Building Project FAQ

What is going to happen with my assessment? All assessments will continue to be collected from both current and new members as planned. The assessment will stay in the CIF Fund until needed for the project. 
What if I am not planning to be a member in 2021? Can I have my assessment returned?

Assessments will be collected from both current and new members as previously planned. Refunds will not be issued unless your membership ends prior to April 15, 2020. The first $500 is non-refundable.

What is the outlook for another source of project financing? We are working on financing with two other banks and gathering the documents that they will need.
If we can't find financing for this project what will happen? The pool is in need of a new roof, trusses and some other repairs. If financing is unavailable to complete the full construction, we will complete these crucial repairs of the clubhouse.
Is the Board of Trustees considering asking members for more money? We are not asking members for more money for this project.
What will we do to ensure a safe and comfortable season with our aging facility? Our facility will be safe for members to use and enjoy this coming season.
How can I get involved? Contact ovsc2020@olympicview.net. Members can join the building committee or help with any additional fundraising that will happen in the 2020 season.
What was the reason the bank gave for rescinding the financing? Unknown to us at the time, our banker left the company and our account was not transferred. After discovering that our banker was gone, we pushed as hard as we could to get the deal done but ultimately came up short on time. The bank requested some additional documents from our accountants which they were not in a position to provide in time for the financing to be ready for the December 2 start date.
Were there any issues with the designs? No. We are pending approved permits from the City of Normandy Park and the County Health inspector. They are still pending as they can't issue them until we have selected a contractor.
Why was there not a back up source of funding? we had been working with the selected lender for months on the financing for the project. We had planned to close on the loan the week before construction was to begin. When we found out that week we could not closer there was not enough time to go through the underwriting process with a new lender and get approval to start the project the next week.
Is there an amount of time that the pool can hold member assessments if the project is not completed? There was no decision made by membership at the time of approving the assessment regarding this. Per the FAQ critical repairs will be made should we be unable to secure financings for the project in full. A vote by the membership would be required for any changines in the funding or use of funds.
What is the current outlook for funding? Is there a backup plan? It is looking positive--2 banks are toward the end of the process. Based on our financials, we would qualify for a loan. we will work on finalizing the amount and terms in April. In addition to securing funding from a bank we are also looking into a proviate loan that would be used to fund the project if the bank was unable to approve our loan request.
How much of the assessment has been spent to date? none of the assessment has been spent to date. The money is being held until the start of the project. Any money spent thus far has come out of reserved CIF funds.
Will any of the money spent so far need to be spent again due to a delay? The only expense we foresee needing to be spent again would be for the storage pod that we will need to order again in September to store all of our items while the pool is under construction.
If the project scope needs to change, will membership be consulted? If the project scope needs to change due to funding we will go to membership to determine what changes would need to be made and discuss options.