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Purpose of Town Hall Meeting

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.

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Purpose of Town Hall Meeting

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  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

  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

  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

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

  5. REVIEW OF RECOMMENDATIONS PROJECTCOST ESTIMATE OVERLAY OF OLD TENNIS COURT OPTION #1 (ASPHALT OVERLAY) $10,800.00 OPTION #2 (DEMO OLD SLAB) $5,600.00 OPTION #3 (USE CONCRETE/REBAR) $19,800.00 FLAT FITNESS TRAIL $10,000.00 SPORTS COURT $12,000.00 FAMILY PLAYGROUND/PICNIC AREA $11,000.00 WENMOTH PLAYSCAPE $7,000.00 TOTAL COST USING PROJECT #1,OPTION#3 $59,800.00

  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 INCOME @JUNE 30,2011 $45K ESTIMATED RESERVE @JULY 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 RESERVE @ JULY 1, 2012 $155K

  7. FUTURE RECOMMENDED PROJECTSSwimming 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

  8. FUTURE RECOMMENDED PROJECTSCommunity 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

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

  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 approval Higher interest rate than USDA Shorter term for quicker payoff  Rate floats CD option could be used for swimming pool Higher 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 rate Longer term commitment Much lower total loan payment  Longer approval period Fixed interest rate

  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 - 120 property owners donated $9550.00 - POA Seed Money: $20,148.00 - Total in building fund: $29,698.00 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 community Each $10K only reduces mo. payment Reduces use of other funding options $40.00 and annual payment $500.00

  12. Q&A

  13. SCHEDULED SPEAKERS • Lou Anne Webb

  14. SCHEDULED SPEAKERS • Leah Roust

  15. SCHEDULED SPEAKERS • Chris Purcell

  16. SCHEDULED SPEAKERS • Roger Havekost

  17. 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

  18. Bob Burkhalter Dora Tweed Donna Stevens Doug Miller Sally Lavine Gloria Lomax Christine Nicknish Tommy Kepner Jay Harris Greg Kepner Ilona Smith Jan Greer Leah Roust Sue Burkhalter Warner Tweed Bruce Lomax Don Adams A GIANT THANK YOU TO ALL OF OUR LRPC COMMITTEE MEMBERS

  19. HAPPY EASTER!

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