Page 90 - VCC 2022 Capital Plan New Binded

QUESTIONS & ANSWERS

The following is a list of questions and answers which have come to the Board of Governors and
Long-Range Planning Committee as we have moved forward in the process of exploring
renovation of the golf course and associated capital projects. The responses are based on the best

available information at the time of publication and are subject to revision. The items are in no
particular order.

What is the expected timeline? finalizing the plan surrounding that facility. We are also
seeking to do some necessary repair and replacement to
We are expecting to have all of our due diligence in large part painting, floor covering and FFE within the clubhouse facility.
completed and to the membership in a proposal by mid-
January, 2022. Our expectation is to hold a meeting of the Will the members be asked to vote to approve the project?
membership on February 22, 2022 to vote on the proposals put Yes. We anticipate a vote on February 22, 2022 regarding the
forth which could encompass several different items and
possibilities. Thereafter we have sketched out that all aspects of the project.
additional dues and assessments would be levied as of March 1, Once a vote occurs, what happens then?
2022 with payment for the assessments due six months
thereafter with certain exceptions. We anticipate the From a member perspective all dues and assessments will be
permitting and final construction drawings to take place levied as of March 1, 2022 and otherwise no significant physical
during 2022 with Mr. Bergin beginning construction in January changes will occur until 2023 when construction begins.
2023. Mr. Bergin has given us an 8 month construction During the construction period, we anticipate interruptions of
timeline so we will expect the project to be completed in service to our golf course and are working to find alternative
September, 2023. As for the associated capital projects those locations for our golfers to play.
may be completed prior to and/or after the golf course. How will the project be financed?

What will the project entail? We are considering and will be proposing a one-time capital

As of now, we will propose an 18 hole full renovation of the golf assessment of the members, the use of the remaining balance
course, practice area and putting green as well as a 27 hole in the Centennial Fund, and a certain portion of the capital
renovation of those same areas. That renovation will include dues to be allocated to the project. We are also seeking either
any repair or replacement of restrooms on the course as well as member contributions via a 20 year dues prepayment which
furniture, fixtures and equipment necessary for operation of would be limited to 25 members, member philanthropic
the golf course. We will also be proposing a repair and giving, or if necessary undertaking additional debt for the Club
replacement of our parking facilities to include landscaping to complete the project. Our preference, and goal, is to not
and irrigation in the parking lot and around the clubhouse. We take on additional debt for the project and we have created a
have also set aside funds for repairs and refreshment of the scenario where that is very realistic.
tennis center including both the courts and the bathrooms What long term changes in the Club’s finances are
and facility. Based upon the survey, our members requested expected?
that we look into adding an outdoor dining facility. We have
included such facility in the project and are in the midst of The most significant change will a bifurcation of the budget of