SUNDAY BOARD MEETING OCTOBER 19, 2008

The Board met with a quorum this week and covered a lot of ground relative to getting the restoration project moving forward and in filling the vacant Secretary position. Steve R. was elected by the Board to finish the term of the previous Secretary. We still have the requirements to provide damage assessment in dollars as a percentage of our appraised value to deal with, but we believe that we will fall under the 50% requirement demanded by the City and by FEMA to allow us to remain at grade. We continue to work toward obtaining flood insurance operating with the belief that we are grandfathered as the building was built prior to 1974, thus we should be able to provide flood insurance to SBA as will be required should they approve our loan request. We continue to seek qualified estimates and bids to determine the numerator of the equation and may at the appropriate time retain an appraiser to determine the denominator.

As to the actual repairs themselves, we obviously have to obtain the necessary permits, get the money rounded up, and get a construction plan in place. Should the SBA deal not make, we are then faced with the prospect of seeking private donations and grants to do the project.

On another front, the members' meeting is set for 3PM on Saturday, November 8, 2008, at the Club facility. The members will be asked to elect a slate of officer/trustees for 2009 as well as to deal with technical matters regarding borrowing money, pledging assets, etc. If you are a member and are reading this, please make every effort to attend. It was also agreed to send out ballots by mail to help assure everyone the opportunity to participate in this election and to have a voice in the Club affairs.

Several people participated in a Saturday "clean-up" the grounds around the property, and it really looks much better. The weekly Saturday clean-up will continue to go on each week so long as people continue to show up to help. We believe that all of these efforts enhance our ability to demonstrate ourselves as an asset to the community, which we feel is very important at this time.

Other housekeeping matters were also dealt with. More later.