What will the ongoing annual Membership fees be?
The long-term objective of the Cooperative will likely be the reduction of operating costs to the lowest level possible. For Members, this translates to low-cost (ideally, no cost) boat storage. There are a number of sources of revenue the Association could use to potentially offset operating costs: profit on gas sales, lease/revenue sharing on the convenience store and marine shop as well as winter boat storage (the aisle of the building will accommodate another 100 boats for seasonal storage). Naturally, these revenue streams may take 2 to 3 years to fully develop. As a general rule, for the first several years of operation, the annual fees are estimated to be 75% of comparable rental/lease rates. This figure will vary based on the budgeting of insurance, maintenance, staff, and various replacement accounts. The documents you receive after you execute a Reservation Agreement contain a pro forma budget. • Why would I spend this much money for a place to store my boat? Peace of mind. L
