Brett...Looks like a cool idea. Only thing I might add is if the words "Watersports Resort" is anywhere in the literature about this development you better get ready for some hefty insurance rates. You being a developer I am sure you know all about liability insurance. I suppose after you're done and moved on to the next project the HOA would have to carry the insurance? No doubt it can be done insurance-wise because Six Flags and Water Parks get insurance...I carry a million dollar liability just on my weekend place and it's not cheap. My lawyer told me "DO NOT let anybody ride your ATV's"...she said "even if your best friend or your cousin's kid get seriously hurt or paralyzed on that ATV"..."or someone falls into pond and drowns" you can bet your ass they are gonna sue you!". They will claim "Oh it's nothing personal and we're not suing you...we are really suing your insurance company"...blah blah.
Yeah, this probably isn't the proper forum to explain the intricacies of the business model. The reason I said resort is because it is very much like a resort community. The multifamily units will all be retained by myself and my partner. They are rented condos, not for sale. The single family lots are for sale individually. The HOA policy will actually be that no private boats are allowed on the lakes. So we won't have the problem of some random person running their boat or rider aground. So, how do the boats work?
There will be an onsite charter service with 3 new comp series tow boats (Ski Nautique, Malibu, Mastercraft). The HOA will provide the facilities (docks, boathouses, lifts, office, etc.) as well as a monthly stipend to cover overhead (boat payment, insurance, and manager salary). This will cost each of the 320 resident households about $35/month. Additionally, each 15 min set behind a boat cost the resident about $22. This covers fuel, driver commission, and boat/shoreline maintenance. Essentially, think of it like an independent boat charter service that schedules 15 minute charters and provides everything. But the HOA residents and a limited number of invited/registered guests are the only ones who have access to this charter. Not really a whole lot different than a boat club/ ski school model.
