September 8, 2007 - HPR What's Happening!
Well it is Saturday afternoon and I have just completed processing this weeks credit card contributions. This brings our total so far in the member fundraising campaign to $246,124. By the time this is released we can say that we have raised our first quarter million, which is 25% of our fundraising goal and 50% of the fundraising budgeted. To date we have had 271 members make contributions. This breaks down to:
147 members who gave up to $250
25 who gave at $250 to $500
74 between $1,000 to $1,500
18 between $2,500 to $5,000 and
7 members at $10,000 or over
Interestingly this diversity displays that every contribution is important, no matter what level. The next steps in the fundraising campaign entails personal phone calls from members of each club along with informational meetings. Both are proving to be successful and you should watch your club newsletters and web sites for details of coming events.
This past couple of weeks your Colorado Amateur Motorsport Associates, LLC (CAMA) representatives have been consumed in legal documents needed to establish the loan program. The process of providing adequate security for the lenders and protecting the investments of the member clubs is requiring massive but necessary paperwork. We expect in the next couple of weeks to have the loan company, Colorado Amateur Motorsports Lending Co. (CAMLC), formed and the loan documents between CAMA and CAMLC finalized. The law firm handling the SEC private placement memorandum is awaiting these documents to complete the process.
CAMLC has verbal commitments for half of the loan goal and significant interest for the balance of the amount needed to be borrowed. In fairness to the lenders, we are not adding any of these funds to the web site contribution thermometer until each lender has signed their share of the documents.
If the thermometer were adjusted to include the committed loans we would be extremely close to the two million dollar level today and well on our way to realizing our dream of building HPR.
In the midst of the fundraising activities and legal document preparation your representatives have been working closely with the design team. Bill Howard, of Plan West (RMVR) and I reviewed our track designs with Alan Wilson, who had exciting suggestions to enhance the fun level of the circuit and provided emphasis on various safety factors. Alan's valuable input was combined recently with other ideas we have received from many of our own members' knowledge of a variety of race tracks. The result is an improved version of the track design which has us very excited. The most notable change was to make the turns down the bobsled run to be more dominant and challenging. The runoff area for the turn at the bottom of that hill was also repositioned. Also, there have been modifications to the turns at the end of the straightaway & the hairpin to make those sections safer while still as incredible. Check the website soon for postings of the new drawings and watch for announcements of informational meetings to learn more about the new configuration.
With the design nearing finality, efforts have begun to initiate the construction process. RG Consulting, our engineering team owned by Rick Goncalves (RMR-PCA), will soon begin preparation of the final grading plan. Preliminary review has begun confirming the major components of our construction estimate with the actual design. Also, the bid process to formalize construction costs and contracts will soon be underway. In the meantime, we are anxiously awaiting Arapahoe County's first response to our Use by Special Review (USR) application.
Keep the contributions coming and I will try to be more diligent in my updates.
Sincerely,
Charlie Thompson
CAMA Manager
Originally Posted by Budd435
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