Important Update

17 Jan Important Update

PESLSC Re-Development Update 17 January 2017

1. As many of you are aware our chances of re-development of the club-rooms had all but disappeared several months ago because Alexandrina Council indicated that it would not be allocating any funds towards our re-development for at least a decade. (The funding model required LGA’s to provide 33%, clubs 11% with the reminder of money to come from SA Government.)
2. I was strongly of the view that for us a special funding arrangement needed to be made as the old model for us, was broken. SLSSA was of the same opinion and have worked hard to negotiate different arrangements for us.

3. Late last Friday I received confirmation that such special arrangements had been made and I was able to inform PESLSC Council that we were now masters of our own destiny in that we did not have to wait for funds from Alexandrina Council.

4. While the club still has to fund 11% of the $5.5m project (Yes! Correct! $605.000), based on our fund-raising over the last few years we will be able to find that money or service the debt on borrowings.

5. On Friday night Club Council, subject to me consulting with the Treasurer, agreed to transfer another $40,000 to the building fund, bringing the total set aside for that purpose to $332,000. Like all SLSSA Clubs we are able to borrow at favourable rates from the SLSSA Foundation and given our recent history will be comfortably able to service a loan of $250,000.

6. Next week I will be meeting with John Kantilaftas from SLSSA and then with our Building Re-development Steering Committee to tighten up some time-lines but anticipate lodging a Development Application with Alexandrina around April/May 2017, having approval 3-6 months after that, using 2018 to get drawings done, a Development Approval lodged, agreed to by Alexandrina and contracts let with building to commence after the end of the 2018/19 life saving season.

7. In the mean-time thanks to all members who have had input thus far into the planning processes and fund-raising efforts. We are on track to achieve a major mile-stone for our club. Thank you for your support.

Peter Francis
President
17 January 2017