February 15, 2023
Dear Members,
Over the past four months your Club Staff, Committees, and Board of Directors have been working hard to evaluate damages caused by Hurricane Ian, prioritize and initiate repairs or replacements, estimate associated costs, and fully exhaust our applicable insurance coverages. We have also evaluated and started to use our Cash Reserves from both the Club and the Marina to initiate time sensitive work.
Our Members have been eager to hear what the financial impact of the necessary repairs and rebuild will be. Here is a short summary of the assessments that will be billed to our Members based on their category of Membership. Your Board of Directors recognizes that these are significant amounts, and for many of our Members, coming in addition to other losses suffered due to the storm.
MASTER ASSOCIATION ASSESSMENT ($2,838): This amount will be billed to all PIYC Members who were Members at the time of the storm. It will cover repairs and restoration to the common areas including the Gatehouse, the Seawalls, and the Common Area Landscaping. This is an expense that is shared with The Residences and is overseen by the Master Association Board of Directors.This amount will be billed on or around 2/28/2023 and will be due in full 60 days from the invoice date.
PIYC CLUB ASSESSMENT ($5,376): This amount will be billed to all Equity Social and Equity Yacht Members who were Members at the time of the storm. It will cover repairs and restoration associated with the Clubhouse and Club property. This includes Club landscaping, outdoor electrical and lighting, pool equipment and other amenities with storm damage. It also will provide for returning functionality to the lower level of the Club and replacement of equipment that was lost and not covered by insurance. This amount was calculated after applying anticipated insurance and $750,000 in Club Reserves.This amount will be billed on or around 2/28/2023 and will be due in full 60 days from the invoice date.
PIYC MARINA ASSESSMENT ($55,287): This amount will be billed to every Equity Yacht Member for each Slip associated with their Membership at the time of the Assessment Billing. This assessment covers the cost to replace all docks in the PIYC Marina to include all engineering, associated utilities and electrical. This amount was calculated after applying anticipated insurance and $845,000 in Marina Reserves.This amount will be billed on or around 2/28/2023. Equity Yacht Members will have the option of paying this assessment in lump sum, which will be due 60 days from the invoice date, or to enroll in a monthly payment option, the details of which will be included in the assessment billing.
Over the next two weeks, we will be finalizing the details for the billing to ensure that our systems are set-up for accurate billing, simple payment options, and that all Members have all of the information that they will need. Some of the information that will be included:
- A letter explaining the nature of the loss; the Club cannot provide tax advice, but will enclose sufficient detail to refer this matter to your personal tax advisor.
- Details explaining options on how to pay.
- For our Equity Yacht Members, details regarding the monthly payment option; Members will be asked to decide and enroll within 30 days of billing. This is available ONLY for the Equity Yacht assessment. The Club and Master Association assessment will be due in full 60 days after billing.
- All assessments will be billed at the same time and each Member will receive an invoice with the fees that pertain to their PIYC Membership category.
We understand that Members may have additional questions regarding the assessments, the damages, or the planned recovery associated with the areas noted above. Additional information is linked below.
This year has presented challenges like no other, and our talented and committed leader volunteers have positioned us for a complete, successful and timely recovery.
Fair winds and following seas,
