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WELCOME. Vanderbilt Country Club Town Hall Meeting April 3, 2014. Town Hall Meeting AGENDA – April 3, 2014. Welcome Bob Teschke FMP Update Bob Teschke Financial Update Bev Gromek Surrounding Communities Update Kent Friedman Comcast/Cable Update Ron Khachadoorian
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WELCOME Vanderbilt Country Club Town Hall Meeting April 3, 2014
Town Hall MeetingAGENDA – April 3, 2014 • Welcome Bob Teschke • FMP Update Bob Teschke • Financial Update Bev Gromek • Surrounding Communities Update Kent Friedman • Comcast/Cable Update Ron Khachadoorian • Golf Course Renovations Jerry Petrarca • Golf Course Renovations-funding Bob Teschke • Miscellaneous Tidbits Bob Teschke • Questions & Answers Board
The Facilities Master Plan A High-Level Overview
There is light at the end of the tunnel (And we’re pretty sure it’s not a train …)
A Quick Review • Membership Approval, November, 2011 • Total Project Cost • Building: $4,714,000 • Furniture/Fixtures/Equipment: $2,394,000 • Contingency: $357,000 • TOTAL: $7,465,000 • Groundbreaking, October 16, 2012 • Original Estimated Completion, February, 2014
Examples of Project Changes (& Cost Impact) “Value Engineering”Savings • Two less dormers (TC): ($ 4,157) • Delete windows in storage (TC): ($ 3,052) • Change lighting package (TC): ($ 8,243) • Change lighting package (FC): ($ 4,056) • Change wine rack design/Clubhouse wine room: ($10,400)
Financial Summary (as of March 20, 2014) Total spent to date: $5,458,775 Estimated $$ to complete project: $1,851,882 $$ available to complete project: $2,031,570 Caution!! We still may have unanticipated costs come up – “surprises”
Some “Surprises” That Hit Our Contingency So Far SurpriseCost • Fire Department changes (TC) $17,222 • FL Power & Light (TC) $21,139 • Rotted roof facia & plywood (CH) $17,680 • Collier County utility fees (FC) $34,000
Where Does This Leave Us With the Clubhouse About 60% Finished? • We are on budget ($7,310,857 forecast to complete) • We still have $180,000 of contingency money remaining (but may be needed) • We don’t anticipate any major surprises • We are still anticipating a completion date in June • It will be beautiful, but how beautiful?
A Sneak Peek at the New Clubhouse • Overall size increase: from 17,000 sq. ft. to 23,100 sq. ft. • Bar area expansion: 10 feet toward outside – wide open view • Vista room expansion: 1400 more sq. ft.– seating goes from 160 to 250 (adds 90 people) • Dance floor larger • Outdoor covered dining added: 1500 sq. ft. • New Vanderbilt Room: Private parties and functions • Added 2 outdoor terraces & a fireplace: casual socializing w/ great view • Remote-controlled drop-down screens: protection from the elements (and flies!) • Enlarged kitchen: improved efficiencies to allow for an expanded menu
The Bottom Line • We have every expectation to come in “within budget” • We should be “all done” by June, 2014 (5 months late – thanks to our friends at Collier County and FPL) • We will have one of the finest clubs in all of Florida, to go along with … • The finest members of any club, anywhere! • And …….
We’ll have a week-end long party in October!!
FACTS AND FIGURES ++ • 2013 ANNUAL AUDIT by MCGLADREY LLP • FMP IN REVIEW • TERRACE CAFÉ ACTIVITY
2013 ANNUAL AUDIT • THE FINANCIAL STATEMENTS PRESENT FAIRLY, IN ALL MATERIAL RESPECTS, THE FINANCIAL POSITION OF THE VCA • EXCESS REVENUE OVER EXPENSES – $33,909
2013 ANNUAL AUDIT • TOTAL CASH -- $2.4M • TOTAL ASSETS -- $17.1M • RESERVE FUND -- $ 1.7M • RESALE AND ORIGINAL CAPITAL - $ 480K • FMP LOAN BALANCE -- $ 0 • TOTAL OWNERS EQUITY - $ 15.6M
FMP IN REVIEW • MCGLADREY LLP STATED RESPONSIBILITIES – PLAN AND PERFORM THE AUDIT TO OBTAIN REASONABLE ASSURANCE ABOUT WHETHER THE FINANCIAL STATEMENTS ARE FREE FROM MATERIAL MISSTATEMENT
FMP IN REVIEW -- EVALUATE THE APPROPRIATENESS OF THE ACCOUNTING POLICIES USED AND THE REASONABLENESS OF SIGNIFIGANT ACCOUNTING ESTIMATES
FMP IN REVIEW INTERNAL AUDIT COMMITTEE: REVIEW OF EXPENSES/AUTHORIZATIONS REVIEW OF THE PROJECT WORKSHEET/ EXPENSES VS BUDGET REVIEW OF THE FMP BANK ACCOUNTS
FMP REVIEW MORE FOCUS ON DETAIL AND BUDGET/ACTUAL COMPARISON NO SUBSTANTIAL ERRORS DETECTED REPORTED AREAS OF CONCERN TO THE BOARD OF DIRECTORS
TERRACE CAFÉ ACTIVITY REPORTED AS OF 2/28: • FOOD SALES - $47K BETTER THAN BUDGET • BEVERAGE SALES - $39K BETTER THAN BUDGET • COST OF FOOD AND BEVERAGE SLIGHTLY OVER BUDGET PERCENTAGE
TERRACE CAFÉ ACTIVITY CHALLENGE OF THE FUTURE: • LEARNING HOW TO BALANCE THE USE OF THE NEW CLUBHOUSE WITH THE USE OF THE CAFÉ AND UTILIZING STAFF EFFICIENTLY
NOT BY A LONG SHOT FOR THE DEVELOPERS, ARCHITECTS, ENGINEERS, CONTRACTORS AND COUNTY OFFICALS
CANOPY – NEAL COMMUNITIES • 108 Single Family Homes • One story and two story • Base Price - $298,990 • Lot Price Not Included • Finished Homes Range: $376K - $506K • No golf course
TUSCANY POINT • Previously planned by Zuckerman Development • Sold to DR Horton (Mockingbird Crossing) • Believed to retain 120 single family homes with berms, fencing and set backs negotiated by VCC.
RAFFIA PRESERVE • WCI Development west of back gate across 951 • 363 Single Family Home Sites on 184 Acres (47 acres preserve) • Floor Plans: 2,056 to 4,000 sq.ft. (under air???) • 5,000 Sq. Ft. Community Center • No golf course
BENT CREEK • Centerline Homes Development • South Side Immokalee Across from The Quarry • 100 Acres – 450 Single Family Homes • 38 Acres - Preserves • No Models Available • No Site Plan Available • Web Site States “Coming Fall 2013” • No golf course
MOCKINGBIRD CROSSING • DR HORTON DEVELOPMENT • 110 Single Family Homes
ESPLANADE GOLF & COUNTRY CLUB • 18 Hole Golf Course • Community/Fitness Center (coming soon) • Tennis Courts (coming soon) • Resort Clubhouse w/dining (coming soon) • Base Price of Homes Range $369K - $614K • Carriage Homes NOT Shown • No Private Carts • Allocation of 800 Golfing Units Undetermined
ESPLANADE GOLF & COUNTRY CLUB • 2014 Assessments – Range between $2,688 and $2,808 per year. • Bond Debt Assessment - $1,229 and $3,282 per year (Lot Size) EST • 2014 Operating/Maintenance Assessment - $330 EST • $1,500 Working Fund Assessment upon purchase • $1,000 Irrigation Hook-up Fee upon purchase • Developer paying Common Area Costs and Lawn Maintenance • 2014 Golf Membership Dues $2,550
GOLF CLUB OF THE EVERGLADES Pulte considers adding 750 homes to Golf Club of the Everglades “There’s not a lot I can talk about at the moment. Not because I want to be difficult, but just because it’s so early,” said Scott Marin, a sales and marketing executive for Pulte Homes.
IN CONCLUSION: Two Things are certain…. 1. We will have new neighbors
2. WE GOT A JUMP ON DEVELOPERS …that saved VCC members money
Cable Service Current Provider: COMCAST Contract expires 2/01/2017 Must provide 90 days notice
Cable Service • 2014 Comcast cable service • $346,176 per year • $432.72 per unit per year. • $36.06 per unit per month • Plus individual member options ex. HD service, recorder, telephone expanded cable package
Cable TV Internet Telephone • Process takes approximately two years to complete. • Committee includes • Ron Khachadoorian • Mike Gabel • Paul Frederick • Cindy Gray (Property Manager)
Cable TV Internet Telephone • Hired CSI (Converged Services Inc.) • Expertise in negotiating telecommunications contracts for HOAs • Provide guidance in developing the right cable service for VCC • Could include the following • Internet Service, Phone Service • Cable TV, Security Service
Cable TV Internet Telephone • Cable Service 1998 • Lay cable • Wired inside each home • TV only