UPDATE - July 2022 - Pool Renovation Funding

Thank you to our 2022 Supporters! Last year, in a very short time, we raised $61,850 to put toward much overdue repairs and renovations of our swim facility. Our supporters have put the Club well on the way to making permanent repairs that will reduce our water and chemical use and make the pool safer and easier to manage. A portion of these funds ($16,000) paid for the pump house renovation including new cyclone pre-filters, cartridge filters, and a liquid chlorine system that circumvented a costly connection to the sewer and has helped keep the pool from turning green and not being shut down by the county this summer!

At the end of 2021, no banks were willing to loan enough for the renovations, so this year, neighborhood investors are stepping up to provide the bulk of the funding. These investors will loan the Club the money which will be paid back WITH interest! Our initial goal of $300,000 would fund a complete renovation of the main and kiddie pools, the entire concrete deck, the pool electrical, and a retaining wall beyond the diving board to better support the deep end and additional deck space. At this point in time, we are not meeting that goal, but are trying to figure out the extent of the repairs that we can afford.

To date, $90,000 has been pledged by investors. These investments would go into an independent company (a Limited Liability Corporation, or LLC) that would then lend the money to the Club. As the Club pays back the loan, the LLC will manage principal and interest payments to the investors. We initially offered these shares at $10,000, and have 7 Pledged Investors. In an attempt to increase these funds, the LLC has decided to offer shares at $5,000 (one vote in the LLC per $5,000 investment) to see if we can attract another round of investments.

With the remaining money from the Supporter’s Club and the LLC investment, the Club will have $135K. We will take this amount to our pool management company to receive a scope of work. However, we are optimistic that we can attract an additional $30,000 in LLC investors and can raise another $15,000 from the 2023 Supporters Club fundraising campaign. Financials over the past 4 years can be found here. We also plan to use some funds the Club set aside from the increase in dues this year while maintaining an emergency fund for the systems that we won’t be able to repair at this time.

Contact the LLC at NCClubInvestment@gmail.com for information on investing.