Final Booklet V1
LONG TERM PROJECTS PLAN
The following Major Capital items included in this initial plan:
The Major Capital items identified in the plan are estimated to cost $37.2 million. These item will be funded from the following sources: CAPITAL IMPROVEMENT FUND UNDER THE FOLLOWING ASSUMPTIONS: • Members will continue to pay $200 per month into the Capital Fund • The new Member equity will increase from $175,000 to $200,000, effective May 1, 2021, if a Clubhouse project is approved by the Membership. The refundable portion will remain at $60,000. For 15 years the non-refundable portion on eight (8) home sales will be used to repay the clubhouse debt. • New home sales will average eighteen (18) per year • Five (5) new home sales will fund the annual capital spending and five (5) will be used to fund the Long-Term Projects Plan. • The annual capital budget averages approximately $2 million a year. The clubhouse project will allow the capital budget to be reduced for the immediate four years following its completion and then revert back to the annual average. • A minimum of $1 million will remain at all times in the Capital Improvement Fund • The POA Infrastructure Reserve will be used to fund these projects. The Infrastructure Reserve is funded from POA maintenance fees.
CLUB:
• Expansion of the Spa & Wellness Center • Renovations of the North and South golf courses • Renovation of the Beach Club, including interior decoration and swimming pool and patio exteriors • Construction of a Golf Teaching Center POA • Paving of the neighborhood roadways • Replacement of the landscape maintenance building • Expansion and upgrading of the Security Gatehouse • Replacement of the community’s security camera systems • Replacement of streetlights and house post lights • Community-wide reinforcement of lake bank slopes
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