Page 16 - MerionCricket-2015-Booklet-Final

Cost Breakdown Funding Sources

Men’s Locker Room & Fitness Renovations ........................................ $4,400,000 1. Special Assessment ................................................................$10,040,000

Indoor Tennis Mezzanine Renovations .................................................. $200,000 2. Entrance Fee Increase ..............................................................$1,123,873
Squash Court Conversion ................................................................... $1,800,000 3. Cash Flow from Operations ......................................................$4,236,127
Paddle Tennis Complex .......................................................................... $700,000 TOTAL FUNDS RAISED ...................................................... $15,400,000
Four Hard Surface Tennis Courts ........................................................... $700,000
Surface Parking Solution ..................................................................... $1,300,000 Key Funding Information
Pool Complex ...................................................................................... $3,700,000
1. Significant assessment discounts provided to senior members
Grounds/Maintenance Facility ........................................................... $1,400,000
Social Garden ........................................................................................ $500,000 2. Non-Residents and young members (under age 28) not assessed
3. Financial modeling based on separate memberships for both fitness and
Main Clubhouse Elevator ...................................................................... $600,000 the pool
Temporary Locker Room Facility Lease .................................................. $100,000 4. Minimizes dues increases over the term of the assessment
TOTAL COST ................................................................................ $15,400,000 5. Marginally increases future entrance fees to partially fund the project
6. Minimizes the use of long-term debt
The above expected costs are total project budgets including demolition,
construction costs, landscaping, furnishings, fixtures, equipment, professional
fees, contingencies and assumed escalation. These figures are used to
represent reasonable construction budgets based on early conceptual designs
and would have to be verified based on further design and engineering. The
following assumptions were made in developing the budgets:

• 20% project contingency
• Additional 5% project contingency that covers the Men’s Locker Room
Building renovations
• 4% per year escalation assumption

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