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Cove House Remodel


The Original Cove House From 1916 – 94 Years Ago


Why Remodel The Cove House? • The Outside Still Has Its Classic Appearance • Current Interior Layout is Inefficient • Building Is In Constant Need Of Expensive Repairs (Roof, Plumbing, Sewage Pipes) • Does Not Comply with ADA and Building Codes • Current Capacity is not Adequate to Take Pressure off the Main Dining Room


The Cove House Remodel THREE BASIC OPTIONS:

• A. Do Nothing • B. Code Upgrade Only and Keep the Existing Walls • C. Redesign Interior and Create More Useable Space


Option A: Do Nothing • Leave Cove House the Way It Is Now • Structure Will Continue to Deteriorate • In a Few Years, it will No Longer Usable Because it Will Not Be Code Compliant • Eventually the Building Department May Condemn It


The Two Basic Rebuilding Options: Option B: • Keep the Current Structure Intact, Including Existing Interior Walls • Rewire and Bring Up To Code • Does Not Increase Space or Usability

Option C: • Open Up the Interior by Removing Existing Walls and Creating More Useable Space • Retain the Classic Looks but Create Modern Efficiency and Functionality


Option B: Benefits to Membership Upgrade to Code but Keep Existing Walls No Real Change in Usability of Space • • • • •

Capacity Restricted to 55 Persons Significant Visibility and Seating Problems Remain Inefficient Layout and Partial Use For Office Most of Dollars Spent Will Not be Visible Members Will Continue to be Frequently Displaced From Main Dining Room by Club Functions and Member Weddings


Option C: Benefits to Membership Redesign Interior and Create Larger Space • • • •

Creates a Room for 110 Persons - Doubles Capacity Creates a Single Room by Eliminating Interior Walls Creates a Much More Versatile Venue Ambience of Cove House Will be Similar to Main Dining Room • Almost All Member Parties Can Be Held in Cove House, Leaving Main Dining Room for Member Dining


Financial Considerations B. Code Upgrade, but Keep Existing Walls and Floor Plan • Bringing the Structure Up To Code and Making Only Cosmetic Improvements will Cost Approximately $600,000 • Will Keep Existing Revenue Stream Constant • Will not Reduce Demands for Dining Room for Club Events and Member Weddings

C. Remodel Cove Interior and Improve Floor Plan • Stripping Interior and Rebuilding Results In Total Building Costs of $800,00 - $900,000 • Incremental Cost: $250,000 • Will Create Larger Venue With Up To Double the Revenue Stream • Will Facilitate Increased Use of Dining Room for its Main Purpose: Member Dining


Why Do It Now? Do It Now • Builders are Not Yet Busy Due to the Housing Crisis • The City is Currently Accommodating • BCDC Regulations Are Still Relatively Workable • Interest Rates Are At Historic Lows and Financing Costs are Modest

Let’s Wait

• Building Costs Will Increase • City Regulations Will Get Tighter and More Costly • BCDC is Planning to Expand its Oversight Role and May Greatly Restrict Building Activity Near Shoreline • Financing Costs Will Increase


Recommendation • The Board of Directors, the Facilities Planning Committee, the House Committee, and the Finance Committee have considered the Cove House Project for over two years. • While there are arguments Pro and Con, this is the right time to undertake the project if it is ever to be done. • We Welcome Your Input Into the Decision


What We are Proposing to Build


Kitchen Remodel Office Expansion

Cove House Remodel


Kitchen Remodel

Health Department and Fire Department Deficiencies Require Immediate Upgrades


There is not enough room with the current configuration of the kitchen to SAFELY enter and exit with trays of food and soiled dishes


Banquet service from the kitchen currently requires us to block all fire lane access during the food plating


Food preparation area and dishwashing area are no longer adequate for the volume of business produced out of the kitchen


New Kitchen Layout


Layout with Office Expansion


Rendering of Office Expansion


The Cove House Remodel Proposal


Front View with Expanded Member Deck


Rear View with Expanded Warming Kitchen and Storage


Cove House View in Proportion with Clubhouse


Aerial View


Long Term Cash Flow Analysis 2011 71 399 471

2012 156 411 567

2013 161 424 585

2014 166 436 603

2015 172 450 622

2016 177 463 640

2017 183 477 660

2018 188 491 679

2019 194 506 700

50 460 72 582 15

25 300 750 77 1,152

25

25

25

25

25

25

75

83 108

44 69 18

25

25

25

25 16

75

30 275 305 30 40 972

350 350 30 40 1,572

325 325 30 40 503

55 300 355 30 40 512

20

65

50

1,235

-

20 30 40 115

65 30 33 153

50 30

1,235 30

30

105

1,306

105

(502)

(1,005)

82

91

507

488

555

BEGINNING OPERATING CASH

643

337

473

307

161

441

704

Net Increase/ (Decrease) of Cash OPERATING CASH BALANCE

(502) 643 141

(1,005) (668)

82 555

91 398

507 668

488 921

555 1,259

(627) 426

595 826

200 (4) 337

1,200 (60)

(98) (150) 307

(87) (150) 161

(77) (150) 441

(67) (150) 704

(56) (150) 1,053

(45) (150) 231

(35) (500) 291

NET INCOME Items not requiring cash - Depreciation Total Cash Provided Uses of Cash - CLUB Club Purchases Galley Remodel Cove House Sailing Center Loan - Principal Pay Down Total Uses of Cash - CLUB Uses of Cash - RACE Uses of Cash - HARBOR Hoist & Locker Repairs Dock Rebuild Project Total Uses of Cash - HARBOR Uses of Cash - YOUTH Cash Reserves-Catastrophic Total Uses and Cash Reserves Total Net Increase/ (Decrease) of Cash

CASH BALANCE SUMMARY

BORROWING INT ON LOC @ 4.25% & LOAN @ 7% PRIN REPAY ON LOC TOTAL OPERATING CASH

(627)

595

BEGIN

473

1,053

231


Club Renovations