We are coordinating with the architect and general contract with the goal of starting construction after the summer season. The Manta Rays will have their regular season and members can enjoy the club through the warm weather. Here’s where things stand as of June 1:
- Assessment payments are in a money market account earning interest for the club. We are close to full compliance with assessment payments. Members who are delinquent in assessment payment will be charged a fee equivalent to the interest rate. The rehab is financed through member assessment, club reserves and a 7-year loan. The loan is contingent on documentation of member assessments being paid, so we appreciate your understanding of sequencing of the assessment before the loan. We will wait as long as possible before starting the loan to minimize term length and interest.
- We continue to work with Habitec (our architectural firm), to balance key priorities with added amenities. Habitec is working with the city to complete the permitting process. Some MEP (Mechanical, Electrical & Plumbing) estimates came in higher than anticipated (for example, some underground plumbing issues will need to be addressed when the pool deck is being renovated). We are working with Habitec on “Value Engineering” (their term) to find the sweet spot that addresses key infrastructure, code/safety and additional priorities as possible within our budget.
The board recognizes that all members are financially and emotionally invested in this project. Making these improvements is vital to the club’s long-term health, and we are committed to seeing it through.