Russell Island Yacht Club
Overflow Parking Project (Algonac)
If a majority of the members are in favor, the board can prepare for an official vote at the 2017 annual meeting. If the vote passes, we will take a year to do further fund raising. Then we can apply a one-time membership dues increase at the 2018 annual meeting. Remember the cost is $1,402 per member. If we raise more money, the cost will be less.
RIPOA Board (2016/2017)
Overview of Russell Island Parking:
Main Parking lot (Henry’s) - The purchase of Henry’s was only made possible with a certain island family’s generosity of lending the Island a $500,000 interest free loan for two years. The island community raised $330,000 through RIF which saved each Association member over $2,500. The association provided a no credit check, no personal guarantee financing that offered you the ability to pick your own payment amount. Also, when we started this project we only had 89 parking spaces. After making a deal with MDOT, we were able to lease their land next to ours. This gave us 44 more parking spaces. This allowed us to provide each association member one parking spot. Keep in mind that lease with MDOT is a 20-year lease and is not guaranteed to renew.
The Overflow parking lot (Kerjezky House) - This property was purchased from the bank for $66,000. $27,000 has been spent on closing cost, taxes, legal fees, surveys, environmental studies, asbestos removal and house demolition. The total cost so far is $93,000. The estimated cost to build the parking lot is $150,000. This makes the total cost around $250,000. This property is already zoned for a parking lot with no structure. This property is only 275 ft to the ferry landing.
Dear RIPOA Members,
The RIPOA board is doing a survey to see if you are interested in overflow parking in Algonac.
This would provide 79 extra parking spaces. The spaces can be used for all of our extended family and guests. Here is the cost break down:
$250,000 total project cost. This includes property and estimated construction cost
$72,200 RIF has raised to date / 127 members = $566 saved per member
$178,000 needed funds / 127 members = $1,402 each members cost
If needed, we will provide financing. Here is the break down:
$1,402 per member cost +$351 (5% interest for 5 years) = $1,751
$1,751 / 60 payments (5 years) = $29 a month for 5 years