Page 21 - MCC-2014-Booklet-Final

Costs & Funding Plan

STEP 1: STEP 2: STEP 3: STEP 4: STEP 5:
Focus Groups Member Survey Member Review/ Final Plan Member
& & &
Strategic Plan Campus Master Plan Opinion Survey Member Vote Approval

Phase I Cost Breakdown Funding Sources

Men’s Locker Room Building Renovation .............................................. $4,400,000 1. Special Assessment ................................................................... $13,631,549
Tennis Pavilion Renovation ....................................................................... $400,000 2. Entrance Fees Increase ............................................................... $1,000,000

Squash Courts Conversion .................................................................... $1,800,000 3. Cash Flow from Operations ........................................................ $1,268,451
Additional Paddle Tennis Court ................................................................ $100,000 TOTAL FUNDS RAISED ......................................................... $15,900,000
New Tennis Deck & Parking Structure ................................................... $5,600,000
Paddle Tennis Complex ............................................................................ $300,000 Funding Guiding Principles
New Aquatics Complex ......................................................................... $2,900,000
1. Model the Special Assessment on the last special assessment of
Overnight Accommodations .................................................................... $300,000 June 2007 – March 2010
Temporary Locker Room Facilities............................................................ $100,000 2. Spread the Special Assessment over 10 years with a discount for those
PHASE I TOTAL .............................................................................. $15,900,000 who opt to pay the full amount up front
3. Young members and Non-Residents would not have to pay the Special
Assessment
The above expected costs are total project budgets including construction costs,
furnishings, fixtures, equipment, professional fees, contingencies and assumed 4. Minimize the dues increases during the Special Assessment period
escalation. These figures are used to represent reasonable construction budgets 5. Increase the entrance fees to share the cost
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:

• 10% construction contingency for all projects except the Men’s Locker
Room Building where a 15% contingency was applied
• Additional 10% project contingency that covers all projects
• 4% per year escalation assumption
• Allowances for furnishings, fixtures and equipment

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