Frequently Asked Questions - LSPOA potential purchase of the marina
Question: I don’t use the marina, what is the benefit of purchasing the marina to me?
Answer: A lake community with a marina has higher property values than one without.
Question: Can the Association run the marina profitably?
Answer: Yes, even with reduced services, we anticipate the operation to be profitable.
Question: Can I pay my assessment in a lump sum up front?
Answer: Yes. If the purchase is approved, we will offer a lump sum payment.
Question: What will the marina income be used for?
Answer: The profits will initially be used to payback the down payment from savings. Then it will be used to reinvest in the marina property and/or to offset other expenses in the community.
Question: Who will run the marina?
Answer: The marina operation will be managed by the Lake Manager. A part time Marina Service Coordinator will be hired to supervise the part time marina staff.
Question: Will we hire a boat service technician?
Answer: We will look for a part time or full-time boat service technician.
Question: Will the projected financials of the marina under LSPOA ownership be shared with members prior to the vote?
Answer: Yes. You can request a meeting in the office with John to review the budget.
Question: Who was on the Marina Committee?
Answer: The Marina Committee was comprised of 3 LSPOA Board Members, the Lake Manager and 4 LSPOA members with a cross section of applicable business expertise.
1 – Member previously owned and operated a Boat Sales & Service Co with their spouse.
1 – Member currently owns and operates their own retail business with their spouse.
1 – Member is a Chief Operating Officer that managed the acquisition of several businesses.
1 – Member is a retired Financial Planner.