Update May 2024
May 2024
We’d like to thank you again for your collective investment in the club! Since the formal approval of the Facilities Improvement Project on May 25th, we are now fully galvanized and proceeding with the necessary steps to set this project on the trajectory to be a resounding success. We would appreciate your patience as we continue to build out the framework, but here are a few updates:
Project Committee We are employing a committee-based leadership approach – coordinating the efforts of the Board of Trustees, Long-Term Capital Committee, Senior Staff (notably Jeff D’Amico, as well as Mike Goldsberry and Aaron Nix), and the creation of special project-specific committees to expound upon the vast expertise kindly provided by our membership.
Architect We are thrilled with architect Charlie Wenzlau’s work and plan to formalize our relationship with him. We will proceed with other professional services contracts as well – building our team of professionals to go through the construction process.
Charlie assisted us with the initial Site Plan Review with the City of Bainbridge Island back in April and will help again with the Design Review Board meeting in the coming weeks. We hope to have shovels in the ground as early as Q1 2025!
Contractor(s) We have solicited and engaged interest from a total of six General Contractors and will make a selection this summer after a process of building design review and value engineering on the project to ultimately include a set of construction documents that we can move forward with. We are looking to secure a guaranteed max price contract with our team of builders to ensure our budget is sound and priority number one.
Member Loans to Finance the project, Member loan opportunities of $50,000 or $100,000 are now available. Details of the loans have been distributed to interested members up to this point but are available here. The total number loans will coincide with member options for up-front payments on the approved assessment, which are listed out below.
Member Assessment Formula
The member assessment or per member obligation was built into our formula for assessment including cost of construction, number of proprietary members (over a 10-year period), on-hand cash, and member donations.
total assessment ($7,750,000)
divided by the number of Proprietary Members (over the life of the 10-year period) – 370.
Equals – $20,945 per member
plus – on hand club operations cash ($250,000) plus donations ($500,000)
total project cost $8,500,000
Member Payment Options – 4 options are available for members to handle their share of the assessment.
$5,000 upfront investment and the balance of $15,945 is financed over 10 years at 6.5% interest (monthly payments $181).
$10,472 upfront investment (50%) and the balance of $10,473 is financed over 10 years at 6.5% interest (monthly payments are $119)
$10,472 upfront investment (50%) and the balance of $10,473 (50%) is paid by October 31, 2025, at 0% interest.
$20,945 upfront investment of (100%)
Assessment Start Date – We are planning on November 1, 2024, start date for the assessment. Our current financial model is built on $20,945 per Proprietary Membership share. Some may ask why the exact amount isn’t confirmed yet. Only now (after the affirmative vote) are we able to start confirming the remaining variables that could increase the amount up to a max of $22,500 (which was the amount approved in the vote). These variables include Contractor bids that can be based on construction documents (vs renderings), normal and/or project-related member attrition, success level of the capital campaign, Senior and Intermediate member transfers, etc. Our methodology is simple, pure, and responsible. We are pleased to elaborate if you would like to see the calculations that are, in my honest opinion, conservative and made in an abundance of caution to ensure we stay within budget. With all that said, there are four assessment payment options for your review (these are presented at $20,945 until the exact amount is finalized this fall):
Member Loans to Finance the project, Member loan opportunities of $50,000 or $100,000 are now available. Details of the loans have been distributed to interested members up to this point but are available here. The total number loans will coincide with member options for up-front payments on the approved assessment, which are listed out below.
Donations Additionally, a capital campaign for donations is underway. Please see attached packet for details.
The results of the vote indicated that with approximately every two members that voted “Yes” for this project, one did not. As I’ve said before, I think that our tireless efforts will make believers out of you. Still, it is with a heavy heart that we think about the members that voted “No”. We will attempt to show our ‘no votes’ the long-term value in the club improvements while continuing to listen to their constructive opinions as we forge ahead with the project. We have heard from many of you so far and will continue in our efforts to be upfront and honest with our communications. Our dedicated project website will serve as a source of information for project related details and updates as we have the, We also have an email address for members to share suggestions at suggestions@wingpointgolf.com
Our Membership and Marketing Committee, chaired by Shannon Treverton, works directly with Jeff D’Amico and Matthew Duenas to manage that process in a robust fashion.
Please do not hesitate to reach out to myself, Jeff D’Amico, or any of the members that have/will generously provide their time, talent, and treasure to this project and Wing Point G & CC!
Many thanks,
Billy Moses
President, Board of Trustees