ASC Hurricane Recovery Update - December 18th
Dear Members,
We are pleased to report the last crushed camper has been removed and Jack Gimble has begun grading the East Point grounds. The owner of the sunken boat in our mooring field had it moved to the shoreline of our haul out facility and now, this member needs to have the boat removed from the property. The steel components for repairing the C Dock gangway have been fabricated and repairs should begin this week. Next week, the broken water valve serving East Point is scheduled for repair.
A recovery committee chaired by Bob Rickerman is focused on our Building, Infrastructure, Grounds and Docks and has prioritized repairs based on safety, urgency, and cost with a plan to manage the workload and level-spread our repair costs throughout 2025.
The total amount borrowed for hurricane recovery to date is $430,000. The Board is still finalizing the loan agreement which will require a vote of approval from our members. The private lender LLC we are working with is requesting collateral for the loan which per our By-Laws, requires a majority member vote. The loan is based on Prime + .5% which is currently 8.25%. While we are grateful for the immediate access to these funds which were necessary to meet unprecedented and urgent requirements, we have been working on alternate Financing Options. We are close to having a similar loan arrangement with a separate private lender LLC based on LIBOR + .5% which is currently 5.35%, lowering our interest costs. As Fed rates continue to drop the trend will continue to lower our debt position. As we work the details and pursue a lower loan rate, you will be fully informed.
It is the holiday season and we were treated to a warm and welcome Light the Lake event last Saturday; Fall Series racing continues this Saturday; and we are all looking forward to the Hangover Regatta and New Year’s dinner on January 1.
The Army Corps of Engineers has cleared a wide swath through the woods, creating a dirt logging road from Clarks Hill Road, across our Sailing Club Road, to the former Shawandasse property which will become a temporary wood chipping site. Debris filled trucks will be crossing our road during daylight hours, 12 hours per day/7 days per week for approximately 120 days beginning in early 2025. Please approach this spot slowly and look for cross traffic.
Important: verify and update your Volunteer Hours before the end of December. Go to https://augustasailingclub.com, log in as a member and click on the Volunteer link. Make sure your hours are correct because the fee for unfulfilled volunteer hours will be added after the end of this month.
Finally, let me add that transparency is essential for the Board and our members to function well and be our best. Since September, the Board held 9 Board Meetings, and 2 Town Hall Meetings open to all the members. In addition, the Commodore issued numerous email updates such as this one, to keep members informed. I encourage all members to be informed, attend the meetings, volunteer to help, and talk to your Board of Governors about the issues. We are stronger when we work together.
I want to thank our newest Past Commodore Tim Sparks for the outstanding work he has provided this past year. Hurricane Helene hit our Club hard, but Commodore Sparks has helped us right the ship. Thank you to our outgoing Governors Brian Slater, Brett Gorrell, and Michael Gaines, and to outgoing Past Commodore Kevin Kilchenstein.
Sincerely,
Bob Damen
Commodore