Sea Gate Partners Inc.
|Status||Sea Gate Partners Status of Conditons|
|(a) SGP will have received subscriptions in the amount necessary to cover the estimated cost of constructing the new docks and a reasonable contingency. (See Exhibit B)|
|(b) SGP shall have a signed lease agreement with SGA to secure its investment. The lease will confirm that SGA agrees to purchase the new docks with the revenue from the lease.|
|(c) SGP shall have a management agreement with SGA Marina to manage the new docks.|
|(d) SGA shall have secured all permits required to complete construction of the new docks.|
|(e) SGP shall have a firm contract with a floating dock company including the cost, delivery, off load, and assembly of the new docks.|
|(f) SGP shall have a firm contract with a qualified electrical contractor to install the electrical service on the new docks as required by the engineered drawings.|
|(g) SGP shall have a firm contract with a qualified marine contractor to set the piles for the new docks.|
|(h) SGP shall have firm contracts for all materials required to construct the new docks not provided by contractors.|
|(i) SGA shall have firm contracts and funds, committed by the SGA Board of Directors, available to complete the upland development. This will include the landscaped parking lot, fixed docks, water tap and power distribution panels. (See Exhibit C)|
Requirements for membership in Sea Gate Partners:
- Sea Gate Association property owner.
- Willing to invest in the project.
Sea Gate Partners Proposed Timeline
By July 10, 2021
- Organizational meeting
- Interest form
- Elect interim board.
By August 1, 2021
- Officially incorporate.
- Identify an attorney.
- Prepare an offering memorandum to describe the potential risk and return of the investment.
- Prepare a reservation agreement for investors to secure the number of shares they desire with a 10% deposit made payable to a local law firm which will be refundable if the funds are not raised, or the following conditions are not met.
- Prepare a list of conditions that must be met prior to the final payment by the investor i.e., permits, engineering, surveying, contracts for all work, contracts for all materials not provided by contractor, insurance quote, and any and all other items required to finish the project.
- Have lease agreement between SGA and SGP.
- Have management agreement between SGA Marina and SGP.
- Identify a CPA.
- Tax ID number
- Set up checking account.
- Set up bookkeeping system.
- Raise seed money to cover organizational costs.
By September 15, 2021
- Have secured enough reservations to finance the entire $440,000.00 project.
By October 1, 2021
- Have met all conditions precedent to closing.
- Have $440,000 in the SGP checking account.
- Award bids and start construction.
By December 31, 2021
- Have project completed.