2024 Capital Dues Increase - Online Brochure

Investing in Excellence Maintaining our community for an exceptional quality of life.

REFERENDUM DETAILS

The Referendum will be emailed to you on Friday, May 10, 2024. Each household gets one vote.

The deadline to vote is 4 pm on Tuesday, May 28.

Paper Ballots are available by request. Please contact Lindsay Finger at lfinger@longcoveclub.com.

You may receive a call during the referendum process for an opportunity to learn more or ask questions.

The proposed amendment to Article VIII, Section 5 of the Annual Capital, Major Maintenance, and Asset Replacement Assessment seeks to increase the annual Capital Assessment by a total of $1,500. This increase will be implemented in two phases: Phase 1 - Capital Assessment shall be raised by $750, changing from $2,400 to $3,150. The increase shall appear in your May 2024 billing cycle, due by June 30, 2024. Phase 2 - Capital Assessment shall be raised by $750, changing from $3,150 to $3,900. The increase shall appear in your December 2024 billing cycle, due by January 31, 2025. If passed, the new Capital Assessment shall be $3,900. For the amendment to pass, it must receive majority approval from the voting members. The Board of Directors is asking for your approval. Your investment - Our future Each household owns this community and everything inside the gates. It is our responsibility to maintain the assets that we have. Every dollar of our capital dues is earmarked for essential maintenance projects.

VOTE YES!

May 10 - May 28, 2024

Support the Capital Dues Assessment referendum to ensure we remain a premier community and the best version of Long Cove it can be. Your vote secures essential maintenance that preserves the beauty and functionality of our beloved club.

Over the next five years, capital funds will be targeted for the following maintenance projects. Any project over $150,000 requires owner approval per our covenants.

Visit the Referendum Website on Member Central/Mobile App for the full presentation, videos and additional details. If you have any questions about the referendum, please contact us! Ray DiMuzio, President dimuzio85@roadrunner.com Roy Bowen, Vice-President roybowen75@gmail.com Doug Wetmore, Treasurer djwetmore@gmail.com Jenn Goodstein, Secretary jenngood.hhi@gmail.com Bob Curri bobby1one@aol.com Sharon Essler sh8449@gmail.com Randy Rose randalldrose@yahoo.com Steve Schuckenbrock Steve@Schuckenbrock.com Sandy West sandy@swest-lighthouse.com

CLUBHOUSE FF&E FF&E stands for Furniture, Fixtures and Equipment. Necessary refreshment of our social hub. Estimated $1.5M CART PATHS Necessary repairs on our golf cart paths. Estimated $1.2M PUMP STATION Required project to replace the heart of our golf course. Estimated $0.54M TEE BOXES Smoothing tee boxes to enhance your playability and golfing experience. Estimated $0.21M BRIDGES & BULKHEADS Safeguarding our infrastructure. Estimated $0.18M

ROUTINE ASSET MAINTENANCE

Averages $1.4MM per year, spans 5 categories, totals $7.1MM and accounts for 39% of our 5 year maintenance costs. Examples of this may be golf cart leases, HVAC upgrades, tennis kiosks, golf maintenance equipment, etc. GOLF COURSE IRRIGATION Required project for continued turf health of our golf course. Estimated $3.2M

ROADS & STORM DRAIN REPAIRS

Enhancing safety and access. Estimated $2.8M (Potential special assessment for this project) LAGOON RESTORATION Preserving our natural surroundings. Estimated $1.5M

Owner capital dues will be used exclusively for existing asset maintenance. New amenities will need to be funded separately. All initiation fees collected will be added into the Special Reserve Capital Funds and are expected to be used for maintenance projects through 2026. To view additional details about these projects, funding philosophy and proposed timing, visit the referendum website.

Mario Campuzano, GM/COO mcampuzano@longcoveclub.com