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Marina Current Situation Updated Projections for 2012 Actions Taken Scenarios Evaluated Current Conclusions Possible Future Actions Flag Meeting April.

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Presentation on theme: "Marina Current Situation Updated Projections for 2012 Actions Taken Scenarios Evaluated Current Conclusions Possible Future Actions Flag Meeting April."— Presentation transcript:

1 Marina Current Situation Updated Projections for 2012 Actions Taken Scenarios Evaluated Current Conclusions Possible Future Actions Flag Meeting April 2012

2 Marina Current Situation – 24 year old marina lease with Cal Rec/Irvine Co. Requires we pay rent on all slips, whether filled or not 90 day cancellation by either party – 11.5 vacant slips by end of April + additional 3-5 tenants possibly departing: total shortfall of $20.6K- $27.5K/month – Lease includes North parking lot – Parking spaces in South & North lots are minimum needed to meet city requirements based on usage of existing clubhouse – Tidelands fees could make situation worse Flag Meeting April 2012

3 Marina Updated Projections for 2012 by Quarter Quarterly2012Projected Dec - FebMar-MayJun-AugSep-Nov2012 Rent 278, , ,000 1,080,650 Rent expense (328,055) (335,620) (346,620) (1,356,915) - Net (49,405) (61,620) (82,620) (276,265) Monthly average (16,468) (20,540) (27,540) (23,022) Flag Meeting April 2012

4 Marina Actions Taken – Flyers provided to boat brokers, fuel docks – Advertising, e.g. Craig’s List – Contact with local yacht clubs – Discussions with Cal Rec/Irvine Co. – Promotion offering $500 finder’s fee for tenant placed in marina for 1 year ~ No positive results to date ~ Flag Meeting April 2012

5 Marina Scenarios Evaluated – Allow lease to expire if shortfall continues – Use of South yard for parking, moving boats to racking system in North yard – Build parking structure to eliminate dependency on North lot – Marina purchase Flag Meeting April 2012

6 Marina Scenarios Evaluated – Allow lease to expire if shortfall continues Would need to add a minimum of 40 parking spaces without North lot No access to dock in front of North crane – Use of South yard for parking, moving boats to racking system in North yard (~37-38 spaces) Would need to relocate North crane & determine best way to launch larger dry storage boats Club would look completely different with land used for parking & would affect our ability to attract members Flag Meeting April 2012

7 Marina Scenarios Evaluated – Build parking structure to eliminate dependency on North lot Cost of $5-6MM Lengthy planning, long disruption & layout would need to cover land not owned by BYC – Evaluation of marina purchase Cal Rec not interested in selling Flag Meeting April 2012

8 Marina Immediate Conclusions – Continue to take actions to fill marina – Consider shortfall as payment for parking – If situation does not improve, recommend action at next General Membership meeting in July Possible July Actions – Budget adjustments – Funded sales & marketing effort – Special assessment – Parking fees Flag Meeting April 2012

9 Marina What we need from members – Bring a boat to the marina or to a mooring – Sponsor a new member Thanks to all those in the marina or on a mooring who are funding our parking! Flag Meeting April 2012


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