CLUBHOUSE IMPROVEMENT FUNDING PLAN
The proposed $9.4 million project’s financing consists of a one year construction loan and then a 15-year financing loan. Both loans to be paid off by allocating existing funding sources and by owners paying a $44.68/month increased capital assessment for the next 16 years or by it being canceled upon owners lot being sold.
Annual funding sources provided for loan support $9.4 million principal and interest loan costs.................... $848,256 1. Annual existing capital fund allocation..................................................................................................................... $100,000/year 2. Annual $5 daily resort fee increase............................................................................................................................. $100,000/year 3. Annual raised from $44.68/month assessment increase from 1213 owners raises................................... $650,000/year Total annual loan funds (P/I) raised........................................................................................................................................ $850,300 Annual debt service for $9.4 million loan at 4.25% interest amortized over 15 years............................................ $848,256
Outdoor Resort 69411 Ramon Road Cathedral City, CA 92234 (800) 843-3131 √ EMAIL COMPLETED QUESTIONNAIRES TO MCMAHON COMMUNITY/GROUP √ STAY ALERT FOR SURVEY RESULTS BEING RETURNED TO YOU IN MARCH √ THEN ULTIMATELY STUDY AND VOTE FOR RESORT IMPROVEMENTS WHICH YOU FEEL ARE WORTH DOING please √ REVIEWTHIS BOOKLET CAREFULLY √ CALL/EMAIL INVOLVED OWNERS FOR QUESTIONS √ COMPLETE YOUR FACILITY OPINION SURVEY Note: The above funding program shows how the recommended $9.4 million programwould financially affect each owner with a $44.68 per month increase required to fund the recommended improvements. In addition if owners wanted to add any add-alternate, add-ons projects as shown in this booklet, the additional funding cost per owner per $100,000 of additional project cost would be $7.50/ year or 62 cents per month. Owners are also able to substitute add-on projects for lower priority recommended project in the $9.4 million overall program. The facility survey that everyone is completing allows all owners to rate the relative importance of all improvements, both in the recommended $9.4 million program and the Add-on projects so we will knowwhat members most want to do. 1. The total of the of the proposed Assessment increase is predicated on owners choosing/agreeing/showing strong support for every project recommended/ included in the $9.4 million proposal for both clubhouses. If owners’ opinions indicate support for projects that total less than the $9.4 million proposal, then that will reflect in a lower Per Month assessment increase. As well, financial conditions at the time of an actual construction start, may have an effect. 2. Initial construction loan and project’s soft costs of $850,000 covered by first year funding allocations. 3. Owners’ assessment increase starts June 2022. 4. Operating cost impact for new project’s construction are of little impact due to more efficient building systems and increased revenues. 5. On-going resort’s operating costs still being affected by general economy’s inflation. Notes:
24
Made with FlippingBook flipbook maker