April 29, 2019 Update: SFHA currently owes $2,455.
August 22, 2018
Dear SHFA Members,
By now everyone knows of the success of the 2015-2016 reconstruction of the bulkhead that enables us to enjoy the basin and cove fully and enhances all of our properties in South Ferry Hills. The construction cost of this large capital project was approximately $182,000. There were additional permitting, legal, and clean-up expenses of about $20,000. The Association levied a special assessment of SFHA members in 2015. The Association also took out a loan from Bridgehampton National Bank for $75,000 in March 2016 so that construction could begin immediately, as not all SFHA members could pay the full special assessment at that time.
We paid $40,000 toward settling that loan. The remaining loan balance of $35,000 is due September 8, 2018.
The Board recommended, and membership attending the 2018 annual meeting agreed, that the association should make up the remaining amount through additional voluntary donations to retire the bulkhead loan and to extend the loan if a balance remained.
We give a BIG thanks to the following 16 SFHA members (and a couple non-members) who pledged from $300 to $10,000 towards retiring our loan. They are:
Mike & Patricia Bebon, Ann Biddlecom & Ennio Stacchetti, Chris & Liza Casey, Mike Chanin, Harry Chernoff, Tom Cugliani, Dell Dalton & Timothy Dalton, Jim Dougherty, Trinidad Hidalgo, Chisato Konda & Dermot O’Hara, David Lichtenstein & Jill Moser, Brian & Patricia McGrath, Robert Pagliaro & Cecilia Suraleigh, Cecile Panzieri & Peter Raczeck, Steve Sanders & Carolyn Topp, Les Wallin, and Chip & Lynne Whipple.
$25,775 has been pledged in total as of August 21, of which SFHA has received $11,775. We hope that you can join these neighbors in making a voluntary commitment to pay down our communal loan. If you can, please send a check to the address below as soon as possible, considering the due date. You can also use PayPal by clicking here. Please consider adding a little extra to take care of the 3% transaction fee with PayPal.
Also attached is the 2018 Treasurer’s Report which shows all financial transactions since September 1, 2017 (as of the 11 August annual meeting) with notes on the second page. If you have any questions please contact the Association at (southferryhills@gmail.com), Ann Biddlecom, Treasurer (abiddlecom@gmail.com) or David Lichtenstein, President (dlichtenstein@gmail.com).
As an association we have come so far in terms of working together to get the bulkhead rebuilt. Now we just need to go a little bit farther to finally get it fully paid off.
Thank you!
SFHA Board
South Ferry Hills Association
PO Box 1605
Shelter Island, NY 11964