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May 6, 2022

FAQ'S Marina Purchase Vote

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.

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