Important Information

BHYC "TO DO LIST"

Priorities in BOLD

Administration:

Find the lease with Ludwigs Catering (found)
Negotiate new lease (meeting pending)
Board Insurance (talk with Roberts) (Purchased)
Update Membership Addresses (Sent email to membership)
Update membership email addresses (completed)
Bondholder payment plan (Jack Rafferty currently working on it)
Construct a plan to make the 2nd, 3rd & Attic operational
Create more income aside for party revenue
Increase Tennis Participants and revenue ('07 & '08 were successful)
contact vendor to neg. contracts (utility bills have been renegotiated)
contact utilities to reorganize services (happening)
Market club for new business (happening)
*Satisfy REM agreement WITH CITY (Completed; 0 balance)

Property issues:
Renovate or replace playground (completed)
Install new flagpole (completed)
prepare for the A/C to breakdown sooner rather than later (completed)
prepare to replace new roof (est. $10,000 to place 3rd layer on)
repair hole in roof (completed)
replace all the windows in the building (Eastside of building complete)
repair waste pipe break (completed)
fix back deck (completed)
fix broken windows (fixed some)
repair roof above Mens room (completed???)
metal flashing along porch roof and building (completed)
hire architect to design & submit 1st floor arraignment (fire code)
clear all old violations on property (9 total; 7 remain)
replace window in men's room (completed)

Low-Priority Property issues:
pave the parking lot
renovate the dining room (completed)
hire a full time landscaper
add more rock to parking lot
build new fence
hire a snow plow operator for the winter
hire a building custodian
replace tennis court fences

Other issues:
increase membership to 225 families

"The pool and locker facility permit was completed and filed with the city. The pool was funded by "pool supporters" and not by club monies.The building department would not issue a permit until all property taxes were paid. The outstanding building violations were paid by this project including a year round sprinkler system." (Jan./Feb. 1994 newletter) Project was stalled due to unpaid property taxes.

As of May 2006, there are 9 violations (per Brian Kelly) on the property which need to be addressed. We received another violation in June '06 which has been corrected

Anything to add or correct?

Membership #'s
(per year)

1904 - 16
1907 - 55
1916 - 300
1917 - 167
1918 - 122
1920 - 179
1922 - 176
1923 - 161
1924 - 157

1985 -
1986 - 117 (Bosuns)
         - 213
1987 - 257
1988 - 246
1989 - 223
1990 - 178
1991 - 161
1992 - 153
1993 - 148
1994 - 146
1995 -   95*
1998 -   68*
2000 - 148*
2002 - 176
2004 - 112
2005 - 134
2006 - 156
2007 - 204
2008 - 195

*estimate

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"History teaches everything including the future."
Lamartine

Important History:

Dec. 1st, 1904: a meeting at 8:30 pm in the Superba Rooms on Fulton and Franklin Ave. was conducted for the purpose of considering the organization of a yacht club. The organization would be known as the Belle Harbor Yacht Club.

1916: The property value of the BHYC was $12,000 for the land and $23,623 for the building for a total appraisal value of $35, 623. There were 300 members registered.

April 10th, 1921: "Life memberships could be bought for $500. until the total number of life memberships shall be 100. "This payment shall be in lieu of all further annual dues."

August 12, 1925: BHYC Directors contacted the office of Mayor Hylan concerning the gradual eroded condition "washout" of Beach 126th. This issue was reviewed and the city restored the street to the bulkhead by the next season.

Feb. 9th, 1926: In an effort to satisfy the 1st and 2nd bonds against the club , totaling $33,000, The Board of Directors levied an $500. assessment towards the membership. Opposition to the assessment was shown by 50% of members resigning. The founding members even threaten to resign. The assessment was challenged.

Several proposals were offered:
1. a new company called B.H.Y.C. Associates "Inc". would be established and stocks would be sold. The new company would then purchase the property and the stockholder (also clubmember) would then have a vested interest in the club. Bondholders can convert the note plus interest into an equal amount of stock. The board could decide on what basis new members of the club could become shareholders in the new company. Each '26 member in good standing would recieve (1) $100. share of the company. The possibility of the new company procuring a mortgage loan from a title company was considered. Any profits from stock sales could be applied to a sinking fund to pay off the mortgage.
The realty company would be managed by the Board of Directors.

2. the plan to establish "Proprietary Members" meaning they would have "ownership rights" as long as their status was "in good standing". This proposal would helped pay off the existing mortgage and satisfy bondholders while securing membership and establishing proprietary membership. More importantly, the ownership of assets remained with the clubmembers as a whole.

No Date: The club building is registered as a multiple dwelling Reg. # 411016 with New York City

Dec. 10th, 1964-Dec. 9th, 1971: The BHYC was given a permits (yearly) by the NYC Dept. of Ports and Terminals to construct and maintain 30 linear feet of bulkhead, together with 1800 feet of upland inshore, together with 1800 square feet of lands under water outshore between B126 & B127 with a floating dock. A $648. bond was needed in 1971 to secure the permit. The 1970 permit was # 404-66, work permit # 640239 dated 1964, Plan #5419-C. Diagram on file.

March 11th, 1987: The BHYC submitted an application and was approved by the NYC Division of Real Property to lease the land (Block 16191; Lot 65) in front of the club. Soon after the approval, the Beach Channel Drive road re-construction project began and the club postponed their lease application.

1987: The BHYC took a mortgage on the club property in the amount of $75,000 in order to paid off some debt and fix up the building. The entire building received new siding and a roof. The entire mortgage was repaid in 1992 when bonds were sold to members.

Monday, June 15th, 1992 was the final closing date for the bond issue. The boldholders, named Belle Harbor Holding Corp., raised $110,000 to make the club solvent and start anew. Each bond was $750 and they were promised 7.76% interest plus 1/10 of their investment on each bond due May 1st of every year. Today, the majority bondholders are Mr. Keith DeMatteis and Mr. Bill Lavin.

August 9, 1994: A local contractor, Edward Re, presented the board of directors with a proposal to build a new clubhouse for $725,000. The club must guarantee the financiers a portion of the property, if the project failed. 60 x 100 would be held has collateral with stipulations. Details are on record.

1995: New York State seized the BHYC's Chase account of $14, 500.00 due to unpaid sales taxes owed in the amount of $33, 000.

1998: *"During the fiscal year ending June 30, 1998, the Old Iron (Monarch Investments) company made an offer to acquire approximately 1.3 acres of land in Queens, New York adjacent to the Belle Harbor Yacht Club for a purchase price of $1,100,000. This offer was preliminarily accepted. Approval of the contract was provided by the Association's Board, but subsequently denied by the association's (Proprietary) members. If the Old Iron Company is able to acquire this property, of which there can be no assurance, the project would involve the construction of 11 single-family homes, each having an estimated sales price of $389,000. While no assurances can be provided, net profits for the project was projected to be $750,000 for the Old Iron company". (*excerpt from the Monarch Investments year end report to its shareholders)

2004: Club was offered 3 million dollars for the entire BHYC property. No official presentation was accepted by the board.

Aug. 25th, 2006: The club satisfied a lawsuit from an old liquor distributor over $1500. Not only does the current board have no knowledge of this lawsuit; how it was settled etc ... It put the club liquor license in jeopardy. If you have information regarding this lawsuit please notify the house chairman and chairman.