CAPITAL IMPROVEMENT PLAN
Newport Yacht Club has two immediate needs: Replacement of the failing seawall and mitigation of the significant boat-wake waves at the floating docks. A plan has been conceived that will allow for financing these improvements without changing the current dues or fees that club members pay.
The plan requires that the club issue a minimum 200 and a maximum 300 units of a promissory note. Each unit is a $500 loan to the club to be repaid with interest over 10 years. The funds from these notes, combined with the expected receipt of a REDI Grant, will allow for completion of these two needed projects.
Instructions: Please complete the Subscription Agreement indicating the number of Units to which you are subscribing, complete Schedule A – Purchaser Questionnaire, and return along with a check payable to Newport Yacht Club to:
Landy Atkinson, Commodore
215 Melrose Street
Rochester, NY 14619
Instructions for Subscription Agreement for 2021 Notes
Private Placement Memorandum for 2021 Notes
Subscription Agreement and Form of Promisory Note _210719(b)
For more information, email Commodore Landy Atkinson.