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On behalf of the Marina Association Board President,
Bill Sholl, and the entire Marina Board, I welcome you to this years HOA
meeting. The Cypress Landing Marina has enjoyed another very
successful year.
Our success is due in no small part to the corps of very dedicated dock
masters and to the community volunteers of the Marina Maintenance
Committee. The dock masters keep the marina lounge and docks in
tip top shape. They keep a watchful eye on our boats by checking
dock lines and electrical cords. They give each of us a sense of
security knowing that they are certified for CPR and in the use of the
defibrillator. As in the past, the dock masters are also the
unofficial ambassadors of the community, as they provide valuable sales
information and community perspectives to visitors interested in Cypress
Landing.
The Maintenance Committee consists of about 25 members of the community.
They help keep the physical condition of the docks and surrounding areas
in top maintenance. Through weekly dock walks and regular meetings
they insure that minor problems do not grow into major headaches.
We are always on the lookout for additional volunteers so if you are
interested please sign up at the desk set up in the hall after the
meeting.
As was mentioned at the last annual meeting, all Association owned slips
have been sold. There are a few slips in all size ranges available
for sale. The waiting list stands at around 20 so if you are a
prospective buyer or seller it would behoove you to get a hold of the
waiting list which is in the Marina Lounge. As of the most
recent slip sale, prices are reaching $1450/foot. Given that slip
prices elsewhere around the Pamlico Sound area are averaging over
$2000/foot, we are still a bargain. Our only concern is that
the lack of available slips could discourage some individuals from
moving into the community.
As in 2006, because of the extremely high cost of named storm coverage,
our insurance policy does not cover hurricanes and other named storms.
We will continue to monitor the insurance situation and if premiums
change the Board will reevaluate the situation. For the time
being, as in the past, we are covered for all other perils, which
includes a $100,000 deductible.
Our financial position is very sound. Most importantly our
reserves will approach $740K by year end. This figure
includes the final transfer payment of $75,000 from Weyerhauser.
The number also includes a new reserve fund established to cover our
deductible for unnamed storms and other perils.
The level of our reserves is one reason why the board is comfortable
with the current insurance situation. In 2008, an additional
$50,000 will be added to the reserve funds including $20,000 in marina
dues and approximately $30,000 in interest on the reserve accounts.
We still have had situations where poorly secured boats have incurred
damage to the docks as well as the boat. We can’t emphasize enough
the need to be vigilant with regard to properly securing your boat
especially when storms are coming. A diagram is displayed in the
Marina Lounge showing effective use of dock lines. Also we
encourage you to ask the help of the dock masters.
Finally, the Marina successfully renewed its Clean Marina designation.
Again kudos’ to Bob Graves and the dock masters for our successful
participation in this program.
We look forward to another successful year and believe that this
community amenity will continue to provide support and value to Cypress
Landing.
Lou Coggia
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