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WELCOME

WELCOME. Vanderbilt Country Club Town Hall Meeting April 3, 2014. Town Hall Meeting AGENDA – April 3, 2014. Welcome Bob Teschke FMP Update Bob Teschke Financial Update Bev Gromek Surrounding Communities Update Kent Friedman Comcast/Cable Update Ron Khachadoorian

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WELCOME

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  1. WELCOME Vanderbilt Country Club Town Hall Meeting April 3, 2014

  2. Town Hall MeetingAGENDA – April 3, 2014 • Welcome Bob Teschke • FMP Update Bob Teschke • Financial Update Bev Gromek • Surrounding Communities Update Kent Friedman • Comcast/Cable Update Ron Khachadoorian • Golf Course Renovations Jerry Petrarca • Golf Course Renovations-funding Bob Teschke • Miscellaneous Tidbits Bob Teschke • Questions & Answers Board

  3. The Facilities Master Plan A High-Level Overview

  4. There is light at the end of the tunnel (And we’re pretty sure it’s not a train …)

  5. A Quick Review • Membership Approval, November, 2011 • Total Project Cost • Building: $4,714,000 • Furniture/Fixtures/Equipment: $2,394,000 • Contingency: $357,000 • TOTAL: $7,465,000 • Groundbreaking, October 16, 2012 • Original Estimated Completion, February, 2014

  6. Estimated Cost by Project

  7. Examples of Project Changes (& Cost Impact) “Value Engineering”Savings • Two less dormers (TC): ($ 4,157) • Delete windows in storage (TC): ($ 3,052) • Change lighting package (TC): ($ 8,243) • Change lighting package (FC): ($ 4,056) • Change wine rack design/Clubhouse wine room: ($10,400)

  8. Some Enhancements Not Originally Contemplated

  9. Financial Summary (as of March 20, 2014) Total spent to date: $5,458,775 Estimated $$ to complete project: $1,851,882 $$ available to complete project: $2,031,570 Caution!! We still may have unanticipated costs come up – “surprises”

  10. “Such as the Light at the end of the tunnel …”

  11. Some “Surprises” That Hit Our Contingency So Far SurpriseCost • Fire Department changes (TC) $17,222 • FL Power & Light (TC) $21,139 • Rotted roof facia & plywood (CH) $17,680 • Collier County utility fees (FC) $34,000

  12. Where Does This Leave Us With the Clubhouse About 60% Finished? • We are on budget ($7,310,857 forecast to complete) • We still have $180,000 of contingency money remaining (but may be needed) • We don’t anticipate any major surprises • We are still anticipating a completion date in June • It will be beautiful, but how beautiful?

  13. A Sneak Peek at the New Clubhouse • Overall size increase: from 17,000 sq. ft. to 23,100 sq. ft. • Bar area expansion: 10 feet toward outside – wide open view • Vista room expansion: 1400 more sq. ft.– seating goes from 160 to 250 (adds 90 people) • Dance floor larger • Outdoor covered dining added: 1500 sq. ft. • New Vanderbilt Room: Private parties and functions • Added 2 outdoor terraces & a fireplace: casual socializing w/ great view • Remote-controlled drop-down screens: protection from the elements (and flies!) • Enlarged kitchen: improved efficiencies to allow for an expanded menu

  14. The Bottom Line • We have every expectation to come in “within budget” • We should be “all done” by June, 2014 (5 months late – thanks to our friends at Collier County and FPL) • We will have one of the finest clubs in all of Florida, to go along with … • The finest members of any club, anywhere! • And …….

  15. We’ll have a week-end long party in October!!

  16. FACTS AND FIGURES ++ • 2013 ANNUAL AUDIT by MCGLADREY LLP • FMP IN REVIEW • TERRACE CAFÉ ACTIVITY

  17. 2013 ANNUAL AUDIT • THE FINANCIAL STATEMENTS PRESENT FAIRLY, IN ALL MATERIAL RESPECTS, THE FINANCIAL POSITION OF THE VCA • EXCESS REVENUE OVER EXPENSES – $33,909

  18. 2013 ANNUAL AUDIT • TOTAL CASH -- $2.4M • TOTAL ASSETS -- $17.1M • RESERVE FUND -- $ 1.7M • RESALE AND ORIGINAL CAPITAL - $ 480K • FMP LOAN BALANCE -- $ 0 • TOTAL OWNERS EQUITY - $ 15.6M

  19. FMP IN REVIEW • MCGLADREY LLP STATED RESPONSIBILITIES – PLAN AND PERFORM THE AUDIT TO OBTAIN REASONABLE ASSURANCE ABOUT WHETHER THE FINANCIAL STATEMENTS ARE FREE FROM MATERIAL MISSTATEMENT

  20. FMP IN REVIEW -- EVALUATE THE APPROPRIATENESS OF THE ACCOUNTING POLICIES USED AND THE REASONABLENESS OF SIGNIFIGANT ACCOUNTING ESTIMATES

  21. FMP IN REVIEW INTERNAL AUDIT COMMITTEE: REVIEW OF EXPENSES/AUTHORIZATIONS REVIEW OF THE PROJECT WORKSHEET/ EXPENSES VS BUDGET REVIEW OF THE FMP BANK ACCOUNTS

  22. FMP REVIEW MORE FOCUS ON DETAIL AND BUDGET/ACTUAL COMPARISON NO SUBSTANTIAL ERRORS DETECTED REPORTED AREAS OF CONCERN TO THE BOARD OF DIRECTORS

  23. TERRACE CAFÉ ACTIVITY REPORTED AS OF 2/28: • FOOD SALES - $47K BETTER THAN BUDGET • BEVERAGE SALES - $39K BETTER THAN BUDGET • COST OF FOOD AND BEVERAGE SLIGHTLY OVER BUDGET PERCENTAGE

  24. TERRACE CAFÉ ACTIVITY CHALLENGE OF THE FUTURE: • LEARNING HOW TO BALANCE THE USE OF THE NEW CLUBHOUSE WITH THE USE OF THE CAFÉ AND UTILIZING STAFF EFFICIENTLY

  25. WHAT’S UP IN THE NEIGBORHOOD

  26. IS THAT ALL THERE IS GOING ON?

  27. NOT BY A LONG SHOT FOR THE DEVELOPERS, ARCHITECTS, ENGINEERS, CONTRACTORS AND COUNTY OFFICALS

  28. CANOPY – NEAL COMMUNITIES • 108 Single Family Homes • One story and two story • Base Price - $298,990 • Lot Price Not Included • Finished Homes Range: $376K - $506K • No golf course

  29. TUSCANY POINT • Previously planned by Zuckerman Development • Sold to DR Horton (Mockingbird Crossing) • Believed to retain 120 single family homes with berms, fencing and set backs negotiated by VCC.

  30. RAFFIA PRESERVE • WCI Development west of back gate across 951 • 363 Single Family Home Sites on 184 Acres (47 acres preserve) • Floor Plans: 2,056 to 4,000 sq.ft. (under air???) • 5,000 Sq. Ft. Community Center • No golf course

  31. BENT CREEK • Centerline Homes Development • South Side Immokalee Across from The Quarry • 100 Acres – 450 Single Family Homes • 38 Acres - Preserves • No Models Available • No Site Plan Available • Web Site States “Coming Fall 2013” • No golf course

  32. MOCKINGBIRD CROSSING • DR HORTON DEVELOPMENT • 110 Single Family Homes

  33. ESPLANADE GOLF & COUNTRY CLUB

  34. ESPLANADE GOLF & COUNTRY CLUB • 18 Hole Golf Course • Community/Fitness Center (coming soon) • Tennis Courts (coming soon) • Resort Clubhouse w/dining (coming soon) • Base Price of Homes Range $369K - $614K • Carriage Homes NOT Shown • No Private Carts • Allocation of 800 Golfing Units Undetermined

  35. ESPLANADE GOLF & COUNTRY CLUB • 2014 Assessments – Range between $2,688 and $2,808 per year. • Bond Debt Assessment - $1,229 and $3,282 per year (Lot Size) EST • 2014 Operating/Maintenance Assessment - $330 EST • $1,500 Working Fund Assessment upon purchase • $1,000 Irrigation Hook-up Fee upon purchase • Developer paying Common Area Costs and Lawn Maintenance • 2014 Golf Membership Dues $2,550

  36. GOLF CLUB OF THE EVERGLADES Pulte considers adding 750 homes to Golf Club of the Everglades “There’s not a lot I can talk about at the moment. Not because I want to be difficult, but just because it’s so early,” said Scott Marin, a sales and marketing executive for Pulte Homes.

  37. IN CONCLUSION: Two Things are certain…. 1. We will have new neighbors

  38. 2. WE GOT A JUMP ON DEVELOPERS …that saved VCC members money

  39. Cable Service

  40. Cable TV Internet Telephone

  41. Cable Service Current Provider: COMCAST Contract expires 2/01/2017 Must provide 90 days notice

  42. Cable Service • 2014 Comcast cable service • $346,176 per year • $432.72 per unit per year. • $36.06 per unit per month • Plus individual member options ex. HD service, recorder, telephone expanded cable package

  43. Cable TV Internet Telephone • Process takes approximately two years to complete. • Committee includes • Ron Khachadoorian • Mike Gabel • Paul Frederick • Cindy Gray (Property Manager)

  44. Cable TV Internet Telephone • Hired CSI (Converged Services Inc.) • Expertise in negotiating telecommunications contracts for HOAs • Provide guidance in developing the right cable service for VCC • Could include the following • Internet Service, Phone Service • Cable TV, Security Service

  45. Cable TV Internet Telephone • Cable Service 1998 • Lay cable • Wired inside each home • TV only

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