Crickett Cove Yacht Club Memberhip Reservations Have Been A Great Success!
Many of you have already made reservations and we thank you for your early response, while other have indicated that they were unable to attend our introduction meeting and others saying they have not received any information. Please let me take this opportunity to bring you up to date and provide you with additional information.

Crickett Cove will be converted to a Yacht Club form of ownership established by forming a cooperation. Each share in the Cooperation will carry with it the exclusive right to use a specific wet slip or dry storage unit. The Yacht Club will own all of the property that now composes Crickett Cove Marina including the fuel dock, ship’s store, offices, restaurant, four wet slips (A1 through A4) for the use of members and/or their guest, all of the parking lots, and all of the equipment including the two Wiggins Marine Lifts. With the conversion we will be adding a swimming pool and club cabana which will be located between the parking lot and the marina basin. The Yacht Club will own all of these assets free and clear. The Yacht Club will have no debt.
I know many of you have questions about future marina operations and how the conversion will effect your occupancy. Of course it is my wish that a majority of our existing tenants become member/owners by purchasing and enjoying a long Boating and Yacht Club experience and later enjoy a gain on the sale of their wet or dry slip.

Our observation of similar marina that have made the conversion from a rental facility to a Yacht Club has been that some of the rental tenants will be accommodated by slips and dry storage units being purchased by investors. However, it will be impossible to accommodate every situation, because some of the future buyers are seeking a wet or dry slip which is now occupied.

In an attempt to allow all of our existing tenants a first opportunity to buy and because of the time it has taken to respond to our initial in-house offering, we have delayed the public offering. However, we will introduce our offering to the public beginning September 8, 2001.

Crickett Cove Marina is the premier boating facility in our area and with its future operation as a premier Yacht Club, I believe your choice to be come a member will actually allow you to enjoy a gain while enjoying your boating experience.

My confidence in Crickett Cove Marina was first supported because of the general growth in the Myrtle Beach area and the surrounding Cities that support the Marina, including Charlotte, Highpoint, Winston/Salem, Greensboro, Raleigh/Durham and other communities in North Carolina and Columbia, Greenville, and Florence in South Carolina. All of these cities are growing bringing new boaters to our coast. Just a few statistics for support:
Top 12 States Recreational Boat Registrations 1997 to 1999

As you can see from this data, South Carolina’s and North Carolina’s boating population is growing well. South Carolina’s growth was 38,826 boating units, while North Carolina grew by 24,522 boating units. The combined growth was 62,898 new boats. This increase was greater that the 61,353 boating units shown for California for the same period. When you consider the size of our two states and our populations the percentage growth is very high.

We have observed the appreciation this growth has caused in boat slip prices (both wet and dry) in our neighboring communities of Charleston and Wilmington. The growth has also impacted increases in rental rates across our entire market. We believe these trends will continue over the foreseeable future, with continued increases in rents and slip prices for quality boat storage facilities whether wet or dry. This growth coupled with the scarcity of land near the ocean that may be developed for marina use, provides the potential for most reasonable appreciation.

These factors considered with the opportunity to finance the purchase of a wet or dry slip at very low interest rates is the reason we made to the decision to proceed with the Yacht Club program now. Many of you can purchase a wet or dry slip to accommodate your current boat with little or no additional costs after considering the benefits of ownership. Examples of renting verses buying a slip are shown in the attached information. Some of you will have received this information at the introduction meeting or having picked up a copy at the marina, However, I am sure many of you have not had an opportunity to consider purchasing a slip for your boat. Please give this offer serious consideration. I believe you will find it to be a very reasonable alternative to renting. If you have any questions please call me or I will be glad to visit with you at the marina.

Annual Intracoastal Christmas Regatta & Third Annual
Crickett Cove Fish Stew (Seafood Gumbo) Cook-Off
November 24, 2001 4:00 PM ,Saturday After Thanksgiving

Crickett Cove Marina is sponsoring a FISH STEW (Seafood Gumbo) cook-off on Saturday afternoon, November 24, 2001. This will occur just before the Boat Christmas Parade. All of our members are invited to help judge the Fish Stew Cook-Off by sampling and voting for their favorite. Hot Dogs (for non-voters), Cole Slaw, Potato Chips, Tea and Soft Drinks will be served in addition the stews and gumbos.
We will begin serving Fish Stew at 5:00 PM so we can be ready for the Christmas Regatta, the boat parade should be passing Crickett Cove between 6:00 P.M. and 6:30 P.M. The Fish Stew will be served on the island on "B" Dock. In the event of rain we will dine in the boat-house. The Annual Intracoastal Christmas Regatta is held to collect donations in the form of cash (checks) and/or new unwrapped toys for underprivileged children in Horry County. You are all encouraged to participate by bringing your donation to the Marina. North Myrtle Beach High School’s ROTC Unit will have students here at Crickett Cove the evening of the Regatta to collect your donations.
If you are interested in entering your boat in the Christmas Regatta, please call Larry Hurst at the marina. Boats in the Regatta are judged with the best boat receiving a $1,000.00 cash prize. Additionally, seven category prizes will be awarded in the amount of $250.00 each. The greatest part of the Christmas Regatta is all the fun of decorating your boat and having a lively crew to travel the parade route with you. Please consider representing Crickett Cove in this year’s annual Christmas Regatta. We will be glad to assist with assistance to help decorate and crew your boat.

Crickett Cove Marina Fish Stew Cook-Off Entrants Sought
We are encouraging all to take on the Fish Stew Cook-Off Challenge. The winning Fish Stew will be awarded a cash prize of $500.00. If your team needs equipment, let us know and we will try to assist you. You may enter by calling the marina. Please participate by sharing your secret Fish Stew and/or Seafood Gumbo. The Stew /Gumbo should offer approximately 50 guests a sample for judging (about three gallons).
Entrants may prepare their stew/gumbo off the site, however, it should be heated and complete the final simmer here at Crickett Cove. Each entrant should have their entry ready to serve by 4:45 P.M. on November 24, 2000. We all really had a good time at this event last year even with the rain. Please plan to participated by entering the competition or just plan to help us determine a winner by showing up to eat.

Larry Hurst Joins Crickett Cove
Larry Hurst came on board on August 16^th as Assistant Manager. He comes to us with 14 years of experience as manager of The Country Club of Whispering Pines in Pine Hearst, North Carolina. Whispering Pines has 600 members, offering a 36 hole golf course, pro shop, dining room, 41 guest rooms, and many other amenities.

Before taking over responsibilities at Whispering Pines, Larry had managed Wexford Plantation and Yacht Club in Hilton Head, South Carolina. I am sure you will find him to be knowledgeably and efficient in assisting you with any matters that may arise.

By the way, Larry has a long association with Crickett Cove Marina. He was one of our first arrivals and was here for over two years when he departed for the "Hill". He is now back and when he is not on duty, he’s on "B" Dock aboard the White Russian.

I am looking forward to Introducing Larry during our many activities coming up over the next few months. Larry’s management and boating skills will be a great asset for Crickett Cove Yacht Club.