2024 Boat Slip Fee – $1,000
Originally, the Restaurant owned the North Dock slips and set the annual lease rate at $1,000 based on what they felt the market would bare. Our HOA purchased the land and leasing business from them based on the $1,000 per year business model to recoup our investment and pay off owners who loaned money to the HOA for this purchase. The loan was paid off to owners in 2021. The HOA also purchased new North Docks and 6 new boat slips in 2021 using available reserve funds. The funds will be paid back to reserves over the next four years from the $1,000 annual dock slip income net of expense of operating the docks. Someday, the boat fee income may contribute more than paying off our investment in docks, but that has not yet happened. The Board also believes the $1,000 annual fee is a reasonable market rate.
Boat Slip Requests and Policy
The Operations Committee oversees the annual boat slips–updating policy, requests, and assignments. The Committee also recommends repairs and restoration of docks, as required.
The Association has a Boat Slip Policy to oversee the operation and use of the slips. It is the members’ responsibility to be familiar with the Policy prior to engaging in rental of a boat slip from the Association. The Boat Slip Policy will be enforced by the Operations Director. The Boat Slip Policy is attached below.