Some History from a Committee Member (not a Committee sponsored article)
Over the course of my four years here in Shelter Bay, I’ve become aware that there’s a bit of misinformation floating around as it pertains to our marina. I’d like to address some of those issues by way of background information to hopefully clear the air a bit . . .
All 10 of the original marina docks A -J were built in the early ’70’s. Due to the ravages of weather and time, many of the original docks fell into disrepair, beyond normal maintenance, and needed to be replaced. The five docks A – E were replaced between 2017 and 2020. More recently, to replace docks F, G, H, and I ** along Shoshone Drive, the Community applied for and received a 10-year permit from the Army Corps of Engineers. This was a pleasant surprise as most permits from the Corps are much shorter in duration. Knowing that a bank loan would be needed, and with a keen eye towards interest rates, management decided to execute and move forward on the marina rebuild plan in 2023. Due to the magnitude of the project, outside funding was needed so Shelter Bay Community applied for and received a 10-year note from Peoples Bank for $1.72M for complete replacement of docks F through I. That project was completed late last summer.
Importantly, and more to the point of this story, there is no prepayment penalty on the above-mentioned 10-year note; we plan to have it paid off in approximately 5 Years! During the next five years as we continue to service the loan, revenue from the marina will exceed the monthly loan payment to the bank and the balance of the monthly marina profit ($345,000 / year as currently budgeted) will come back to the community to subsidize many of our cost centers and ongoing activities. Moreover, when the loan is finally paid off, the profit from the marina will be approximately $743,000 / year as currently budgeted. That amount will offset community expenses that would otherwise be borne by us residents. Management’s decision to improve this asset and ensure its longevity was both thoughtful and appropriate. The marina is a valuable asset that makes a financial contribution to the whole Shelter Bay Community.
Looking ahead, boat builders continue to build and sell new boats every year. But, for environmental reasons, it is highly unlikely there will ever be any more new marinas built on the entire west coast. The demand for moorage will continue to increase over time, thereby ensuring us of a steady flow of income for years to come, and that will increase the value of all our residential properties. We are very fortunate to enjoy one of the finest and most profitable marinas in Washington!
Note: It’s important to understand the difference between the Shelter Bay Marina and the Shelter Bay Yacht Club. While many Yacht Club boat owners moor their boats in the marina, the various activities of the Yacht Club are funded strictly from member’s dues with no financial ties to the Community whatsoever.
Member, Harbor Committee
** J dock was replaced after the fire in 2014.