Page 39 - Renovation Project: York Club 2023

Budget 2024 -2028

The Club will finance the renovation via a $16,000,000 demand construction loan with a 25-year takeout mortgage at the end of
the construction period. The Club would pay interest only during the construction period, followed by monthly blended
payments. Mortgage reimbursements would be funded by the capital fund, which comprises entrance fees and the capital levy.

There is no plan to increase the capital levy or any assessment to finance this renovation plan.

Internally funded capital revenue 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Capital Fund (opening Balance) $2,165,813
Initiation Fees $1,046,618 $ 1,169,150 $ 1,170,899 $ 1,315,253 $ 1,349,281 $ 1,384,228 $ 1,420,122 $ 1,456,990 $ 1,494,862 $ 1,533,767
Capital Levy $771,483 $ 782,250 $ 785,250 $ 786,000 $ 790,500 $ 792,000 $ 789,000 $ 786,000 $ 783,000 $ 780,000
Internally funded capital revenue $ 3,983,914 $ 1,951,400 $ 1,956,149 $ 2,101,253 $ 2,139,781 $ 2,176,228 $ 2,209,122 $ 2,242,990 $ 2,277,862 $ 2,313,767
Capital expenditure projections 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Clubhouse Conservation $ - -$ 250,000 -$ 250,000 -$ 250,000 -$ 250,000 -$ 250,000 -$ 250,000 $ -
Construction & Renovation Project (MTD + Est. Q4) -$ 950,000 -$ 8,381,290 -$ 8,631,157 $ - $ - $ - $ - $ - $ - $ -
Mechanical upgrades -$ 235,994 -$ 50,000 -$ 50,000 -$ 50,000 -$ 50,000 -$ 300,000 -$ 50,000 -$ 50,000 -$ 50,000 -$ 50,000
Decorations projects $ - $ - -$ 50,000 -$ 50,000 -$ 50,000 -$ 50,000 -$ 50,000 -$ 50,000 -$ 50,000
Art, Fixtures, operating capital contingency -$ 350,000 -$ 350,000 -$ 125,000 -$ 125,000 -$ 125,000 -$ 125,000 -$ 125,000 -$ 125,000 -$ 125,000
Total Capital expenditures -$ 1,185,994 -$ 8,781,290 -$ 9,031,157 -$ 475,000 -$ 475,000 -$ 725,000 -$ 475,000 -$ 475,000 -$ 475,000 -$ 225,000

Financing 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Construction Loan (Draw estimate of $13,500,000) $ 8,500,000 $ 5,000,000
Initiation Fees $ 1,169,150 $ 1,170,899 $ 1,315,253 $ 1,349,281 $ 1,384,228 $ 1,420,122 $ 1,456,990 $ 1,494,862 $ 1,533,767
Capital Levy $ 782,250 $ 785,250 $ 786,000 $ 790,500 $ 792,000 $ 789,000 $ 786,000 $ 783,000 $ 780,000
Total Capital expenditures -$ 8,781,290 -$ 9,031,157 -$ 475,000 -$ 475,000 -$ 725,000 -$ 475,000 -$ 475,000 -$ 475,000 -$ 225,000
Interest rate construction loan -$ 414,375 -$ 715,000
Mortgage Draw $ 16,000,000
Repayment Construction Loan -$ 13,500,000
Repayment Mortgage -$ 1,296,398 -$ 1,296,398 -$ 1,296,398 -$ 1,296,398 -$ 1,296,398 -$ 1,296,398 -$ 1,296,398
Capital Fund Closing Balance (cashflow) $2,797,920 $ 4,053,655 $ 3,763,647 $ 4,093,502 $ 4,461,885 $ 4,616,715 $ 5,054,439 $ 5,526,031 $ 6,032,495 $ 6,824,865

Cashflow Closing Balance (Operational and Capital) $ 2,558,886 $ 2,220,337 $ 2,622,704 $ 3,063,835 $ 3,309,645 $ 3,841,893 $ 4,413,443 $ 5,027,395 $ 5,937,108

39