With over 10 buildings on the waterfront property, MV Marina faced significant challenges with the Biggert-Waters Flood Insurance act of 2012. A routine FEMA remapping of the area, along with the marina changing hands, compounded the problem. The change in ownership triggered an exorbitant increase in flood insurance premium from $3,000 to over $50,000. During the deal, Peter advised George on multiple flood insurance scenarios to help make sure the deal would cash flow. And he coordinated with George and George’s engineer, convincing George to raise the building a few feet higher than originally planned to mitigate downstream flood plan changes.
A few excerpts from the The Martha’s Vineyard Times:
Raising the shingled wooden barn-like structure that houses the store and offices at Martha’s Vineyard Marina, formerly Maciel Marine, on Lagoon Pond Road almost seven feet will keep the floor from the high tides and save on the cost of insurance premiums, according to co-owner George Rogers of Vineyard Haven.
Mr. Rogers said the savings in insurance costs will pay for the move in about four years. The Rogerses also own Edgartown Marine.
Update: Peter was glad to share a copy of this story as an anecdote with our lawmakers in Washington DC of how their legislation affects local families and businesses. See Lobbying in D.C. for our clients for more.