Building Fund $320,000Down Payments ($268,050) ($268,050)Misc ($20,000)Cash Reserves $31,950 To be Financed: $804,150

Annual Debt Service - Docks $48,053Annual Debt Service - Building $23,258Debt Service $71,311

Operating Expenses ($63,500)Lease ($15,000)Annual Debt Service ($71,311)TOTAL ANNUAL EXPENSES ($149,811)TOTAL ANNUAL INCOME $166,391 CASH FLOW $16,580

1st Year Interest Cost - Docks $43,7191st Year Interest Cost - Building $21,161

$64,880x 20%

Financing Minimum Cash Flow $12,976

Cash Flow $16,580 Must be > $12,976

SUMMARY & CASH FLOW

YesterdayYesterday

MBIYC & MBI State ParkMBIYC & MBI State Park20092009


Questions & AnswersQuestions & Answers


To permit the Commodore and the Board of Directors of MBIYC to negotiate and execute a Lease with the State of Ohio for property located at the Middle Bass Island State Park Marina. Term of the Lease shall be not less than 25 years with an option for an additional 10 years. Lease rate shall be $10,000/yr for 2 years, $15,000 for 3 years then as negotiated.

Call for Vote - LEASECall for Vote - LEASE

To permit the Board of Directors of MBIYC to negotiate and execute required financing for the purchase of docks and construction of buildings on the property leased from the State of Ohio at the Middle Bass Island State Park Marina. The total amount of debt incurred shall not exceed $1,000,000 for a term of no longer than 25 years.

Call for Vote - FINANCINGCall for Vote - FINANCING

To increase the MBIYC membership dues for active members to $225 per year and the Club Initiation Fee for new members to $250, effective January 1, 2009.

Call for Vote – Dues & FeesCall for Vote – Dues & Fees

MBIYC & MBI State ParkMBIYC & MBI State Park2009 – 2034+2009 – 2034+

Middle Bass Island Yacht Club 1989 - 2007. MBIYC Reconstruction This presentation has been prepared for the members of the Club. It attempts to show the.

Documents

special meeting of members

special meetings of

notice of special meeting

special membership meeting

active members

regular meetings

club constitution

notice of meetings notices