Per the Commodore: Dock Construction & Status of the Bank Loan

Dock Status Update 1/2/2016

And so it begins!

The replacement of our docks is set to begin Monday, Jan 4 2016 with the initial delivery of the components of docks 1, 2, and 3. The assembly will follow immediately. You would think that the high water would be a barrier. However, this is preferred by the contractor MDI. Construction on the 1st three docks is expected to be completed by the end of January, weather permitting.

We will be making the second payment to MDI with the delivery of the docks. The payment primarily will come from the funds paid by the Insurance Company for the loss, and the balance from an allocation from the bank loan which is in the final stages of completion. The finalization of the Bank Loan was delayed by a couple 11th hour requirements the Bank asked for. We met with the Bank yesterday, Jan. 1 and expect to resolve the additional requirements by the Jan.11, 2016.

It’s going to be good to be able to see the beginning of the end of this phase of the project.

Commodore Peters


 

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