Rackominiums

Frequently Asked Questions

• Is a rackominium anything like a condominium?
  
  Yes, in fact it is a condominium, except that this condominium consists almost entirely of airspace.  While condominiums contain common element structures and property (such as the building and the roof), Snook Bight Marina Dry Rack Condominium consists only of the airspace which makes up your unit, and a share of the only common element which, in this case, is simply a key box storage center.  The structural components of the boathouse building are owned by the Marina Operator and are not part of the condominium. 

• What do you mean, airspace?
   
  
  You purchase and receive a deed (fee simple title) to a specific cube of airspace inside of the rack which your boat will rest on. The real and personal property which surrounds this cube of airspace are not part of the condominium. 

• Will I  be assessed for upkeep, insurance and repair?
  
  In the Snook Bight Marina Dry Rack Condominium there is only one Common Element that will require upkeep and maintenance.  That Common Element is the Key Box Center which will be a locker type box where owners can secure boat drain plugs and keys. This box will be the responsibility of the Snook Bight Dry Rack Condominium Unit Owners’ Association, Inc. (the “Association”). All other maintenance, repair and replacement of the building, racks, boat bunks, etc. will be the responsibility of the Marina Operator.

• What is the relationship between the Marina Operator and the  Association?  
  
  
  The  Association will contract with the Marina Operator to provide all of the necessary services for the rackominium, such as the launching of boats. The Marina Operator owns the buildings and all equipment. The Marina Operator will provide for all maintenance, insurance, repair and replacement of all equipment and buildings that will house the condominium units.  Prior to signing your binding purchase contract, you will be provided with a set of documents governing the establishment and operation of the condominium.  Refer to the “Shared Building Document” for more details on the Marina Operator’s  maintenance, repair and insurance responsibilities.

• What will the Association pay the Marina Operator and how will that cost be charged to me as an owner of a condominium unit?
  
  The Association will pay the Marina Operator a flat rate for services to the unit owners and each unit  owner will be charged his proportionate share of that amount by the Association on a monthly basis.  Beginning in year one and continuing until May of 2010, that charge will be $175.00, plus tax, per month per unit. After May 2010, this service charge will increase on an annual basis a maximum of 10% or the CPI Rate (whichever is greater).

• What other assessments will I incur for maintenance, repair and replacement ?
   
  
  
  None. Unlike all other marina associations that we know of, there will be no further charges or assessments. The Marina Operator will fund all expenses of the maintenance, repair, replacement, operation and protection of the rackominium and boat barn. The only other expense an owner of a unit will incur is the insurance on the boat, which is the owner’s responsibility to obtain. All boats in the building must be fully insured.

• How big will my “Cube of Air” be?
  
  It will be as big as the space from the very top of your boat to the bottom and from the very tip of the bow pulpit to the transom. While your motors will likely extend over the end of the rack beam, the Marina Operator will allow the overhang as described in the condominium documents even though you will own only the airspace within the beams .

• Why do you require me to join a yacht club?
  
  Snook Bight Yacht Club (“SBYC”) will operate as do all certified yacht clubs with a Commodore and other officers and will benefit from yacht club reciprocals throughout the world. Membership is only $100.00 per year and entitles you access to the Member Amenities of the marina including the pool and Member’s Club Room.  All unit  owners must be members of SBYC.

• Regarding the care and handling of my boat, how often will my boat be launched?
   
  
  
  As often as you require at no charge.
  
  
  

• Do I have to call ahead?
   
  
  No. We will launch your boat upon your arrival on a first come first served basis. If you do call ahead, you will be guaranteed your boat will be in the water and ready to go when you arrive.

• I’ve heard something about your Platinum Concierge. Tell me more.
  
  
  Every Member of SBYC will enjoy the service of our Platinum Concierge Team. Here are just some of the services the Team will provide and it’s all free of charge!
  
  
  You will complete a specific Platinum Service Request Form when you join SBYC. This will tell the Team exactly what services you expect before your arrival such as gassing it up, check systems, fill bait well, fill ice chest, provide box lunches and we’ll even have a cold bottle of champagne waiting on board for you and your guests if you like.  At launching, your boat will be uncovered and prepared for use.
  
  
  Upon your return we’ll know if you want the tanks topped off, canvas on, service checks performed or whatever you may anticipate. Of course, your boat will be washed down thoroughly, motors flushed and your drip cover placed before she is stowed.
  
  
  You may want additional services on occasion. Just call the Concierge. We’re here to see to your every need.
  
  
  Of course, you’ll enjoy the benefit of the Platinum Concierge Member discount on fuel, food and beverages as well as any other services you may request such as bait.
  
  
  No tips please. Platinum Service is our privilege.
  
  
   

• What if I want to stay on my boat in the marina overnight?
  
  On a reserved basis the Marina Operator will make space available for a maximum of 2 nights free of charge as long as a temporary mooring space is available.

• Ok, I’m sold. I want to finance the purchase of my rackominium. Who can help?
   
  
  
  Great! We have negotiated favorable arrangements with First Capital Lending Corp. Brad Stahlhut will be glad to discuss these rates and terms. You must first complete a Reservation Agreement and submit a deposit of 10%. Once that is done Brad will discuss these special rates.

• What if I complete a Reservation Agreement, pay the deposit and then find I want to cancel? Will I get my deposit back?
   
  
  Within 48 hours of notice received from you we will refund your entire deposit up to the date of contract signing. After contract signing your deposit is no longer refundable.

• What is the difference between the Reservation Agreement and the Contract?
   
  
  The Reservation Agreement is your serious expression of intent to purchase a unit. This enables us to reserve a specific rack to suit your requirements. The Contract is the agreement between the Marina Operator and yourself that is irrevocable. Once the Contract is signed you have agreed to close on the purchase and sale of the unit  as described for the total purchase price once the unit is ready for occupancy. Prior to the Contract signing you will receive the Association Documents for review.
  
  
   

• When will I have to sign the contract?
  
  We anticipate the Contract Execution Date will be approximately July 31, 2007. This date will be announced as soon as we are fairly confident of our completion date next year. If you complete a Reservation Agreement prior to that date to be announced, you will be required to sign the contract on the date to be announced.
  
  
  If you complete the Reservation Agreement after the Contract Date to be announced, you will have 60 days from the date of your reservation to sign the contract.

• When do you expect to complete the construction so my boat can be stored?
  
  We anticipate that we will open for occupancy May 1, 2008 but this date could change.

• Can you store my boat in the meantime?
   
  
  
  Possibly. We have a limited number of wet slips available for that purpose. Give us a call.

• If I buy a rack for my current boat and then I buy a bigger one, will I be able to exchange my rack?
   
  
  
  The Marina Operator will assist you in identifying persons who may be interested in purchasing  your current rack and assist you in purchasing  the new larger rack.

• Can I rent the space to a boat owner that is not a Member of the Association?
  
  Yes, and the Marina Operator will assist you in finding a renter for your space, but the Association and the Marina Operator make no promises regarding your likely success in securing a renter or the rental income that may be generated. The Marina Operator will charge a 10% administrative fee for arranging a rental and collecting the rent.

• Will I be able to temporarily transfer my member privileges to a renter?
   
  
  
  Yes, SBYC will arrange this. It will require approval of the SBYC and the Marina Operator regarding the renter’s boat and background check results.  See the Declaration of Condominium for more details regarding the Association’s approval of all leases; and see the Yacht Club documents regarding SBYC’s approval of transfers of member privileges.

• Can I sell my unit?
  
  Of course. The unit belongs to you. Once the Association has sold 90% of the rackominium units you may sell yours or you may request that the Marina Operator assist you. There is an administrative charge for the service. Neither the Association nor the Marina Operator nor SBYC make any promises regarding the marketability of a unit.

• I have heard the traffic in season on the beach is very slow. Will I have to wait hours to get to the marina and back home again?
  
  From late February to mid April the traffic going North from the marina is very slow between 11AM and 6PM. If you are coming to the marina from the Matanzas Bridge (North) direction and do not wish to tackle this delay in season, just call us ahead of time. We’ll pick you up in our Platinum Concierge Service Member Transfer boat at the bridge and bring you to your boat.  We’ll return you the same way in the evening up to 7PM.  Alternatively, we’ll bring your boat to you at the Matanzas Bridge. There is public parking at the foot of the bridge. It’s all part of the Platinum Concierge Member’s Service! Of course, if you are coming from the South there’s seldom a traffic problem.
  
  
  There are likely to be more questions we haven’t thought of. Call us. We’ll be glad to spend the time with you.