Redevelopment FAQ – Finance

How is the club financing the redevelopment project?
The costs for the project are currently being finalised but it is anticipated to cost between $2 and $2.5 million. These costs will predominantly be met by MLC, who are effectively making an upfront payment for their two boat bays and use of the first floor facilities, rather than paying an annual fee.
Funds allocated toward the project by RRC include donations (approx $6,000 as of today), and club funds put aside for this purpose ($110,000).
No funding will be provided by government to this project. In exchange for this the club will continue on a community lease with negligible rental and will be allowed to retain full control over use of funds raised from the redeveloped building – function hire and future bay lease fees are of particular interest.
How can members contribute to the redevelopment funds?
Cash flow for the club is going to be even more important over the next 18-24 months as we will be required to pay a number of large invoices. The pre-building costs for this project total over $250,000.
There are a number of ways that members can contribute to the project, the easiest being to pay all fees on time. In fact as an incentive if you pay your membership fee before 30 June you will receive a $25 discount. Other include:

  • Making a tax deductible donation to the RRC redevelopment fund through the ASF (insert link to form)
  • Running a fundraising event/drive