Presentation is loading. Please wait.

Presentation is loading. Please wait.

Purpose of Town Hall Meeting Share progress on improvement projects Discuss details of potential projects under consideration by POA Board Gather input.

Similar presentations


Presentation on theme: "Purpose of Town Hall Meeting Share progress on improvement projects Discuss details of potential projects under consideration by POA Board Gather input."— Presentation transcript:

1 Purpose of Town Hall Meeting Share progress on improvement projects Discuss details of potential projects under consideration by POA Board Gather input on potential projects and additional projects of interest Input on priority and timing of projects Input on funding options 1

2 Role of Long-Range Planning Committee Advisory group to POA Board Recommended improvement projects based on community interest 1. Community Surveys 2. Town Hall Meetings 3. Cost estimates for projects 4. Project management services (if requested by the POA Board) Oversight of website 2

3 LRPC PROGRESS TO DATE NEW WEBSITE 12/09 –MIGRATION TO NEW HOST WITH PRIVACY MODULE 03/11 SURVEYED PROPERTY OWNERS 04/10 (81% RESPONDED) IDENTIFIED/ RANKED OWNER INTEREST IN PROJECTS 05/10 COMPLETED COMMUNITY CENTER CONCEPT 06/10 DEVELOPED DESIGN/COST ESTIMATES FOR PROJECTS OF INTEREST; SUMMER 2010 EXPLORED FINANCING OPTIONS 07/10 FINDINGS/ RECOMMENDATIONS TO BOARD 08/10 3

4 4 Old Tennis Court ON POA AGENDA Sports Court ON POA AGENDA Fitness Trail – Completed POA Approved Family Playground/ Picnic Area ON POA AGENDA Playscape at Wenmoth Park ON POA AGENDA

5 REVIEW OF RECOMMENDATIONS PROJECT COST ESTIMATE 1.OVERLAY OF OLD TENNIS COURT OPTION #1 (ASPHALT OVERLAY)$10, OPTION #2 (DEMO OLD SLAB) $5, OPTION #3 (USE CONCRETE/REBAR) $19, FLAT FITNESS TRAIL $10, SPORTS COURT $12, FAMILY PLAYGROUND/PICNIC AREA $11, WENMOTH PLAYSCAPE $7, TOTAL COST USING PROJECT #1,OPTION#3$59,

6 FINANCIALS FOR FUNDING PROJECTS #1 THRU #5 JUNE 30, 2010 RESERVES: $17OK – 3 MONTHS CONTINGENCY RESERVE: ($20K) –NET RESERVES: $15OK FUND PROJECTS #1 THRU #5 WITH POA RESERVES –OVERLAY TENNIS COURT (2011) $20K –FLAT FITNESS TRAIL (2010) $10K –SPORTS COURT (2011) $12K NET RESERVE BALANCE $108K AVERAGE NET 30,2011 $45K ESTIMATED 1,2011 $153K –FAMILY PLAYGROUND/PICNIC(2012) $11K –WENMOTH PLAYSCAPE(2012) $7K NET RESERVE BALANCE: $135K NET INCOME JUNE 30, 2012(LAKE DN ADJ.) $20K ESTIMATED JULY 1, 2012 $155K 6

7 FUTURE RECOMMENDED PROJECTS Swimming Pool 60 x 25 ft rectangular with maximum depth of 5 ft 1565 sq ft deck 60 x 60 metal pavilion for shade and picnic capacity Toilets, changing rooms and shower Picnic tables, benches and chairs 4 foot fence perimeter Children’s water play area $150k estimate Pros: Relatively high on property owner survey High interest in donating for project Provides swimming opportunities when lake is too hot / cold/contaminated Provide lap swim / water aerobic capability Ease crowding at Wenmoth Park Cons: High maintenance cost Additional insurance Higher Interest/shorter term loan May require additional membership fee Membership fee should support maintenance Seasonal use 7

8 FUTURE RECOMMENDED PROJECTS Community Center Pros –Financing Available Current low interest rates Current low construction rates –New building requires less repair / maintenance costs –Lower energy costs –Attractive amenities for all –Increased accessibility –Potential Source of Income (weddings, social events, meetings, etc) –Multiple simultaneous use facilities Cons –Debt/long-term loan –9-12 months loan process –Contract cleaning possible –Building Use Serves current needs Participation in MGA, WGA not growing C&C Participation has decreased –Cost / maintenance of exercise machines 8

9 COMMUNITY CENTER ESTIMATE OF $600K INCLUDING FURNISHINGS/EQUIPMENT APPROXIMATELY 5000 SQUARE FEET INCLUDING GOLF SHOP USDA 40 YEAR REQUIRES ABOUT $30K/YEAR DEBT SERVICE PAYMENT OPTIONS 1.NO CHANGE TO POA DUES: NORMAL POA INCOME ABOUT $45K/YEAR 2.INCREASE POA DUES TO $310/YR HOMEOWNER; $155/YR LOT OWNER GENERATES $30K/YR 3.SELL POA PARK PROPERTY 4.SOME DONATIONS 9

10 Pro/Con Analysis of Funding Options Loan from American Bank Loan details: 15 or 20 year term (15 is typical); 6.5 to 7.0 %; secured by land and buildings owned by POA; interest rate reset every 3 years at prime plus; could buy CD for 5 years with our reserves and net interest is only 2%. PROS CONS Quick approvalHigher interest rate than USDA Shorter term for quicker payoff Rate floats CD option could be used for swimming poolHigher loan payment than USDA Loan from USDA Loan details: 40 year term; 4.0 %; secured by land and buildings owned by POA; fixed interest rate for term of loan; requires about 12 months for approval. PROS CONS Much lower interest rateLonger term commitment Much lower total loan payment Longer approval period Fixed interest rate 10

11 Pro/Con Analysis of Funding Options Donations PROS CONS Permits individuals to contribute Designated donations can be a problem No impact on community at large (assessments)Not sufficient for total needs Provides quick cash flow property owners donated $ POA Seed Money: $20, Total in building fund: $29, Increase in Property Assessments PROS CONS Includes total community involvement Requires two-thirds vote Equal impact on each property owner Partial Use of Reserves and Future Earnings PROS CONS Reduces amount of loan/payments Reduces reserves (maintain 6 months) Returns payments to communityEach $10K only reduces mo. payment Reduces use of other funding options$40.00 and annual payment $

12 FUTURE CONSIDERATIONS/DECISIONS FOR PROPERTY OWNERS THE 5 RECOMMENDED PROJECTS CAN BE FUNDED WITH EXISTING RESERVES THE COMMUNITY CENTER WILL REQUIRE ONE OR MORE OF THE FOLLOWING: –INCREASE IN POA ASSESSMENT –LONG TERM DEBT –LONG TERM FUND RAISING PROJECT THE SWIMMING POOL WILL REQUIRE ONE OR MORE OF THE FOLLOWING: –SHORTER TERM/HIGHER INTEREST DEBT –SPECIFIC FUND RAISING PROJECT


Download ppt "Purpose of Town Hall Meeting Share progress on improvement projects Discuss details of potential projects under consideration by POA Board Gather input."

Similar presentations


Ads by Google