History of Moonshine Cove Yacht Club

On or about June 30, 1998, 70 committed investors (aka Friends of Coho Cove) purchased the marina facilities at Coho Cove, now known as Moonshine Cove Yacht Club, from Coho Cove Estates.

Background:

The marina, which consisted of a few dilapidated floats, was originally constructed for contractors accessing a large tract of land being developed by Coho Cove Estates. For many years residents of the island used the facilities and, because of that usage, in return provided some maintenance of the facilities. The marina was considered by many as an important island asset.

Knowing that the marina was in disrepair and would be likely removed by the owner, a few intrepid residents began to explore options on how to obtain the marina prior to its demolition. Those residents formed the Friends of Coho Cove Society.

The original plan was to buy the marina facilities through Friends of Coho Cove (FCC) and the Regional District of Nanaimo (RDN) but that plan was rejected by the vendor.  A second proposal, more than twice the cost and restricting membership to the west part of the island, was agreed upon by the vendor and the RDN.  Because of what was viewed as negatively restricting access to the marina by residents outside of the lands developed by Coho Cove Estates, the FCC requested that proposal be put on hold, which was done.

The FCC then explored the private purchase of Coho Cove by FCC.  This option proved to be the most viable as ownership would not be restricted at the outset. This option was accepted by the vendor and the process of seeking investors began. The purchase included Lot 53, the marina facilities and the rights to the transfer of the foreshore lease and its improvements. This option was the one pursued and resulted in the successful purchase of the marina and its works.

 On August 23, 1997 a public meeting was held on Mudge Island. The primary purpose of the meeting was to discuss the purchase of the Coho Cove marina located in Moonshine Cove.  Numerous letters and information sheets from both the RDN and FCC followed.  In one of those letters the FCC asked property owners to formally express their interest in participating in the purchase of the marina. Over 100 owners responded.  In March 1998 all respondents, and other interested parties, were sent a second letter from the FCC outlining the purchase price and other details of the transaction.

In June 1998 the open invitation for membership closed with 70 confirmed firm investors willing to participate and purchase a share.   The application for shares, with one exception, was closed at the time of purchase of the marina from Coho Cove.  Holders of shares are able to transfer their shares to another party for a small administration fee.

Since June 1998 additional shares at market rates have been issued by FCC in accordance with the purchase agreement; the agreement stipulated that purchasers of raw land from Coho Cove Estates be given the option of purchasing a share from FCC. The monies received from the sale of those shares remains with the FCC.