By now all of you should have received the voting information and the written consent form authorizing the Kahala Board to borrow additional money to complete the Lanai Replacement Project. Please take the time to review the materials, vote, and respond by July 8.
We are now zeroing in on completion of this important project. Building 9 will start this month and Building 8 starting in October. We are planning to have all the work completed this year, including railings, gutters, cleanup and restoration of our parking areas and landscaping. We currently are forecasting to spend a total of $2.6 million to fund the complete replacement of the lanais including all dry rot damaged wood. We were fortunate to have pre-purchased all major materials like tile, finish plywood, copper for the gutter fabrication, fabricated railings early in the project, and avoided the price hikes and material shortages seen during the past two years.
We realize that the requested loan amount is for $1 million, in addition to the $2 million loan we previously acquired at the start of the project. We do not intend to spend the entire loan amount, only what we need to complete the work and get the lower lanais squared away as well.
We hope most of you have had an opportunity to see the completed work in person, and Mahalo to everyone for their patience during this very challenging project.