President Mike Croke introduced the Trustees and Bridge Finance Committee member, Dan Doyle.
MINUTES of the February 5, 2011, Special Membership Meeting were approved as written on motion by Dawn Shirk, seconded by Raliegh Arkell and passed.
MINUTES of the March 12, 2011, Special Membership Meeting were approved as written on motion by Dawn Shirk, seconded by Sylvia Scherer and passed.
BRIDGE REPORT
Bridge Commissioner, Roger Hansen, reported three contractors submitted bids for the bridge replacement project and the Trustees selected American Construction as the contractor of choice for this project. Following negotiations, a contract for $4,359,848 (includes state sales tax of $337,848) was drafted and is currently under review. • Roger provided an overview of how the construction project will be sequenced and reviewed the schedule: The project will begin after Labor Day, an extended bridge closure of several days is anticipated during the month of January, and the project should be completed by May, 2012.
The floor was opened for comments and questions regarding the construction project.
SPECIAL ASSESSMENT
Bridge Finance Committee member, Dan Doyle, presented information regarding the proposed special assessment of $5,596,660. The amount of the proposed assessment is a total of the funds needed to repay the maximum loan amount of $5,000,000, funds to pay the construction interest on money drawn during the construction phase, funds to establish a reserve account to cover delinquent assessment payments, and fees that will be payable by those members who opt to make payments over the 15 year loan term for lien filing and collection administration. • Dan reviewed an outline of the payment schedule for the special assessment: Construction interest will be collected in three quarterly installments beginning this May. Members will have the option of paying the remaining balance of their pro rata share of the assessment when the construction project is completed or they can enter into a payment agreement with the Club to pay off their remaining share over the 15 year loan term.
The floor was opened for comments and questions regarding the proposed special assessment and Board authority to administer all aspects of the bridge replacement project.
BALLOT VOTING
Ballot voting was conducted with the results as follows:
SPECIAL ASSESSMENT AND BOARD AUTHORITY FOR BRIDGE REPLACEMENT PROJECT
Approve a Special Assessment in the maximum principal amount of $5,596,660.00 ($22,297.45 per lot), and approve the Board of Trustee’s authority and authorization to act on behalf of the Association to administer and facilitate all aspects of the bridge replacement project including but not limited to securing financing, entering contracts and purchasing supplies, expending regular and special assessment funds and borrowed amounts to pay project expenses, and ensuring assessments are collected and available to support the project and the Association’s loan financing obligations.
Approved by a vote of 139 Yes – 17 No
President Mike Croke adjourned the meeting at 11:20 AM.
Linda Pryor
Secretary/Treasurer