03-26-19.Slepkow.BUILDING PROJECT

March 26 2019, Issue 5

One Project…. One Community!

Clubhouse Building Project update

Dear Members:

Please remember to stop by the Board Room during at least one of the two, 2-hour Q&A ses- sions scheduled on Wednesday, March 27 and Thursday, March 28, from 2:00 p.m. to 4:00 p.m. Members of the Building Committee and the Professionals assisting in the Project will be on hand to answer any individual questions your may have. The purpose of this update is two-fold. First, to present the list of the projects contained in the Long Term Projects Plan (see Page 3) as well as the Cash Flow Analysis of the Plan (see Pages 4 & 5) . Secondly, a message endorsing the Clubhouse Building project by our Executive Director Achal Goswami (see Page 6 & 7) , which explains in detail the services that will be available to the membership during the entire construction process.

LONG TERM PROJECTS PLAN

For the Fiscal Year Ending April 30, 2020

It should also be noted that the costs of projects are conservatively estimated. A cash flow anal- ysis is provided with the plan. Of course, all fu- ture major projects would have to be approved by the Board of Governors and subsequently by the Community.

The Long Term Projects Plan was prepared to address the capital expenditure needs of the community beyond the clubhouse renovation project. The Plan addresses the major capital expenditures for both the recreational facilities and the community’s infrastructure over the next ten years, excluding the annual capital budget. The initial Plan identifies ten major capital ex- penditures totaling $21.9 million with one pro- jected membership assessment of $7,000 in 2022, which will likely be financed over ten (10) years. The largest annual funding source for these expenditures is the equity from new member home sales which have been conser- vatively established at an annual average of eighteen per year. If new member homes sales exceed this average the membership assessment could be reduced.

LONG TERM PROJECTS PLAN

DEVELOPMENT

The Long Term Projects Plan is a living docu- ment that will be updated on a regular basis in conjunction with the community’s operating and capital budget process and will assist future Boards and management:

1. The Plan will provide a steady point of refer- ence for taking future action;

2. The Plan will be framed around well- researched information and facts on existing

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