Proposed New Site Information
For the past 10 months, we have had a Future Facility Task Force evaluating our existing facilities and office operations to determine what our future needs might be. We considered:
- Maintaining the two existing buildings
- Purchasing an existing building
- Buying vacant land and building a new facility
After months of research and analyzing the cost and member benefit, a recommendation is being forwarded for a membership vote that we build a new building that is centrally located and consolidate our business operations under one roof. We have roughly $275,000 in deferred maintenance issues that includes enhancements to our technology that need to take place, if we don’t build a new building. The proposed plan is to sell both existing buildings to offset some of the construction costs and obtain a mortgage that falls within our current budget.
One building makes financial sense. For analysis purposes, we developed a budget based on one building. The end result being we could accomplish the goals of streamlining the functionality of our facilities and administration into one building under the current dues structure with NO DUES INCREASE REQUIRED.
There are lots of reasons this move makes sense:
- Reduced commutes for some due to US-1 and I-95 accessibility and less city traffic
- Anticipated enhancement of participation in committees and events
- Less confusion over meeting locations
- Less time lost commuting for members and staff
The proposal before our REALTOR® membership is that we sell both our Merritt Island and Melbourne facilities, purchase a new property and build a headquarters building at the northeast corner of Wickham Road and Pineda Plaza Way in the community of Palm Shores. From a conservative financial standpoint, we can accomplish this goal within our existing dues structure because it’s less expensive to operate out of one office versus two.
This is a major undertaking that has been studied and discussed in many meetings of the Future Facility Task Force and your Board of Directors. We held two Town Hall meetings to roll the proposed purchase out to the general membership so that leadership could respond to member questions and/or concerns.
Our Bylaws require a vote of the membership for any expenditure over the available cash on hand and/or anticipated revenue during the next 12 months. The intent is that we sell both buildings and build a new building in the center of Brevard County that provides easy access to I-95, US Highway 1, Wickham Road and the Pineda Causeway. We believe that we have the perfect location under contract and we are in our due diligence period, which includes membership approval of the proposed purchase.
Click here to learn more about the proposal. Click here to hear audio of the Town Hall meeting in Melbourne. (Please disregard the first few minutes of the audio as the meeting had not started yet so the equipment recorded background noises. Also note that the meeting ends at the 48 minute mark.)
Online voting runs from Wednesday, October 12, 2016, through 4:00 p.m. on Friday, October 21, 2016.
Please contact the Association at 321-242-2211 if you have questions about the proposed new site.