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Marina

Marina. Current Situation Updated Projections for 2012 Actions Taken Scenarios Evaluated Current Conclusions Possible Future Actions. Marina. Current Situation 24 year old marina lease with Cal Rec/Irvine Co. R equires we pay rent on all slips, whether filled or not

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Marina

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  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 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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