CLUB BUILDING PROJECT PACKET[1]

PRESIDENT’S LETTER

Dear Members, On behalf of the Board of Governors, I am pleased to present this project booklet explaining the Clubhouse Building Project, which you will be voting on between April 3, 2019 and April 17, 2019. The Board and Building Committee has been working on this project for almost two years. We have been advised by an outstanding group of professionals, each of whom has extensive experience in clubhouse renovation projects in South Florida. We are confident the cost of the Project contained herein is accurate. We have negotiated excellent terms for financing this project with Wells Fargo Bank. We have listened to the Community. The result is a rebuilt, modern, updated and redecorated facility that will address all our infrastructure issues and is designed to last the next twenty-five (25) years. The Board was mindful of the diversity of the community and took into consideration the future needs of the Club. We are confident that at the conclusion of this project, we will have a Clubhouse of which we can all be proud. The Board of Governors has recommended approval of the Clubhouse Renovation Project at a cost not to exceed $35 million and the authority to borrow to fund the project in an amount not to exceed the cost of the project. The financing of the project shall be paid back by an assessment of approximately $350 per month, per lot, for the term of the loan. Sincerely,

Martin Slepkow President

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