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A. Assuming the full amount is borrowed by May 2025 and predicted financial operating results continue, the Debt to Equity ratio in June 2025 is estimated to be ~29%. This compares to the same ratio in 2016 of ~35% after execution of a $10,500,000 loan for the land purchase.  The inverse Equity to Debt ratios would be 3.44 in 2025 compared to 2.85 in 2016. 

The POA will remain in a strong financial position after these funds are borrowed. 

A: Staffing is a serious problem throughout the restaurant industry, and we can’t control that. What we can do is improve the working environment.

As we note elsewhere, the current clubhouse is inefficient in both design and function. Until these design deficiencies are resolved, our service level will likely not measure up to Property Owner expectations. Some examples of current design challenges:
 

• The Reception Stand location is poorly positioned 

• Food must travel through the bar to the Veranda.
• Lines of sight for managing service are ineffective.
• The current The Black Bear Pub bar is too cramped, and the bar equipment is outdated and inefficient.
• Acoustics are poor throughout the facility, leading to customer complaints.

These, among others, are prime reasons for customer complaints, and for employee dissatisfaction.

As for it being an expansion, the renovation project is not about additional seating. Capacity for à la carte dining is not being materially increased. It is more about where bar and dining are located, providing more indoor/outdoor dining opportunities, and increasing employee satisfaction by providing a more functional working environment.

We feel that by providing one of the best facilities in North Georgia to work in, that this can only help in attracting and retaining employees.

A: Staffing is a short term problem that can be managed.

We still have a great opportunity, with access to attractive financing, and for all of the other reasons we’ve shared to date, to upgrade an important amenity in the heart of Big Canoe. It will transform a poorly designed workplace into a much more appealing facility for attracting and retaining employees, as well as creating a greatly improved environment for our Property Owners. 

Our current staffing issues do not change the fundamental reasons for the Clubhouse renovation aspect of Renew Big Canoe.

A: The POA Board would never allow a new property owner centric space such as the Veranda to be re-designed in a non-ADA compliant manner. There are number of cost-effective solutions that will be pursued, and the best ones implemented, if the vote passes and we can give our architects the go ahead to finish the design.  

A: Management has been in contact with the Pickens County Health Dept. and understands the requirements for operable indoor / outdoor openings. These requirements are typical of facilities that our architects routinely work with and are entirely manageable. 

Be assured that we will not build a facility that does not meet code, nor would we even be allowed to. 

It is correct in that other facilities within Pickens County have similar features.  

A: The renderings on our site are representative of what is envisioned. They were produced to give us the ability to create a reasonable estimate. The final design features (such as cladding on the postal facility, or the specific type of windows in the Clubhouse, for instance) will be determined after we receive a Yes vote.

If the projects are approved, the next step would be producing the final designs that would fit into that budget. It was decided that spending Property Owner monies on final designs would be presumptuous of a Yes vote, and not fiscally responsible. The go-ahead for the projects must be approved by a property owner vote first. 

A: The current POA administration has a track record of delivering on projects within or even under budget. 

As Finance & Audit Committee Chair Bill Thurber discussed at his Renew Big Canoe finance presentations on July 10, the POA has a $15 million credit facility to work with. The key components outlined in the Renew Big Canoe initiative must fit within that budget.

If we get into the detailed design and the bids come in too high, pushing the costs higher than $15 million, we will have two choices: We will try our best to value engineer things to get within that budget. Or, if we don’t get there by that method, we could simply defer a project.

A Yes vote only gives us the authority to proceed, not a mandate that we must proceed no matter what the cost.

A: Please watch Bill Thurber’s presentation from July 10 where he addresses this specifically. 

A synopsis: The POA financial team has funds earmarked in cash flow for the Dam in their near and long-term budgeting already, thus Renew Big Canoe funds are not needed for the Petit Dam. 

Normal operations generate nearly $7 million annually in cash available, and once we pay debt service (principal and interest) annually, there remains nearly $6 million for normal capital needs.

In management’s 10-year capital plan, $6.3 million is identified to be used over the next 3 years based on conservative estimates provided by Geosyntec, our engineers of record for Petit Dam.

A: When Wells Fargo proposed the structure of the new $15 million credit facility, one of their requirements was for Big Canoe to pay off the outstanding balance on an existing loan (approximately $4.8 million at that time). 

As the board was looking at whether to move forward with the new $15 million credit facility, consideration was given regarding the trade-off of paying a floating interest rate for a period of time (3 years) in exchange for a very favorable fixed interest rate (3.46%) 3 years down the road. 

The interest expense incurred with a floating rate is offset somewhat by higher interest income being earned on our own cash balances. The Board’s decision, based on the best available information at that time, was made based in large part on the relatively short period of "pain” of a floating rate compared to the significant “long-term gain” associated with the very attractive 15-year fixed rate of 3.46%.

The board still considers this decision to have been a very prudent one in the best long-term interest of Big Canoe.

A: Please refer to #4 above. The renderings on our website are illustrative, not final. 

We would not implement a design that would be non-functional. On top of that, any design requires USPS approval. The goal of Renew Big Canoe is continual improvement and enhancing the Property Owner experience.

We are asking the community if they want a new Postal Facility. If the answers is a Yes vote, then we will deliver it, correctly.

A: Please refer to #4 above. These renderings are illustrative, to get us an estimate, not final. 

The first question asked of any building project that come before the POA Board is, does this fit the "Character of Big Canoe"? Our architects are instructed to retain that character.

If approved, any issues along those lines will be resolved as we would get further into the design phase. 

A: The current plans, which have not been finalized, would call for moving all of our existing boxes to the new facility, and adding a 20- 30% increase in the number of  smaller boxes. You will keep your same address.