04-08-18.LETTER TO MEMBERS
2. The Architect referred to in the email is Brian Idle, of Peacock & Lewis. You should know that the last time that Brian Idle worked for Frenchman’s, a lawsuit resulted because of his choice of unacceptable flooring in the 19 th Hole. Further, Brian Idle was the architect for the recent Mirasol Clubhouse & Spa project. We understand that the estimated costs numbers given by Brian to the construction committee at Mirasol were inaccurate and well below the final cost of the project. The result was many costly change orders. The entire episode ended in threats of a lawsuit which was ultimately settled by mediation. 3. The estimated costs in the email of the proposed project, is listed at between $40 million and $50 million. When you have a spread of $10 million in your proposal, you really do not have a reasonable estimate at all. 4. Based upon the work that the Board has done over the last 18 months in reviewing various construction project proposals, it is inconceivable that this new building could be constructed and furnished for $50 million, which would be adequate to serve the needs of the community. We suspect that little consideration has been given to the cost of creating a new irrigation lake, compacting the soil on the current lake in order that it would support a new building, tearing up the parking lots to bring utilities to this new clubhouse, redesign of Holes 8 & 9 and the temporary road system that would have to be constructed in order to access the construction site at the rear of the current clubhouse. 5. The site planning and permitting issues which would involve the SFWMD, Florida Power & Light, a major revision to our flood plain map and a full site plan review by the City of Palm Beach Gardens, would likely take several years. 6. Be careful of the words “a smaller clubhouse”. It reminds us of the mistake we made in building a smaller Fitness & Spa building. More importantly, our Clubhouse is used in a far different manner than most of the country clubs in our area. For example, none serve breakfast to an average number of 450 members and guests each day. Our Clubhouse is the center of activity of this community. 7. The suggestion that we take out a long term mortgage which was made at the meeting at Peacock & Lewis, is a poor financial choice. A mortgage of approximately $50 million with a lengthy amortization schedule would severely impact the Boards fiduciary duty to address the needs of the Club including future projects and out year needs of the Clubhouse. THE BOARD HAS PROPOSED NOT ONLY AN EXCELLENT CONSTRUCTION PLAN BUT ALSO A FISCALLY RESPONSIBLE PLAN. WE ARE CONTINUING TO VOTE ON THIS PLAN. WE CONTINUE TO ASK FOR YOUR SUPPORT WITH A YES VOTE!
FRENCHMAN’S CREEK, INC. BOARD OF GOVERNORS
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