CAPITAL PLAN IS UNANIMOUSLY APPROVED The Fisher Island Community Association (FICA) Board of Directors, along with the Voting Members of the Master Association, has unanimously approved the 2007 Capital Plan. Among the many anticipated improvements and approved upgrades residents can now look forward to seeing are enhancements to the Island’s ferry service and security systems. Provisions have also been made to shed a little light on the Island as hundreds and hundreds of existing light fixtures are replaced or refurbished. The $4.2 million plan will draw $1.55 million from capital reserves. An additional $2.6 million will be financed for ten years and amortized into the FICA assessments over the same period in order to avoid the necessity of assessing FICA Members with a single burdensome payment. “For a long period of time, many components of our physical plant were allowed to deteriorate, so we have some catching up to do, particularly with our vessels and landings,” Mark James, President of FICA, points out. An estimated $1.7 million of the plan has been earmarked for upgrades to the Fisher Island ferries, tug boats and terminal landings. Much of the work is mandated by the Coast Guard, the rest will ensure that the system continues to serve the Island’s residents and guests efficiently and effectively. The need to replace 400 linear feet of sea wall has also been addressed. Due to serious erosion resulting from recent dredging activity, the depth of the sea wall will also be extended. Those costs account for $1.5 million of the Capital Plan’s resources. Among other highlights of the plan are: a wireless system that will facilitate Island access for residents and guests valued at $325,000 and $253,000, all of it from reserves, to refurbish and/or replace light fixtures. “We have 987 light fixtures in the FICA-managed common areas on the Island and less than half of them are working,” James observes, “The Homeowner’s Associations have the same problem and have asked FICA to take over the management of that lighting.” For a complete copy of the approved Capital Plan, which encompasses a number of other exciting improvements and upgrades, contact James at mjames@fisherisland.com.