Hi Everyone. Here is the status on the different topics I have been reporting to you on.
INSURANCE:
We still do not know the amount the insurance company is going to pay us. The insurance company and I both hired independent adjusters to settle this claim. Our adjusters had their estimates done in March, 2009. The insurance company’s adjuster just filed his report with the insurance company within the last 10 days. It is now up to the insurance company’s executives to approve the amount. We do not know when that will occur. However, they have paid us enough money to start construction.
BUILDING PERMIT:
I have been informed by Jeffords Steel, who is doing the foundation and steel aspect of the plans, that they are ready to submit for a permit on Monday, June 22, 2009. John McKenna, our architect, who is preparing all the architectural design and building code compliance design, is also ready to submit his plans on Monday, June 22, 2009. Once they submit, the plans will go to an engineering firm out of Glenville, NY who will do the code compliance review. We wish this could be done locally but unfortunately it is not. We are not sure how long this review will take and if he will find some items that need to be revised. We hope this does not occur. We are hoping the review process takes no more than two weeks. Jeffords would then schedule their steel erection contractor to erect the steel. We are hoping for that steel erection work will commence the week of July 13, 2009. The steel erection would take approximately 3 weeks to complete. We are intending to hire a lot of subcontractors in order to move the construction along more quickly.
BALANCE OF THE BUILDING PLANS:
We have other professionals designing the fire alarm, electrical, HVAC (heating, ventilating and air conditioning) and sprinkler system (every part of the building will be sprinklered). McKenna is doing the plumbing. These plans needed to wait until the architectural design (floor plans, etc.) were done. We hope to have these completed well before the steel structure is completed so they can be submitted for review by the Town hired engineer. This would allow for a continuous construction process.
CONSTRUCTION SEQUENCING:
The delays we have experienced are changing our priorities to get various phases of our operation back up. Our business interruption insurance (covers continuing expenses like mortgage payment, insurance, real estate taxes, administrative payroll etc.) is now definitely going to run out before we get completely back open. This is putting much greater emphasis on getting certain businesses, like Perkins, back open as soon as possible. Then part of the continuing expenses gets covered by that business because it is back open. We are shooting for an October opening for Perkins. We would try to reopen Legends as soon as possible after Perkins along with the Grand Ballroom. We would try to open the health club and the hotel at the same time rather than open the hotel first. This is because it would now be December and there is not much hotel business at that time but it is a great season for the health club business with people joining health clubs due to New Year’s resolutions.
CLOSING:
I hope everyone is well. I assure you we are doing everything possible to commence rebuilding. If we can help with anything, please let us know.
Best wishes, Terry