Budget & Process

Project Budget: $23.3M

  • Hollyburn is in a great financial position, making this a good time to invest in the Club’s future. As of April 1, 2022, the Club is debt-free having paid off Plan 2007 in only 12 years, three years ahead of schedule.

     

  • This budget includes design and construction contingencies to allow for budget changes as construction proceeds and as costs become more certain. An additional allowance of 7% per annum has been included for escalation leading up to construction tender.

     

  • To ensure the accuracy of the budget, an independent cost estimate has been completed by a third-party quantity surveyor, BTY, and cross-referenced with an initial construction budget provided by our project Manager, Make Projects. BTY and Make Projects used different methods of cost estimation for this process and still achieved very similar estimates (within 1%). This gives us a high degree of confidence that the provided budget is reasonable.

  • The project will be financed through a combination of cash-on-hand (approx. $5M at start of construction) and traditional bank financing (not to exceed $20M).

     

  • No capital improvement fee will be assessed to Members.

Project Support

  • Renew ’22 is supported by the Board, Renew ’22 Special Board Committee, Finance Committee, and Food and Beverage Committee.

     

  • The project will be closely monitored by the Board of Directors. A Special Renew ‘22 Board Committee, made up of four Board members and two Members at large, has been formed to guide the project, to monitor progress and advise the Board.

     

  • The Long Range Planning Committee agrees that this project is an essential part of the Club’s long-term goals.

Procurement Process

  • A competitive procurement process was held for the project manager and will be held for design consultants, and general contractor.

     

  • In February of 2022, the Club issued a Request for Proposal for project management services for the Renew ’22 project. Four proposals from qualified firms were received and the two shortlisted proponents were interviewed by the Renew ’22 Special Board Committee and Management. The Renew ’22 SBC recommended Make Projects be awarded the contract for Project Manager for the Renew ’22 project. Currently the Club is only under contract up-until June, with the option to extend should the project be approved by Member vote.

     

  • Make Projects is a project management service provider specializing in owner side project management. They provide creative vision for project development and construction across the Commercial, Education, Health Care, Municipal, and Industrial sectors.

For a full FAQ about the project, click here