MIYC October 2019

Marco Island Yacht Club

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Riverside Marina Project - continued Wet Slip Members will have the ability to lease out their slips when they are not using them. The lease will be handled by the Club, and the rate will be set by the Club. The rate is comparable to the rate used at MIMA and other marinas in the area. The Club will take a management fee from lease proceeds. In addition, the Club will be able to lease the slips it retains. And, the Club will have the ability to generate some income from transients. In all three of these examples, an assumed occupancy rate is applied to calculate Club revenue. The Project has made a conservative projection for these revenue streams. The projection totals approximately $64,000 annually from lease management fees, lease revenue and transient revenue. There is certainly upside opportunity for revenue in these categories based on overall transient and seasonal demand for the slips. Finally, every Wet Slip Member will have annual MIYC Dues added to the operating assessment. The dues rate will be equivalent to a Full Member. For 2020, the annual dues rate is $4,600 plus $300 in capital assessment. For the project analysis, we have assumed four of the nineteen Wet Slip Memberships will be transferred from current MIYC membership rolls. The net number of additional dues paid by new Wet Slip Members will be $73,500. Table 5 summarizes one-time and annual revenue projections for the Project that would accrue to the Club. The one- time revenue projection funds the development of the project and associated start-up costs. The annual cost and revenue projections reflect the current estimate of expenses and revenue based on the assumptions noted above. Table 5. Riverside Marina Revenue Projections

The next update will combine the cost estimates and the revenue estimates and reflect the construction and other related costs to present a pro-forma financial projection for the project. The combined cost and revenue projections do indicate we can build and operate a marina which supports continued membership growth and provides a financial foundation necessary for the ongoing vitality of our Club. Dave Everitt

Chairman of the Board Marco Island Yacht Club

Using Reciprocals During the month of September, Chef Bob, Pam and the Staff worked tirelessly to spruce up the Club. Everything throughout the building was cleaned, painted and just made more gorgeous! A few Members helped, too! Members were encouraged to use reciprocals during the three weeks the Club was closed. The group pictured here chose to travel to Hamilton Harbor for lunch. L-R: Judy Hamilton, Jeff Comeaux, Lauri Kalanges, Carol Comeaux and Craig Seelman.

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