Update October 2024

  • Updates

    • Your ongoing support and patience regarding the facilities project at Wing Point is greatly appreciated. We are happy to share some updates on the project and assure you that foundational progress is being made.

    Project Progress

    We are currently in the pre-construction and planning process. During this phase, we are working with our architect, civil engineer, and other professionals to finalize our site plan and address issues that come up during the design review process. This process has led to some minor alterations to the plan, the details of which we’ll continue to share as they are made available.

    An important part of this early stage of the process is design review board meetings with the City of Bainbridge Island. We’ve held one of the required three meetings, with the other two scheduled in the near future.

    Once design reviews are complete, the architect will create formal construction drawings and we’ll be able to submit our permit application to the City. We estimate the permit review process will take 6-9 months to complete. While the permit is under review, we’ll begin the contractor selection process.

    Financing Update

    Thank you to those that submitted their preference on how they’d like to pay for the assessment. As we expected, we have a good mix between those who want to pay it all up front to those wanting to exercise one of our financing options. Those of you who did not express a preference will be put on the 10-year financing plan. Initial payments for the assessment will be billed in November and due at that time. The actual amount billed will depend on how you chose to pay for the assessment. For those of you choosing one of the financing options, your monthly assessment amount will be added to your bill beginning in December.

    Loans from our members will help fill the funding gap between assessments collected and our cash requirements during the construction of the project. A member loan program was an important and successful element of our bar remodel project ten years ago. Loans are available in $50,000 increments, commencing in 2025, with principal and interest repaid quarterly over a ten-year period at a rate of 6.5%. Interested members can find more information on the loan program here .

    Upcoming Key Milestones

    • Design Review Board Meeting #2 – City of Bainbridge Island – October 2024
    • Design Review Board Meeting #3 – City of Bainbridge Island – November 2024 (estimated)
    • Permit submission – City of Bainbridge Island – December/January ’24 ’25 (estimated)
    • Initial assessment amounts billed – November 2024
    • Monthly assessments begin – December 2024 (for those on a financing plan)
    • Loan commitments finalized – March-May 2025