PROPOSAL TO ACQUIRE THE TANNER PROPERTY - PowerPoint PPT Presentation


Title: PROPOSAL TO ACQUIRE THE TANNER PROPERTY


1
PROPOSAL TO ACQUIRE THE TANNER PROPERTY
2
Current Overview of LYC
3
Membership
Current Overview of LYC
4
Financial Position
Current Overview of LYC
5
LTS Program(Numbers, Growth, Contribution, Space
Required, Importance to LYC)
Current Overview of LYC
  • Largest LTS program in NS (240 two week
    sessions, 119 different sailors, 10 single handed
    race sailors)
  • 85 sailors in 2nd session
  • Usually represent 1/5 - 1/3 of boats entered in
    regattas
  • This summer we had to turn away kids from 2nd
    3rd sessions
  • Parents/sailors from other clubs want to attend
    sessions/train with our program
  • Largest consumers of Criss-Cross fries
  • Proudly represent Club at regattas in Atlantic
    Central Canada, as well as the U.S.
  • Require space for 11 Club Echoes, 6 Club 420s, 5
    Club Optis, 3 Club Bytes, 10 Race Team Lasers,
    15-20 privately owned Optis and 7 Coach Boats
  • This summer we borrowed additional Echoes
    420s, and still did not have enough
  • We require 1 larger coach boat and 3-4 additional
    420s
  • We may not get all these kids to stay in sailing
    join LYC, but our percentages improve when we
    offer them an opportunity to sail and race!

6
Parking
Current Overview of LYC
  • Parking lot expanded in 08. Provided some
    relief.
  • Parking lot shared with LTS boats, dollies and
    LTS trailers.
  • Regular dinner nights, special occasion nights
    and rentals requirechallenging middle lines of
    cars.
  • Medium events, small regattas, some special
    occasions require parking on road and or private
    property.
  • Must call upon neighbours to let us use their
    property(s) if any events larger than Medium
    size.
  • Cannot expand LTS or provide space for private
    small boats and dinghies for current members.
  • Have started using a significant part of the
    lawns to accommodate existing LTS boats.

7
Facilities
Current Overview of LYC
  • Great club house and kitchen. Banquet limit
    approx 100-130.
  • Great wharf and marina. Need more dinghy docks
    and possible marina berths.
  • Paved parking lot but maxed out.
  • Great LTS center for current enrolment. Showers
    for visiting boaters.
  • Fair amount of fresh water except when hosting
    major events or during verydry summers.
  • Fantastic location on Princes Inlet but no room
    for expansion.
  • Bursting at the seams

8
Land Development On And Around Hermans Island
9
History Current Future
Land Development On And Around Hermans Island
  • Current Very little shorefront property
    available. Obvious propertyis to the right of
    LYC (Tanner and Daniel).
  • Market has slowed due to broad economic downturn.
    How long will that last?
  • Developments on Hermans Island have continued
    due to its desirable features.
  • In the near future most shorefront properties in
    and around Princes Inlet and Mahone Bay will no
    longer be available.

10
History Current Future
Land Development On And Around Hermans Island
11
History Current Future
Land Development On And Around Hermans Island
12
Areas Maps, Pictures
Land Development On And Around Hermans Island
13
Real Estate Activity Summary
Land Development On And Around Hermans Island

14
Real Estate Activity Summary
Land Development On And Around Hermans Island

15
Real Estate Activity Summary
Land Development On And Around Hermans Island

16
The Tanner Property
17
Appraisal Value Details On Upgrades
The Tanner Property
18
Current Asking Price
The Tanner Property
  • Last year was for sale, asking 550,000
  • This year dropped to 449,000
  • Note that the ask price also covers such things
    as a small building, large/long wharf, large
    well, excellent driveway to the shore and wharf,
    property drainage system, 220 and 110 wiring to
    wharf, new light standard at wharf, sandy beach
    and a sea wall.

19
Why LYC Should Acquire The Property ?
20
Rationale
Why LYC Should Acquire The Property
  • The Tanner property is a perfect fit for LYC
  • It has an very good wharf with deeper water than
    at the LYC wharf
  • The two wharves complement each other making a
    sheltered bay
  • It would allow LYC to obtain a much larger water
    lot to aid in managing the mooring field
  • It would provide a base for an additional marina
    should we need it
  • It would give us 100 ownership of the sandy
    beach. We now own 1/3rd
  • LYC has a shortage of fresh water. It would
    increase our water supply substantially
  • It would provide space to locate all of our LTS
    program to that side thus freeing up all of the
    existing space for Sr. boating programs and more
    parking
  • We could get all of our lawns back
  • We would have more space for car parking when
    hosting larger events
  • We would have a small building in which to store
    equipment, furniture and supplies that we
    desperately need right now
  • We could add a crib and crane to the Tanner wharf
    to launch and retrieve small to medium size boats
    and yachts on trailers
  • There would be space to store boats and trailers
    on our own property, winter and summer
  • It would make membership at LYC more desirable
    and would increase membership
  • It would increase overall LYC income
  • 2002 World Youth Sailing Championship

21
Rationale
Why LYC Should Acquire The Property
22
What If LYC Does Not Acquire (The Risk)
Why LYC Should Acquire The Property
  • We could lose use of 2/3rds of the beach which
    would be a seriousblow to LTS program.
  • A new owner could apply for their own water lot
    which would be a problem for our mooring field.
  • Could spell the end to growth at LYC as we know
    it today.
  • We could lose membership to other yacht clubs and
    or marinas whohave more boating facilities
    especially lift in and out cranes.

23
Property Use Plan
24
Diagrams
Property Use Plan
25
Diagrams
Property Use Plan
26
Diagrams
Property Use Plan
27
Income Plan
Property Use Plan
  • Development of Business Plan
  • Necessity to carefully plan the acquisition
    financially and understand the requirements and
    expectations.
  • To fully understand the financial contributions,
    we developed a Capital Expenditure (CapEx) plan,
    and a 5 year Operations plan.
  • Financial evaluations and analysis are very
    detailed. With respect to the CapEx requirements
    I will outline what the revenue requirements and
    cash outflows are, and, for the 5 year
    Operational I will provide what the top line
    revenue and expense streams are projected to be.
  • Lets get started..

28
Income Plan
Property Use Plan
  • Capital Expenditure
  • Our plan identifies the property purchase costs.
  • As well, the one time upgrade expenses.
  • We have considered all revenue opportunities,
    Government sponsorship programs, and debt
    financing opportunities.
  • We have developed what we believe is the best
    business / financial opportunity for the club.
  • We have considered what immediate upgrades are
    required to create a usable, contributing
    facility.
  • From this we have identified the up front
    financial requirement.

29
Income Plan
Property Use Plan
  • Capital Expenditure

30
Income Plan
Property Use Plan
  • Operational Plan - 5 Year Outlook
  • It is our intention to develop this property to
    extract financial value.
  • Necessary to cover the annual fixed costs and to
    provide the maximum contribution.
  • We intend to develop businesses that compliment
    the clubs operations, including the LTS programs,
    as well as developing a boat yard and off season
    boat storage facility.
  • We have considered annual fixed costs including
    taxes and insurance, as other operating expenses
    associated with the intended businesses.

31
Income Plan
Property Use Plan
  • 5 Year Operational Plan

32
Management
Property Use Plan
  • Even if we dont acquire the property, LYC has
    now grown to the point where a General Manager
    is required.
  • With the growth over the last 2 years and all the
    complications that come with that and the
    programs and facilities, it is not possibleto
    manage this with the current staff organization.
  • Your BOD will be presenting a new plan on this at
    the next Annual Meeting Nov 15/08.
  • Adding the Tanner property and the various income
    elements and programs that come with it will
    require a differentmanagement requirement.

33
Acquisition Plan
34
Capital Fund Raising Initiative
Acquisition Plan
  • There do not appear to be any public funding
    optionsfor acquiring land.
  • There are however several funding avenues for
    facility additions and upgrades.
  • Examples are a new crib for the crane, a crane,
    landpreparation for LTS and boat storage.
  • The funding to acquire the property will have to
    come from the membership in the form of A
    Capital Fund Raising Initiative.

35
Donation Expectations
Acquisition Plan
  • As an example of how this might generate the
    funding, this is a starting point
  • We will be asking all members to consider making
    anon-binding pledge of donation
  • We must determine what level the membership is
    prepared to donate
  • a) 4 Individuals or a Family _at_
    25,000 each.100,000
  • b) 10 Individuals or Families_at_ 10,000 each
    .100,000
  • c) 20 Individuals or Families _at_ 5,000
    each..100,000
    OR
  • d) 40 Individuals or Families _at_
    2,500 each
  • e) From LYC Reserves and Members
    Surplus.50,000
  • f) LYC General Membership and Fund
    Raisers .75,000
  • TOTAL OBJECTIVE..425,000

36
Income Tax Benefits For Donators
Acquisition Plan
  • We are examining several avenues to try and
    secure a taxable benefit for member donations.
  • We have made application to the Municipality of
    the District of Lunenburg. Under the Income Tax
    Act, this is legal and in the act.The Council
    does not wish to proceed without direct approval
    from CRA and then also want to establish a
    policy for these kinds of requests. We hope to
    have a positive answer in 2-3 months.
  • There are several other ideas that we are also
    exploring at the same time.
  • Our Capital Funding Plan will be set up to ask
    for PLEDGES only atthis point and you will be
    asked what you are prepared to donate if there
    is a taxable benefit and if there is not a
    taxable benefit.

37
Negotiations
Acquisition Plan
  • After determining the level of donation that can
    be raised andafter getting a clear answer on the
    tax issue, the plan would be then to start
    formal negotiations.

38
Questions and Discussion
39
To Proceed With Launch Of Capital Fund
Raising Initiative
Motion
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PROPOSAL TO ACQUIRE THE TANNER PROPERTY

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Transcript and Presenter's Notes

Title: PROPOSAL TO ACQUIRE THE TANNER PROPERTY


1
PROPOSAL TO ACQUIRE THE TANNER PROPERTY
2
Current Overview of LYC
3
Membership
Current Overview of LYC
4
Financial Position
Current Overview of LYC
5
LTS Program(Numbers, Growth, Contribution, Space
Required, Importance to LYC)
Current Overview of LYC
  • Largest LTS program in NS (240 two week
    sessions, 119 different sailors, 10 single handed
    race sailors)
  • 85 sailors in 2nd session
  • Usually represent 1/5 - 1/3 of boats entered in
    regattas
  • This summer we had to turn away kids from 2nd
    3rd sessions
  • Parents/sailors from other clubs want to attend
    sessions/train with our program
  • Largest consumers of Criss-Cross fries
  • Proudly represent Club at regattas in Atlantic
    Central Canada, as well as the U.S.
  • Require space for 11 Club Echoes, 6 Club 420s, 5
    Club Optis, 3 Club Bytes, 10 Race Team Lasers,
    15-20 privately owned Optis and 7 Coach Boats
  • This summer we borrowed additional Echoes
    420s, and still did not have enough
  • We require 1 larger coach boat and 3-4 additional
    420s
  • We may not get all these kids to stay in sailing
    join LYC, but our percentages improve when we
    offer them an opportunity to sail and race!

6
Parking
Current Overview of LYC
  • Parking lot expanded in 08. Provided some
    relief.
  • Parking lot shared with LTS boats, dollies and
    LTS trailers.
  • Regular dinner nights, special occasion nights
    and rentals requirechallenging middle lines of
    cars.
  • Medium events, small regattas, some special
    occasions require parking on road and or private
    property.
  • Must call upon neighbours to let us use their
    property(s) if any events larger than Medium
    size.
  • Cannot expand LTS or provide space for private
    small boats and dinghies for current members.
  • Have started using a significant part of the
    lawns to accommodate existing LTS boats.

7
Facilities
Current Overview of LYC
  • Great club house and kitchen. Banquet limit
    approx 100-130.
  • Great wharf and marina. Need more dinghy docks
    and possible marina berths.
  • Paved parking lot but maxed out.
  • Great LTS center for current enrolment. Showers
    for visiting boaters.
  • Fair amount of fresh water except when hosting
    major events or during verydry summers.
  • Fantastic location on Princes Inlet but no room
    for expansion.
  • Bursting at the seams

8
Land Development On And Around Hermans Island
9
History Current Future
Land Development On And Around Hermans Island
  • Current Very little shorefront property
    available. Obvious propertyis to the right of
    LYC (Tanner and Daniel).
  • Market has slowed due to broad economic downturn.
    How long will that last?
  • Developments on Hermans Island have continued
    due to its desirable features.
  • In the near future most shorefront properties in
    and around Princes Inlet and Mahone Bay will no
    longer be available.

10
History Current Future
Land Development On And Around Hermans Island
11
History Current Future
Land Development On And Around Hermans Island
12
Areas Maps, Pictures
Land Development On And Around Hermans Island
13
Real Estate Activity Summary
Land Development On And Around Hermans Island

14
Real Estate Activity Summary
Land Development On And Around Hermans Island

15
Real Estate Activity Summary
Land Development On And Around Hermans Island

16
The Tanner Property
17
Appraisal Value Details On Upgrades
The Tanner Property
18
Current Asking Price
The Tanner Property
  • Last year was for sale, asking 550,000
  • This year dropped to 449,000
  • Note that the ask price also covers such things
    as a small building, large/long wharf, large
    well, excellent driveway to the shore and wharf,
    property drainage system, 220 and 110 wiring to
    wharf, new light standard at wharf, sandy beach
    and a sea wall.

19
Why LYC Should Acquire The Property ?
20
Rationale
Why LYC Should Acquire The Property
  • The Tanner property is a perfect fit for LYC
  • It has an very good wharf with deeper water than
    at the LYC wharf
  • The two wharves complement each other making a
    sheltered bay
  • It would allow LYC to obtain a much larger water
    lot to aid in managing the mooring field
  • It would provide a base for an additional marina
    should we need it
  • It would give us 100 ownership of the sandy
    beach. We now own 1/3rd
  • LYC has a shortage of fresh water. It would
    increase our water supply substantially
  • It would provide space to locate all of our LTS
    program to that side thus freeing up all of the
    existing space for Sr. boating programs and more
    parking
  • We could get all of our lawns back
  • We would have more space for car parking when
    hosting larger events
  • We would have a small building in which to store
    equipment, furniture and supplies that we
    desperately need right now
  • We could add a crib and crane to the Tanner wharf
    to launch and retrieve small to medium size boats
    and yachts on trailers
  • There would be space to store boats and trailers
    on our own property, winter and summer
  • It would make membership at LYC more desirable
    and would increase membership
  • It would increase overall LYC income
  • 2002 World Youth Sailing Championship

21
Rationale
Why LYC Should Acquire The Property
22
What If LYC Does Not Acquire (The Risk)
Why LYC Should Acquire The Property
  • We could lose use of 2/3rds of the beach which
    would be a seriousblow to LTS program.
  • A new owner could apply for their own water lot
    which would be a problem for our mooring field.
  • Could spell the end to growth at LYC as we know
    it today.
  • We could lose membership to other yacht clubs and
    or marinas whohave more boating facilities
    especially lift in and out cranes.

23
Property Use Plan
24
Diagrams
Property Use Plan
25
Diagrams
Property Use Plan
26
Diagrams
Property Use Plan
27
Income Plan
Property Use Plan
  • Development of Business Plan
  • Necessity to carefully plan the acquisition
    financially and understand the requirements and
    expectations.
  • To fully understand the financial contributions,
    we developed a Capital Expenditure (CapEx) plan,
    and a 5 year Operations plan.
  • Financial evaluations and analysis are very
    detailed. With respect to the CapEx requirements
    I will outline what the revenue requirements and
    cash outflows are, and, for the 5 year
    Operational I will provide what the top line
    revenue and expense streams are projected to be.
  • Lets get started..

28
Income Plan
Property Use Plan
  • Capital Expenditure
  • Our plan identifies the property purchase costs.
  • As well, the one time upgrade expenses.
  • We have considered all revenue opportunities,
    Government sponsorship programs, and debt
    financing opportunities.
  • We have developed what we believe is the best
    business / financial opportunity for the club.
  • We have considered what immediate upgrades are
    required to create a usable, contributing
    facility.
  • From this we have identified the up front
    financial requirement.

29
Income Plan
Property Use Plan
  • Capital Expenditure

30
Income Plan
Property Use Plan
  • Operational Plan - 5 Year Outlook
  • It is our intention to develop this property to
    extract financial value.
  • Necessary to cover the annual fixed costs and to
    provide the maximum contribution.
  • We intend to develop businesses that compliment
    the clubs operations, including the LTS programs,
    as well as developing a boat yard and off season
    boat storage facility.
  • We have considered annual fixed costs including
    taxes and insurance, as other operating expenses
    associated with the intended businesses.

31
Income Plan
Property Use Plan
  • 5 Year Operational Plan

32
Management
Property Use Plan
  • Even if we dont acquire the property, LYC has
    now grown to the point where a General Manager
    is required.
  • With the growth over the last 2 years and all the
    complications that come with that and the
    programs and facilities, it is not possibleto
    manage this with the current staff organization.
  • Your BOD will be presenting a new plan on this at
    the next Annual Meeting Nov 15/08.
  • Adding the Tanner property and the various income
    elements and programs that come with it will
    require a differentmanagement requirement.

33
Acquisition Plan
34
Capital Fund Raising Initiative
Acquisition Plan
  • There do not appear to be any public funding
    optionsfor acquiring land.
  • There are however several funding avenues for
    facility additions and upgrades.
  • Examples are a new crib for the crane, a crane,
    landpreparation for LTS and boat storage.
  • The funding to acquire the property will have to
    come from the membership in the form of A
    Capital Fund Raising Initiative.

35
Donation Expectations
Acquisition Plan
  • As an example of how this might generate the
    funding, this is a starting point
  • We will be asking all members to consider making
    anon-binding pledge of donation
  • We must determine what level the membership is
    prepared to donate
  • a) 4 Individuals or a Family _at_
    25,000 each.100,000
  • b) 10 Individuals or Families_at_ 10,000 each
    .100,000
  • c) 20 Individuals or Families _at_ 5,000
    each..100,000
    OR
  • d) 40 Individuals or Families _at_
    2,500 each
  • e) From LYC Reserves and Members
    Surplus.50,000
  • f) LYC General Membership and Fund
    Raisers .75,000
  • TOTAL OBJECTIVE..425,000

36
Income Tax Benefits For Donators
Acquisition Plan
  • We are examining several avenues to try and
    secure a taxable benefit for member donations.
  • We have made application to the Municipality of
    the District of Lunenburg. Under the Income Tax
    Act, this is legal and in the act.The Council
    does not wish to proceed without direct approval
    from CRA and then also want to establish a
    policy for these kinds of requests. We hope to
    have a positive answer in 2-3 months.
  • There are several other ideas that we are also
    exploring at the same time.
  • Our Capital Funding Plan will be set up to ask
    for PLEDGES only atthis point and you will be
    asked what you are prepared to donate if there
    is a taxable benefit and if there is not a
    taxable benefit.

37
Negotiations
Acquisition Plan
  • After determining the level of donation that can
    be raised andafter getting a clear answer on the
    tax issue, the plan would be then to start
    formal negotiations.

38
Questions and Discussion
39
To Proceed With Launch Of Capital Fund
Raising Initiative
Motion
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