We are moving closer to the rehab project. Our architectural firm Habitec is making minor structural adjustments to plans so that we can get through the final steps of city permitting. Once the permits are secured, we will finalize the contract with RDL, our contractor. We had a meeting with RDL last week, and they are looking forward to finalizing the contract and getting this project done for us. We discussed a target start construction date of August 17th. This aligns with the first day of class for most local schools, will keep the club open for the peak summer season and allows us to plan for summer staffing (lifeguards, etc.), lessons and rentals. This date will also allow RDL to begin purchasing and securing materials over the summer.
Loan is Secured (so we need to start making payments)
The member vote passed in 2024 established funding for the rehab to be split between a $3000 special assessment and a 7-year loan of $900,000. The special assessment (which has already been paid), allowed us to begin the process with the architect and put the bulk in a money market account. Over the last few weeks, the project loan was secured through Heritage Bank. Starting in May, members will have an added loan payment of $50/Month on top of dues. The loan will be paid off by March 6, 2033. If a member chooses to sell their membership, future loan payments are transferred to the incoming member.
We recognize that members will be paying down the loan for a few months before construction begins. Securing the loan was a months-long process that involved many steps and a delay could have increased our favorable rate or jeopardized the loan entirely. The loan was contingent on full participation in the special assessment (we are at 100% compliance), but technically had to be distributed before construction began. So we need to start member payments to cover loan payments.
Options for Loan Payments:
- The majority of members pay their dues annually, rather than monthly. If you are a member who pays annually, the office manager will assume that you would prefer to pay for the rest of 2026 in one lump sum. With a slight deduction for interest, that sum is $392 ($50 x 8, minus $8 for interest)
- For members who pay monthly, you will receive a new monthly bill of $50. If you would prefer to pay in one lump sum, please contact Sue (our Bookkeeper) at sue@fairbrae.com.
- The latest day to pay the lump sum is May 20th. After that day, all bills will be monthly (you’ll have another chance to go annual at the start of the new year).
This is a unique mid-year billing challenge for Sue, and all of us, so please err on the side of communication while we work out the logistics.