NCMM-Response-to-the-BPCA-RFP-Marina-Operator

Jordan Gruzen (4%)
None of these 3 shareholders are minority persons.
A-6. State the name, addresses, and telephone numbers of at least
three (3) commercial or institutional credit references. Two of the three
should be institutions from which Proposer has previously obtained
substantial project financing. Attach a letter authorizing each credit
reference to respond to inquiries from BPCA.
I moved into Gateway Plaza in
December 2001 while fires
burnt on Ground Zero. The
North Cove Marina was a
disaster area with fears that the
community would not rebound.
I remember that I drove my city
government car through the
area in front of the marina that
served as our exit route out of
the community. It took the
courage and loyalty of many
residents and supporters to
rebuild our community. Your
role in operating the marina is a
critical piece to that overall
development plan. It built
confidence in the community
and the City that the
neighborhood was once again a
world-class destination.
However, beyond the benefits of
the economic upturn of the
marina, you made sure the
community got to enjoy the
revival. You integrated the
marina into the community. I
can say without hesitation that
no vendor can meet your solid
experience and commitment to
this community.
- Ninfa Segarra
Our company has not had the need to obtain any substantial project
financing since we were founded in 2004. By all accounts, our company
has managed North Cove very successfully for the past 10 years. We
have achieved this success without any substantial financing. This
demonstrates there is no correlation between previously obtained
project financing and managing North Cove successfully.
NCMM began operating in 2004 with a $100,000 loan which was repaid.
NCMM operates as a small business with $1,300,000 in annual gross
revenue. Over the years, NCMM has built up a cash reserve designed to
assist the company through difficult times such as experienced after
Hurricane Sandy. The fact that NCMM had its own money on hand to
complete repairs strengthened our ability to successfully negotiate with
the insurance company.
NCMM has not applied for any significant project financing because we
have financed all of our operations with cash on hand. We do not have
any additional projects which would provide a good return on
investment. The only major improvement which could be done to the
marina is wave attenuation. BPCA conducted its own study of the
potential costs involved and determined that wave attenuation was not a
fiscally responsible investment.
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