Spider Lake Retreat, Inc. (SLRI)
is pleased to offer the opportunity for quality vacation
time to 11 purchasers. Each will buy 100 shares of the
1,100 available shares. Since SLRI owns the facility, each
shareholder essentially owns 1/11 of the premises. |
By purchasing shares in Spider Lake Retreat, you will own
in a northern Michigan vacation experience to be enjoyed
by generations – one that pays dividends in wholesome,
outdoor family fun.
| Property Taxes |
$50,600 |
| Repairs & Maintenance |
$30,000 |
| Cleaning Costs |
$32,000 |
| Laundry |
$8,000 |
| Insurance |
$5,700 |
| Electric |
$12,500 |
| Gas |
$5,800 |
| Cable/Trash/Snow/Phone |
$4,000 |
| Miscellaneous |
$6,000 |
| Management/Accounting |
$8,000 |
| Total |
$162,600 |
| Contingency & Capital Reserve |
$22,200 |
| Total |
$184,800 |
Dues per shareholder will be set initially at $1,400 per
month or $16,800 per year to cover operating costs.
Spider Lake Retreat encourages ownership
enjoyment, and it is intended that purchasers
will personally use their shares rather than renting
them for income. The gross rental value of a typical
five-week period is approximately $65,000.
As a shareholder, you’ll receive plenty
of personal time to enjoy the resort’s many amenities.
With just 11 shareholders, Spider Lake Retreat offers maximum
playtime using a sensible, rotating annual schedule.
A shareholder use agreement allows each shareholder
to use the facility every 11th week. Your retreat weeks begin
and end on Sundays. In the event that you are unable to visit
during this period, you may choose to place your vacation week
in our rental pool for other families or business groups to
enjoy.
To assure you of the finest four-season experience,
our resort annually changes your retreat schedule. Best of
all, you’ll always benefit from a full week of summer
fun between mid June and late August.
Mike Anton of Retreat Management Corp. (RMC)
will manage your property. Your unused weeks may be placed
in the rental pool. RMC will handle all reservations, cleaning,
etc. Rental proceeds will be split 50-50. Weeks may also be
traded for weeks at Northport
Bay Retreat.
Shareholders may use their weeks for personal
or business use or give them away. Rentals of unused weeks
must go through the management company.
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