HERCC Capital Committee Calculator version June 9, 2021

This HERCC Capital Committee Calculator is for use only by the committee members as an effort to compute what we think our capital needs for the next 25 years. Please answer the following questions and click on the Submit Button at the bottom of the page. You can complete this form as often as you like to see how the dues and assessment results change based on how you answer the questions.

Road Maintenance:

The roads were last paved in 1995, 25 years ago. There are approximately 1800 feet of paved roads. In 2020 the committee managed the repair of 58 of roadway from the Ridgewood Avenue into Soundview Ave at an approximate cost of $100 per foot. The photo above documents what was repaired.
The roadways are in terrible shape and should be repaved in the next two years. (adds to assessment)
The roadways are ok for now but we should plan for its replacement 12 years from now. (add cost to dues over 12 years)
The roadways are fine and should last another 25 years. (select $0 below)
Roadway Repair or Replacement Cost Estimate

Beach and Grounds:

We had to borrow money to make emergency repairs to the granite retaining wall on the North side of the beach when hurricane Irene made landfall in August of 2011. What is your best guess as to how we should plan on anticipating another storm damaging our granite wall, the grounds, even replacement of the sandy beach should it get washed out?
We should start to save now to be prepared for storm events in the next 25 years. (add cost to dues over 25 years)
There is no need to save or plan for this event, either it's not going to happen again, or I think we can just deal with it when it does happens then see how bad it is, and borrow money or make an assessment to cover the costs at that time. (select $0 below)
Beach Grounds Repair or Replacement Cost Estimate

Seawall and Raproachment:

We had to borrow money to make emergency repairs to the protecting rocks and concrete seawall along the ocean front when hurricane Irene made landfall in August of 2011. What is your best guess as to how we should plan on anticipating another storm damaging our seawall and rock rapprochements?
We should start to save now to be prepared for seawall repairs in the next 25 years.(add cost to dues over 25 years)
There is no need to save or plan for this event, either it's not going to happen again, or I think we can just deal with it when it does happens then see how bad it is and borrow money or make an assessment to cover the costs at that time. (select $0 below)
Seawall Repair or Replacement Cost Estimate

East Groyne:

The 57-year-old East Groyne was constructed in 1963 and was most recently refaced two years ago. What is your best guess as to if or when we would need to repair or replace it?
A major storm or hurricane can and will happen in the next 25 years and I think it would be prudent to start saving now to plan to repair or replace it. (add cost to dues over 25 years)
I just do not think it will get destroyed anytime soon, or even if does there is no need to save or plan for this event, we can deal with it when it happens and see how bad it is, then borrow money or make an assessment to cover the costs then. We might even wait and see how its loss affects the beach and decide to not even replace it. (select $0 below)
East Groyne Repair or Replacement Cost Estimate

West Groyne:

The West Groyne was constructed in 1969 and for safety reasons the remnants of it were removed two years ago. The aerial photo above was taken in 1980. What is your best guess as to if or when we would need to reconstruct? Click here to access some exhibits you can read documenting the current and past history.
We should replace the structure now,and we won't have to replace it again for the next 25 years.
We need to reconstruct it right away and should plan on doing so again 25 years from now. We should plan on this expense now and start saving now for the full cost of its replacement. (adds to assessment also add same cost to dues over 25 years)
I just do not think we need to rebuild this structure for any of a number of reasons. There is no need to raise funds or save for its maintenance. (select $0 below)
West Groyne Replacement Cost Estimate

Loan Terms:

Instead of an assessment, a loan can be taken to spread out the payments over a period of time. The annual dues would be increased until the loan is paid off. The beach property would be held as collateral by the bank to secure the loan. Select the loan term and interest rate.
Loan Rate: 5 percent 6 percent 7 percent
Loan Term: 5 years 7 years 10 years

This Form submission is under development pending Committee consideration.

Calculation Formulas are as follows:

Individual Member Assessment = (Immediate Roadway Repair Cost (if selected) + Immediate West Groin Replacement (if selected))/59 members

Simple Individual Member Annual Loan Payments = Principal Value * (1 + Rate of Interest) / (# years) / 59 members

Individual Member Dues Increase = (Roadway Replacement /12 (if selected) + Beach Repairs /25 (if selected) + Seawall Repairs /25 (if selected) + East Groyne /25 (if selected) + West Groyne /25 (if selected) ) /59 members

This calculator was designed and implemented by Guy Simonian on behalf of the Highlands East River Civic Association aka HERCC Beach Association Capital Committee. This committee was formed in July 2020 for the purpose of determining the capital requirements for the 59-member association. The Capital Committee is chaired by Mark Osora, other members include Jackie Jones, Trent Jones, Robert Palumberi, Joseph Sposito, Michael Vitale and Jon Morrow.