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Home Page January 13, 2014

Below are the minutes of the Board of Directors meeting.  Each set of minutes is subject to the next month's Board approval.

SOUTH BEND BRIDGE CLUB, INC.

SPECIAL BOARD MEETING SBBC

Tuesday January 13, 2014 at 10:00

The meeting was called to order by President Tom Hebron.

Members in attendance were Tom Hebron, Karen Drain, Maureen Trubac, Sally Frame, Bill Searcy, Tim Carl, Tricia Killeen, and JoEllen DePaepe.

Minutes of the December 17th meeting were approved with a few corrections.

  1. Publicity:

Sally gave more information on advertising in Boom and Sassy. Boom and Sassy are magazines distributed to businesses such as medical offices and hair salons. If we buy two ads we get one free. They do not need to be in consecutive issues. Each ad is $100. ACBL will help with the cost if this is approved. It must have the ACBL logo. Tricia and Sally will work together on this project.

Old Business:

Paul Silberman continued the discussion on new lease options. Paul and Tom Hebron talked to the management of Town & Country. Our lease will expire in May, 2014. The reasons Paul Silberman gave to consider a new location are as follows:

1. We need more space.

2. If we had more space, we could hold sectionals and regionals. That would result in more revenue for the club.

3. We are also very crowded at our present location. ACBL recommends 9 sq. ft. per table with a minimum of 8 sq. ft.

4. We need more bathrooms.

Paul presented six options – the first four involve our moving to the present Shirk's location and two involve staying where we are. Shirk's across from us is moving part of their business, and they have too much room for the remainder of their store. They could use our space, and we could move into theirs. We would have to do some remodeling. Estimated charges to remodel would be about $50,000. This would include two bathrooms with 3 stalls, one stall in each for the handicapped. We would have 4000 square feet as opposed to 2250 (our current square footage which includes the hallway). Shirk's also has a storage area of 80 x 50 feet which we might want to change. We would have the capacity to hold 35-40 tables. Because of our current financial situation, we would have to get a loan from Town & Country, and they have agreed to provide funds at 5% interest for 7 years.

Option 1: Get a $50,000 loan for 7 years. Rent would be $2686 ($706.70 of this would be the loan).

Option 2: Get a $40,000 loan for 7 years. Rent would be $2545 (loan service $565.36)

Option 3: Get a $30,000 loan for 7 years. Rent would be $2403.00 (loan service $424.02)

Option 4: Move to Shirk's with no remodeling = $1979/month

Option 5: Stay at our present location with a 3 year lease. Rent would increase by 7%/year. Year 1 monthly payment would be $1586.

Option 6: Stay at our present location with a 5 year lease. Rent would increase after year 1 by 1.5% each year. Monthly payment would be $1482 the first year.

(click here for a financial analysis spreadsheet of these options)

Respectively submitted,

Karen Drain, Secretary

     
 
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