What is the difference between a share and a membership unit of an LLC?
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Not much — since we are registered as an LLC, membership units (also known as membership interests or capital interests) are a type of equity that represent an owner's stake in the company. They are similar to shares of stock in a corporation but offer more flexibility in ownership structure and distribution of profits and losses.
How much equity can I purchase?
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We are currently selling 10% of the company, which equals 1,500 membership units. Each unit is currently priced at $1,000. If you'd like to purchase more than 10 shares, please contact us directly. Anything less you can purchase through the website.
Are there any additional fees required after I become an owner?
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The only required fee will be a $39 annual tax filing fee to issue your K1 after January of each year. There are no HOA fees or anything of that nature. You may purchase additional equity, but it is not required.
What about liability insurance and property taxes?
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We have maintained liability insurance since we purchased the island and have paid all property taxes. The company will continue to do so out of profits made on the island — this will not be an expense that shareholders have to cover.
I bought a share, what does that entitle me to?
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Owners Club members will be entitled to profit sharing, have voting rights, and be invited to special events on the island specifically for Owners Club members and their guests. We intend on holding these special events 2 to 3 times annually. You will also have access to the island and 20% off all food and beverage at the tiki bar.
As an owner, what rights do I have?
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You will have voting rights and standard equity holder rights, however the board of directors decides all rules on the property and has final say. Rules must be followed. For example, you cannot set up a business, build a structure, or camp on the property without board approval.
When can I expect an ROI or profit sharing return?
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Profit sharing checks will be sent out annually sometime after January of each calendar year. An exact ROI is difficult to determine as with any investment.
Why are you selling shares?
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A total of 10% of the island is up for sale at $1,000 per share, with 1,500 units in total being sold. The funding goal is $1.5 million to cover the costs of zoning, engineers, architects, consultants, and other island-related expenses.
The island has always been a gem of Tampa Bay and holds a special place in the hearts of the community. Our goal is to honor that sentiment and have more community involvement than ever before. By becoming an owner, you will be part of the BCI community and the future of the island!
What are the future plans for the island?
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Future plans include: 1) Reclaiming lost beach due to erosion, 2) Installing breakwaters to prevent further erosion and secure the island permanently, 3) Docks, 4) Cabins, 5) Open recreational space, 6) Club house, 7) Tiki huts, and several other amenities to be announced.
What is the zoning status of Beer Can Island?
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As of May 2024, Beer Can Island remains unzoned, located in unincorporated Hillsborough County. Our team has met with county officials and is preparing a site plan and PD for submission. We are confident our future plans will be approved.
What happens if we sell 100% of the island to an investor?
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We don't see that happening anytime soon. However, in the event of a 100% buyout, we would negotiate terms for those interested in maintaining their share of ownership. If your equity was purchased, you would be entitled to your percentage of the profits based on your ownership percentage.
What is the current value of the island?
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As of May 2024 we are putting a valuation of $1.5 million on the Beer Can Island Owners Club LLC, which holds 10% ownership of the property. Being the most famous privately owned island in all of Florida, and the location between Tampa and St. Pete, also holds enormous value.
If I have more questions, who should I contact?
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