AN INVESTMENT IN THE FUTURE
• Our Clubhouse has been loved on and lived in for six decades. A significant investment is required to ensure it remains a destination for generations to come.
• Member surveys show overwhelming support not only for updates to the facilities, but specifically for a new build.
• A new build eliminates the uncertainties of renovation and ensures a superior, long-lasting result.
• Through a transparent member-driven process, the Club has delivered a construction and financial plan that addresses the needs of our Clubhouse today and into the future.
PROJECTED TIMELINE
COST TO MEMBERSHIP
Club leadership has developed a comprehensive plan to finance the project in a fair and manageable way for membership. With a project budget of $85 million, the plan includes a membership assessment, long-term financing, and an increase in the membership equity refund.
ASSESSMENT AMOUNT & TIMING*
Assessments will be billed in three installments on the April 2025, April 2026 and April 2027 member statements. Members will have the option to pay the entire amount in April 2025 at a small discount. The assessment will be $49,000 and all member categories will be assessed per Club Bylaws.
Members 65 years old and older as of the day of the vote will pay a proportional assessment per the below schedule:
MEMBER REFUND
Simultaneously, each member’s equity refund will be increased to 20% of the then-prevailing initiation fee. For example, if the initiation fee increases to $210,000, the Resident member refund would increase from the member’s current refund to $42,000. Members paying a discounted assessment will receive a proportionate reduction of the increased equity refund.
DEBT SERVICE*
The Club will borrow approximately 55% of the total project cost and will pass the cost of servicing the debt through to members. All classes of membership will pay the same monthly amount as the Club incurs debt. Upon completion of the project, the monthly debt service will be approximately $315 per member. *Applicable sales tax will be applied to the assessment and debt service payments.