I want to provide a clear recap of the marina and the significant financial contribution it makes to the Shelter Bay Community.
Recently, when the board approved the final phase of the marina renovation, a misconception began circulating through the community. The rumor suggested that “everyone was paying for yacht owners to keep their boats in the marina.” This information was completely incorrect.
The marina has paid for all previous renovations. In approximately 18 months, the marina will have fully retired the loan for the final phase of renovations and dredging. It will also have reimbursed the capital reserve for all funds temporarily used during the project.
Once all operating expenses are covered, the marina contributes approximately $800,000 per year to the community in net profit to the capital reserve fund and master lease payment.
I would like to thank all board members and the Harbor Committee for their foresight, vision, and dedication. Their efforts have provided our community with the high-quality, attractive marina we enjoy today. I hope this helps clarify what an asset the marina is to the Shelter Bay Community.
Thank you to everyone involved in this important community profit center.
Monte Hicks, President, Shelter Bay Board of Directors
