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.
Benefits of Ownership
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.
Your Playtime Assured
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.
Annual Operating Costs
| Item | cost | |
|---|---|---|
| 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.
A Word about Revenues
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.
Your Management
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.