Winslow Wharf Marina Rebuild: Frequently Asked Questions
1. Why do we have to rebuild the marina? For two reasons: (1) Our landlord, the Washington State Department of Natural Resources (DNR), has required we do so to secure the full 30 year term of our new lease (our lease is limited to 12 years if we don’t rebuild) and (2) the marina is now 37 years old, is wearing out and becoming very expensive to maintain and repair.
2. Why are we rebuilding now instead of taking our time? Two reasons: (1) those rapidly increasing maintenance/repair costs, and (2) to save money. The current economy has resulted in very competitive construction bidding as well as historically low bank loan interest rates. It’s doubtful this “window of opportunity” will stay around for 12 years!
3. Why does our landlord (DNR) want us to rebuild? DNR is requiring all Washington State marinas to rebuild to a new design standard that is more environmentally friendly. For instance, wooden creosoted piling has been banned and use of light-transparent grated walkways is mandatory.
4. What is the scope of the project? We will replace all of the floating components, their associated utilities, the piling, and the gangplank.
5. Will the size of my slip change? No. The rebuilt marina will replicate the footprint of the existing marina almost exactly.
6. What do you mean by “almost exactly”? Four things will change: (1) The gangplank length will increase from 40’ to 80’; (2) The septic pump-out float will be removed (it grounds during low tides, in violation of permitting requirements); (3) The access pier and landing float will be changed to accommodate the new longer gangplank; and (4) the end of B dock will be shortened in width from 13’ to 6’ (it was originally built as a fuel dock but no longer serves that function).
7. Why do we have to replace our 40’ gangplank? Because we rent slips to the general public, we are classed as a “commercial marina.” Since 1990, commercial marinas must meet conditions of the Americans with Disabilities Act (ADA). ADA regulations require all Puget Sound marinas to have 80’ gangways to minimize the steepness of the slope at low tides.
8. When will construction be accomplished? We hope to sign a construction contract on July 1, 2013, start construction in late summer of 2013 and finish by spring of 2014. This is admittedly an aggressive schedule, and it could be upset by delays in permitting and/or restrictions imposed on construction schedules by the state caused by fish migration patterns.
9. How much will the rebuild cost? Our current estimate of complete project costs is $4,700,000. This estimate is based upon our preliminary design and thus could change up or down when we can refine the estimate based upon the final design.
10. How much have we set aside to fund this project? We have a reserve fund set-aside of $2,800,000 in the bank now, and thus will have to raise an additional $1,900,000 to fund the project.
11. How will these funds be raised? We will give all owners two alternatives:
(1) pay a one-time assessment of approximately $238 per foot of slip owned, or
(2) participate in a bank loan that will be paid off over a 10 year period. Owners will charged approximately $2.50, principal plus interest, per foot of slip owned per month for 10 years to pay off the loan if they select this option.
Owners selecting the assessment option will stop paying the current monthly "reserve" fund charge. All owners will continue to pay the assessment for "marina operations", which is currently a part of the total monthly assessment.
12. When will we have to decide which option to select? If the project stays on schedule, we will ask owners to select their funding option in June 2013 and immediately pay their assessment or begin to make the additional monthly loan payment charge, depending upon the funding option chosen.
13. If I elect to participate in the loan option, can I subsequently change my mind and pay off my portion of any remaining loan principle during the 10-year amortization period? Yes.
14. If construction is delayed, will the need for funding be delayed? Yes. If we are not ready to sign a construction contract on July 1, 2013, we will slip the date owners will need to commit to funding accordingly.
15. Will I have to move my boat during construction? Yes. Our current plan is to rebuild the marina in four increments, requiring 25% of the boats to be relocated at any one time. We are negotiating arrangements with other nearby marinas to take our relocated boats during this time.
16.Will I have to pay to relocate my boat? No. The rebuild cost estimate includes funds to pay for boat relocation costs.