EPGCC Annual Assessments
Course Renovation Repayment Plan
On May 12, 2008, our membership approved the plans for renovations to the golf course as presented by the Long Range Planning Committee and the borrowing requirements to finance the construction. The Club had entered into a financing arrangement of $1,500,000 ($700,000 in 2008 and $800,000 in 2009). These amounts were originally set up on a repayment schedule payable over 15 years to cover the investment. The Board, at it's meeting of September 16, 2008 discussed the issue of repayment of this loan with respect to the classes of membership. The Board, through an appropriate motion, decided that since all classes of primary players will benefit equally from the improved playing conditions, all classes shall share equally in the costs of repaying this loan. The yearly October invoice covers this year's scheduled repayment which is for teh capital loan debt repayment fee for the 2008 golf course renovations projects and 2009 golf course renovation projects. The fee to cover the future payment will only increase/decrease in relation to changes in the contracted loan interest rate and/or the number of primary players. The decision to make necessary investments to correct original construction and deficiencies, and appropriate improvements has resulted in a much improved golfing experience for all members.
Pond Dredging & Clubhouse Improvements Repayment Plan
On October 4, 2012, our membership approved the plans for renovations to our major ponds to dredge them significantly deeper, to provide healthier water, and more water supply for the golf course. Also approved were interior clubhouse improvements; including new carpeting, paint, furniture and a larger patio. The club entered into a financing arrangement to be paid on a schedule over 15 years. The yearly December invoice covers these scheduled repayments which is for teh capital loan deby repayment fee.
Primary players that are billed the 2008/2009 renovation assessment and the 2012 pond dredging and clubhouse improvements are:
- All current shareholders (members, corporate/executive members)
- Spouse/Secondary Players
- Corporate Associates
Capital Reserve Fund
The 2015 Board of Directors comissioned a reserve study to be completed for our property. Recommendations were made to build a reserve account for necessary future maintenance. As calculated by the reserve study, the Club will require $463,514 over 25 years to cover the repair and replacement of our property elements. To this end, each shareholder will be billed $15 (plus gst) per month, on an ongoing basis, beginning June 2016. This was approved by the 2016 Board of Directors.