FCC White Paper Report

appearance, they cannot address underlying structural and compliance issues. In addition, needs change, and expectations of what a club should offer have shifted over the past four decades. B. Evolving Compliance Regulations, Member Expectations, and Insurability Risk: As you review this white paper and accompanying materials, please remember that more than half the estimated projected costs for a possible solution are associated with compliance and infrastructure needs and not enhancing the member experience. 1) Life/Safety Building Code Compliance: The clubhouse and gatehouse are outdated and do not meet current Florida Building Code standards, including ADA compliance, wind resistance, and fire protection. Per the Florida Building Code and Federal regulations, FCC faces an estimated $20 million in life/safety, ADA, and building code work (a majority of which is mandatory). Approximately 65% of the work needed would be in construction costs and 35% in design costs, furniture, fixtures, equipment, financing, fees, etc. (soft costs) 2) Aging Infrastructure: Outdated HVAC systems, electrical equipment, plumbing, and inadequate vapor barriers contribute to inefficiencies , increased maintenance costs, and potential safety hazards. 3) Member Dissatisfaction: Member feedback indicates significant dissatisfaction with key areas, such as the clubhouse and outdoor dining options, being waitlisted for the increasing number of member events, and operational challenge inefficiencies due to the aging kitchen , highlighting the need for enhancements. 4) Insurability: If Fiddlesticks does not complete the renovations, we might face an insurability issue, resulting in a significant financial risk to the membership. C. Founding and Early Capital Model: Our capital funding for aspirational capital needs is funded by net member joining fees, which have been grossly inadequate. 1) Net member joining fees are the dollar amounts the club keeps when one member leaves and is replaced by a new member. These net amounts are customarily used to help fund aspirational capital

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