Marina Property Focus Group Prepared and Presented by the Long Range - - PowerPoint PPT Presentation
Marina Property Focus Group Prepared and Presented by the Long Range Planning Committee Committee Members Bob Sadler DIOA Board Bill Weber DIC Board Marilyn Harris DIC Board John Cashen Peg Marty Scott Johnson
Prepared and Presented by the Long Range Planning Committee
Bob Sadler – DIOA Board Bill Weber – DIC Board
Marilyn Harris – DIC Board
John Cashen Peg Marty Scott Johnson Bryan Tuttle Financial Support – Lori Murdaugh
Objectives Background Review Property Options Cost Summary for Options Questions/Comments
To Determine What The Dataw
Community Really Wants
Develop Possible Marina Property Usage
Options and discuss the positives and negatives of those options
Provide Range of Financial
Benefits/Impacts of Options
To Have Each of You Complete a Survey So
We can Develop a Property Use Metric
Provide Recommendation To The DIOA
Board based on Community Input
Presently, the property continues to degrade Dataw Marina LLC has stated they will not rebuild or
further improve the property. Bankruptcy is possible
DIOA board commenced discussions with Dataw Marina
LLC and a bid of $700,000 was accepted Subject to Island approval
The LRP was requested to evaluate community interest
for various property uses, so that DIOA can develop a detailed plan for presentation to the community.
Capital Items Property Purchase Clean-up – Water Side Clean-up – Land Side Haul-out Pier Repair Option Costs Total Debt/Loan Amount Operating Income/Expense Net Annual Member Impact Variations
1.
Do Nothing
2.
Open Space/Park
4.
Sell Land/Condos
Positives
No effort required by the Community No capital expenses No ongoing annual expenses
Negatives
Property continues to degrade and become major
eyesore in community
Parking lot for gazebo and playground possibly
inaccessible
No control over use of property (i.e. Oak Island) Hazards in water and on land would remain (liability
issue)
Existing Marina permitting to rebuild under emergency
permit expires in approx. 3 years. (Oct 2021)
Potential loss of DIOA dues of over $30,000 per year Negative impact on number of new residents interested
in Dataw and property values
Negative impact on boaters
Add picture – gazebo, picnic table, ?
Positives
Places current and future control of the property with the
Dataw Community
Provides usable free space for Community. Potential picnic
tables, grills, small dock, community garden, observation tower, pickle ball; Expand family space for events, weddings, receptions, etc.
Parking available for gazebo, playground, etc. Improved beauty for Community
Negatives
Expensive removal and clean up of dry stack, and boat yard and
lift piers
Expensive removal of building if not kept Limited to no revenue potential Loss of real-estate marketing and property values associated with
marina amenity
Loss of Dataw boating community, and boating market draw for
Community real estate sales
Loss of annual dues
Variations
Improve building continue existing restaurant space Remove pier Expand park for other uses
Positives
Community controls use of property/maintain/improves/expands
space to enhance Community
Control parking for gazebo, playground, etc./Control restaurant/bar Provides continued marina service for Dataw Community Provides substantial income to offset costs Provides capacity to dock larger boats and generate additional
revenue, provides some transient boat access, expanding Dataw Island exposure
Provides unique marine maintenance facility for increased revenue Provides waterfront access to all Dataw Residents Improves real-estate marketing and values with marina amenity
Negatives
Does not accommodate all of the Community boaters, due to lack of wet
slips
Limited transient boater potential, no BIG Grant Capital cost for dock
Variations
Add dry stack capacity Expand unused space (park/additional haul out/parking) Improve building Add wet slips as demands warrant Leave pilings in Add mooring balls Lease marina operation
XXXXXXXX XXXXXF
Positives
All the positives of dry stack Greater visiting boater traffic. Enhanced real estate market exposure Very limited Real Estate market competition for neighborhoods with
wet slips and boat maintenance/haul-out facilities
Enhances cash flow for greater overall potential profitability Existing Pilings available for cost savings Increases support and desirability for Dataw boating community Increases amenity options for the Community Dockage and slips can be added as demand is confirmed. No cost until
revenue steam is confirmed.
Negatives
Higher capital cost of construction and improvements Potential permitting concerns as time goes on Exposure to future storms
Variations
Dockage made by local labor, no power 47 Slip Marina – Concrete Docks 59 Slip Marina
Positives
Increases potential membership for the Community Potential revenue on sale of property Limited involvement of the Community
Negatives
Change Master Plan/re-zoning with the County, a process that
could take years; high probability not be approved
Expensive removal and clean up of piers, dry stack, boat yard and
building
Expense of installing infrastructure to support housing Loss of Dataw boating community, and boating market draw Loss of restaurant/bar for Community use Loss of land use for anything else – ever Loss of parking for Gazebo, playground and other events Risk of development failure and another mess left behind Condo – 26 units, $720,000 – 850,000 each, sell in <2yr.
Capital Items Property Purchase
$700,000
Clean-up – Water Side
Varies
Clean-up – Land Side
Varies
Haul-out Pier Repair/Remove
Varies
Option Costs
Varies
10% Contingency
Varies
Total Debt/Loan Amount
Varies
Annual Operating Expense
Varies
Annual Operating Income
Varies
Annual Member Impact
Varies
Do Nothing Open Space Dry Stack Shore Dock Wet Slips Sell Land Condos
Acquire Property Water Clean Up Land Side Clean Up Pier Repair Restore Land (remove Pier) Option Improvements BIG Grant 10% Contingency TOTAL DEBT Annual Operating Expense Annual Operating Income Estimated Annual Impact on each Member (15 Yrs)
Do Nothing – Vote No Acquire Property $0 Water Clean Up $0 Land Side Clean Up $0 Pier Repair na Restore Land (remove Pier) $0 Option Improvements $0 BIG Grant na 10% Contingency $0 TOTAL DEBT $0 Annual Operating Expense $0 Annual Operating Income $0 Estimated Annual Impact on each Member Undetermined
Open Space Acquire Property $700,000 Water Clean Up $516,000 Land Side Clean Up $150,000 Pier Repair na Restore Land (remove Pier) $750,000 Option Improvements $50,000 BIG Grant na 10% Contingency $147,000 TOTAL DEBT $2,313,000 Annual Operating Expense $297,000 Annual Operating Income $0 Estimated Annual Impact on each Member $297
Dry Stack / Shore Dock Acquire Property $700,000 Water Clean Up $300,000 Land Side Clean Up $213,000 Pier Repair $100,000 Restore Land (remove Pier) na Option Improvements $150,000 BIG Grant na 10% Contingency/Yr 1 Loss $76,000/$200,000 TOTAL DEBT $1,739,000 Annual Operating Expense $556,000 Annual Operating Income $531,000 Estimated Annual Impact on each Member $25
Typical Expenses Items Typical Income Items Key Assumptions Payroll – wgs, txs, ben Dockage fees Staff – 3.5 personnel Office supplies Dry Stack rental Grow to 75% slips Licenses/Permits Yard Use fees Grow to 75 in Dry Stack Legal fees Transient dockage Dockage w/elec - $13/ft Small tools & equipment Boat Works Dockage wo/elec - $11/ft Utlty vehicle (fuel/maint) Utility revenue Transient dock - $1.80/ft Equip lease & maint Fuel revenue Dry stack - $13.75/ft Pest control Haul out fees Fuel - $1 > cost Janitorial srvc/trash Hurricane haul out Utilities Restaurant lease Building maintenance Cost of goods/fuel Advertising Taxes Insurance DIOA fees Debt Service
Wet Slips Acquire Property $700,000 Water Clean Up $300,000 Land Side Clean Up $213,000 Pier Repair $100,000 Restore Land (remove Pier) na Option Improvements $2,024,000 BIG Grant
10% Contingency/Yr 1 Loss $179,000/$200,000 TOTAL DEBT $2,866,000 Annual Operating Expense $887,000 Annual Operating Income $765,000 Estimated Annual Impact on each Member $122
Land Sell / Condos Acquire Property $700,000 Water Clean Up $516,000 Land Side Clean Up $150,000 Pier Repair na Restore Land (remove Pier) $750,000 Option Improvements Uncertain BIG Grant na 10% Contingency Uncertain TOTAL DEBT >$2,116,000 Annual Operating Expense Annual Operating Income Estimated Annual Impact on each Member Undetermined
Do Nothing Open Space Dry Stack Shore Dock Wet Slips Sell Land Condos
Acquire Property $0
$700,000 $700,000 $700,000 $700,000
Water Clean Up $0
$516,000 $300,000 $300,000 $516,000
Land Side Clean Up $0
$150,000 $213,000 $213,000 $150,000
Pier Repair na
na $100,000 $100,000 na
Restore Land (remove Pier) $0
$750,000 na na $750,000
Option Improvements $0
$50,000 $150,000 $2,024,000 Uncertain
BIG Grant na
na na
na
10% Contingency/Yr 1 Loss $0
$147,000 $76K/$200K
$179K/$200K
Uncertain
TOTAL DEBT $0
$2,313,000 $1,739,000 $2,866,000 >$2,116,000
Annual Operating Expense $0
$297,000 $556,000 $887,000
Annual Operating Income $0
$0 $531,000 $765,000
Estimated Annual Impact on each Member (15 Yrs)
Undetermined
$297 $25 $122
Undetermined
Complete Focus Group Discussions by Oct.
23, 2018
Develop Focus Group Recommendations
based on Community Input
Present Focus Group Recommendations to
the DIOA Board by Oct 29, 2018
DIOA Board to Conduct Town Hall Meetings
DIOA Membership Vote Dec. 21, 2018