Lockwood Folly Community Center South Elevation (View from Water) - PowerPoint PPT Presentation

Lockwood Folly Community Center South Elevation (View from Water)

New Community Center Presentation to Lockwood Folly POA Members

Purpose of Presentation • Present the Facts About a New Community Center • Provide Membership with Information to Make an Informed Decision • Answer Questions

Presentation Preview  Project Overview  Construction Options & Why LFCC Amenities are Included  Site & Building Details  Project Cost, Member Cost, & Timing  LFCC & POA Benefits for a Shared Facility  Why Your Board Strongly Supports this Project  Voting details  Q & A

Project Overview

Review: Reasons for New Community Center  We need additional event seating capacity  We need smaller private rooms to handle simultaneous meetings, social functions  We need more space to support Lockwood’s residents’ active lifestyle

Review: Reasons for New Community Center  We need to prepare for future community population growth (we’re only about half built out)  We need to bring Lockwood’s amenities in line with other competing communities so our property values are protected

Planning Steps  A clubhouse committee has researched options for a new building for about 3 years  They identified several important capacity and functional requirements that a new building should offer Lockwood residents  Last fall, Taylor construction was contracted to draw up preliminary designs for the structure  Taylor has completed concept drawings and provided cost estimates  We will review those plans today

Construction Options

Construction Option 1 : Build vs. Expand  Expansion of the existing clubhouse was rejected  Current clubhouse floor plan is not adaptable to defined needs of the new facility  Any additions to the existing clubhouse requires us to meet updated building codes, including the American Disabilities Act, which involves massive modification costs  Not much cost difference between adding on vs. tearing down the existing structure and starting over  Contractors unanimously discouraged expanding our clubhouse

Construction Option 2: Build on Adjacent POA Land  Building on the POA property next to the condos was rejected  Concern about noise & proximity to townhomes  Awkward access to parking  We lose much of our great water view

Construction Option 3: Purchase Existing Anne Arnold Building  Purchasing the Anne Arnold building was rejected  Not enough parking space  Poor location for after-golf events  Building is over 20 years old and needs updating  Building floor plan is not suitable and would require too much modification

Construction Option 4: Build on Adjacent LFCC Property  Locate the new community center on the property between the pool and the putting green  LFCCI transfers ownership of the land to POA  Relocate the septic tanks that support the clubhouse, pro shop, café & cart barn to the other side of the existing clubhouse  Tear down the existing pro shop and café  Incorporate a new pro shop & restaurant in the new building

Construction Options: Conclusion  The POA & LFCC boards concluded that Option #4 provides more advantages to the total Lockwood community  No other POA owned property offers a suitable location for the new building  Since our existing clubhouse is structurally sound, a new building on another site allows us to retain it for alternate uses  Suggestions include moving workout equipment upstairs and creating a craft center on 1 st floor

Site & Building Details

Lockwood Folly Community Center South Elevation (View from Water)

Lockwood Folly Community Center Parking Lot View

Lockwood Folly Community Center Poolside View

Lockwood Folly Community Center Putting Green View

Lockwood Folly Community Center Waterfront View

New Community Center-1 st Floor  Designed for the Lockwood community overlooking Inter-coastal waterway  16,100 total square feet (11,800 1 st Floor)  2 Kitchens: Commercial and Catering  Elevator to 2 nd Floor

New Community Center-1 st Floor  Large Meeting Room:  Dinner Seating for 225 people vs. 100  Theatre Seating for 485 people vs. 108  Can be subdivided for smaller functions  Meets Fire Marshall capacity code  Pro Shop and Restaurant next to putting green  Approximately 4000 square feet  Inside restaurant seating for 68 vs. 34  Outside restaurant seating for 24 vs. 12

New Community Center-2 nd Floor  4300 square feet  Office Space  Library/Card Room and Separate Meeting Rooms  Conference Room

Site Plan

Proposal Summary  Community Center will be financed & owned by POA  Proposed building site is on the property between existing clubhouse and Pro shop/cafe  LFCCI transfers the land for the building to POA  Existing pro shop & café will be torn down and relocated in the new community center  The project includes replacement of septic tanks and a new septic field under driving range, per code requirements  The project includes replacement of the existing parking lot with 17 parking spaces added

Project & Member Costs, Timing

Costs  All building costs, including outfitting both kitchens, septic system replacement and parking lot replacement, but less furnishings (tables, chairs, sound system, security system, etc.) -- $2.5M  Estimated furnishing & misc. costs -- $300K  Estimated total project cost -- $2.8M  Financing through BB&T bank  Note: BB&T does not require the normal 15%-20% down payment because they consider the land as collateral

Financing Options Annual Total Loan Interest One Time Member Member Period Rate Assessment Cost Payment 20 years 6% None $370 $7,400 15 years 6% None $440 $6,600 Either $4,500 $4,500

Financing Options  The 3 rd option listed will be open to all members, regardless of which financing plan (15 or 20 year) is chosen  A one time $4500 payment  The paid up status remains with the property and would transfer if the property is sold  Due at the beginning of the assessment period

Costs  The costs apply per lot and are the same for residents and lot owners  Ballots will include the 2 financing options so residents may vote on the one they prefer  The pay up front option will not be on the ballot since it is available to independent of which mortgage term is chosen

Timing  Septic Permit is long lead time item: 12 - 15 months  Other permits 2 - 3 months  Construction won’t begin for at least 14 months  If POA approves project in July 2009, ground breaking would be sometime between Sept. 2010 and Jan. 2011

Timing  Your annual POA payments for the community center would commence sometime around January 2011  Construction takes 12 – 15 months  The new community center, if approved in July, would open sometime in 4 th quarter 2011

Why Build Now in a Depressed Economy?  Under $150/sq. ft. construction costs, including kitchens, septic & parking  Construction material prices are depressed  Labor bids are more competitive  While we take advantage of lower costs now, our payments won’t start until 2011

LFCC & POA Both Benefit by Sharing The New Community Center

Why Would LFCCI Consider Transferring Ownership of Property to POA? Recall that ---  LFCC owns the proposed construction site and the buildings on it (pro shop & cafe)  LFCCI also owns the parking lot  LFCCI owns the septic system that supports the clubhouse, pro shop & cafe, located under the driving range

Why Would LFCCI Consider Transferring Ownership of Property to POA?  The pro shop & café are rapidly deteriorating  The septic field is close to the end of its 25 yr. life  The parking lot needs major repairs or replacement  These problems represent major near term costs that LFCCI membership will have to bear  A community center that incorporates a pro shop & restaurant solves the POA capacity problem and the LFCCI cost problem

Why Would LFCCI Consider Transferring Ownership of Property to POA?  The LFCCI and POA boards of directors propose that LFCCI transfers title of the site to the POA at no cost based on the following conditions:  POA agrees to incorporate pro shop & restaurant in the new building  POA provides rent free occupancy as long as LFCC is an equity owned golf course  POA & LFCC will work out an equitable method of sharing building expenses (utilities, cleaning, etc.)  Ownership of the land reverts to LFCCI if the community center is not constructed

What are the Advantages of Including Pro Shop & Restaurant?  Offers savings to both the POA and LFCC compared to “going it alone”, i.e., building separate facilities  A single building maximizes floor space and minimizes cost  The larger restaurant offers many enhanced features that will appeal to non- golfers