History
At the January 09 General Meeting, it was brought up that the Club should look into the feasibility of having our own facility (Club House). This is not a new idea. This subject was a vision in the early 1990's by the likes of Chris M. and Mike Z.

The Board directed that a Ad Hoc Committee be formed to investigate the feasibility of obtaining a facility.

Why Our Own Facility
Right now, the club is using facilities owned/leased by others. This can bring on a feeling of uncertainty, as we all know well.

The vision of having our own Clubhouse can be as large as we want to make it. Our regularly scheduled meetings along with possibly Friday Breakfast would come first along with monthly Spaghetti Feed, etc. The building would also be rented out for meetings and other events. The rental monies going back to upkeep and the Building Fund.

Eventually, a small lunch get together could be organized. As the members grow older, some will loose or relinquish the right to drive. Wouldn't it be great to go around and pick up members and go for a burger & beer at the club house and B.S. with your old buddies?

Lastly, there is pride of ownership. Right now we are a nomadic Club without a home. It's time to take the Club to the next level.

How it Works
Before the Ad Hoc Committee goes any farther, a vote of confidence of the General Membership should be made (General Election?) This vote insures the Phase II of the Feasibility Study goes on. This vote says that the majority of the members want to:
a.) Continue the Building Feasibility
b.) Establish a Building Fund - Funded by some of the Car Show proceeds, donations, bequests, etc.
c.) Request the Board to establish an "intent to lease agreement" with the Ad Hoc Committee.
d.) Requests the Board to establish a Building Committee.

The Ad Hoc Committee will then proceed with establishing the Limited Liability Company (LLC). This group of investors will be made up of members and non-members who are behind the "Club House" idea and are in the LLC for a long term investment. No one person (other than the Club can own more than 49% of the LLC.

The Building Committee will need to establish the minimum requirements for the Building. Square footage, parking, rentability are the major items and a budget must be made to determine monthly rent, insurance, upkeep, etc.

At this time, the LLC, Building Committee, and Board meet to see if the facilities that the LLC can afford meet the minimum requirements the Building committee has laid out. If agreeable, everything goes on. If not, everyone waits to see if another facility comes up. The Building Committee could negotiate different requirements or the whole thing could be dropped.

If a lease is signed, any tenant improvements required will be paid for out of the Building Fund. Of course, lots of donated labor will be required from everyone - after all, it is ours!

The time frame to get to this point is estimated to be 2 to 5 years after the approval vote. Now all is going well – the Club House is being used by members and is regularly being rented out. The Building Fund is still being funded as it was initially – Why? Because as the members of the LLC want to move their funds, the Club will be given "First Right of Refusal" to purchase up the shares being sold. As the Club can afford it, the Club slowly buys up the shares in the LLC and eventually owns the Building. Basically, it's a no-interest open-end lease/purchase.

What's Next?
The Ad Hoc Committee is done with Phase I of the Feasibility Study. We saw a corporate tax attorney and the program laid out above will not change the Club's 501 tax status. Some of the proceeds may be taxable (as they are now), but that remains to be seen.

So at this point, we suggest that you talk among yourselves and if the basic program interests you, talk to your Board Members and request "The Building Feasibility– Phase II" be put on the November ballot for consideration.

Any additional questions, please contact one of the following Ad Hoc Committee: Ted C., Larry E., Tom T., Bob G..

– Report by Larry E.

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