Shamrock Landing is a new concept to this area: A Boaters Cooperative

A boaters cooperative is similar to a housing co-op, but for boat owners. You purchase an ownership share of the business operation and that secures a rack space for your boat. What does that mean for you? Plenty:

  • You’ll have secure, permanent access to the lake from a fully equipped facility, with rack space to accommodate boats up to 32 feet long, 9 feet high and 10 feet wide
  • You’ll share in the income earned by services such as the marine shop and convenience store
  • You’ll own a share of the property and lakefront that will likely increase in value
  • You can also lease rack space if you are not ready to buy into the co-op

Membership Benefits

Our members are experiencing the following benefits as we speak!

  • Access to Member’s Lounge with wi-fi, workstation with computer and fax machine, showers and laundry facilities.
  • Free garbage disposal
  • Fuel discounts
  • Indoor parking for cars and snowmobiles (lower level memberships)
  • Service discounts
  • Controlled membership costs
  • Peace of mind

Interested in owning a piece of the Landing? Contact us today!

lounge

Frequently Asked Questions

Click on a question to view the answer.

How is the new Shamrock Landing different from what we used to experience at Shamrock Marina?
First of all, Shamrock Landing is still a marina.But more importantly, if you want to be an owner rather than a renter, you can now own a piece of Shamrock Landing.
Why would I want to own a piece of Shamrock?
To ensure Shamrock Landing remains a marina and you have locked-in affordable boat storage for the foreseeable future.
So, how does this work?
Shamrock Landing Development, LLC, a Minnesota limited liability corporation, has acquired much of the existing real estate, buildings and business known as Shamrock Marina. (Randy and Kathy are partners in the development company and will continue to operate the cabins as Shamrock Resort, a separate business entity, and live on-site).In Spring 2007, Shamrock Landing Development (SLD) began selling memberships in Shamrock Landing Cooperative (SLC), a Minnesota, non-residential cooperative, to the general public (this is the “you can own a piece of Shamrock” part).For a limited time, Shamrock Marina’s existing customer base was given preferential access and pricing prior to sales to the general public. Existing customers should have received a packet in the mail a number of weeks ago. Please contact us at once if the packet did not arrive – sales are moving at brisk pace but we are committed to giving long standing customers first-shot. We will be starting our advertising campaign shortly.Each Membership in the Cooperative includes the permanent use of a designated boat rack in Shamrock Landing’s new storage facility (read on) as well as other rights and responsibilities associated with cooperatives.
What does this cost?
Membership is offered at various price levels depending on your preference for boat rack position: for example, you could choose a top-rack, one of three middle-racks or ground-level rack.Prices are based on timing and rack position.
Why do prices vary based on the elevation of the rack?
Both ground and top-level racks offer several benefits that potentially make them more desirable to some Members. Ground level racks permit interior auto parking while your boat is in the water and additional space that might accommodate a small storage unit. The top-level offers additional head room for high profile boats or pontoons with upright canvas enclosures.
How large are the racks?
The building can accommodate boats up to 32 feet long and 10 feet wide.
Are there any quantity discounts?
Yes, for a limited time. A number of customers have purchased multiple Memberships.
How quickly is all of this going to happen?
It already has!

  • The existing buildings at Shamrock Marina have been removed and a single, new steel building designed specifically for boat storage has been constructed providing approximately 162 indoor boat racks.
  • You can see a new, gigantic fork lift moving boats from rack to the water and back.
  • The existing parking lot has been graded, new gravel has been put in and security lighting is slated to be installed.
  • Membership includes access to the Member’s Lounge, which is complete with a business center, bathrooms with showers, laundry facilities and DirecTV.
  • Shamrock Landing also offers a convenience store and a 24/7 credit card fueling system.
  • In the future, Shamrock Landing intends to offer marine sales/service as a way of lowering ongoing operating costs for Members.

The next phase of the development will involve excavation and redevelopment of the existing lagoon and in-water slip facilities.

How does this new approach impact current customers?
You now have a state-of-the-art marina! Those customers wishing to purchase a Membership in SLC will have a voice in the Cooperative through an Association. A Board composed of Association Members will make decisions.For those customers wishing to continue the current lease arrangement, we look forward to continuing those services in our new facility until the full set of racks have been occupied by Members’ boats.
So, do we have a whole new set of rules and regulations we have to follow about when we call to get our boat in the water, how long we can tie-up at the dock, etc?
No, it’s business as usual. Once control passes to the Association, Members will have a direct voice in how things work. For now, just try to give us a few hours notice and we will have your boat in the water when you arrive.
What won’t change?
Shamrock Landing Cooperative still occupies the existing Shamrock Marina site so you will continue to have access to one of the most beautiful lakes in America. Additionally, the positive experience you have had with Randy and Kathy over past 25 years will continue for the foreseeable future. You can continue to tie your boat up at the dock and come and go just as you have in the past.
So Randy and Kathy will continue running things?
Yes. Randy and Kathy have executed a management agreement with the development company and intend to service customers in the same ways they’ve been doing for years.
Just how involved are Randy and Kathy in this development company?
Deeply. The Kladivos’ co-own an equal share of the business with three other partners. Randy is the President and General Manager. Kathy is the Secretary and Treasurer. The other individuals provide consultation related to sales, marketing and general business issues.
I think I’ve heard this called a “rackominium” and that the idea is growing in popularity. Why has Shamrock Landing decided to use a cooperative (co-op) legal structure rather than a condominium model?
The cooperative model offers simplicity, flexibility and tax benefits that a traditional condominium arrangement does not. From the buyers’ perspective, you are purchasing Membership in a cooperative rather than a small, defined piece of real estate. Should you decide to sell your Membership in the future, the transaction is greatly simplified and can be accomplished with a “Bill of Sale” rather than a real estate transaction.
So I can sell my Membership in the future?
Absolutely, as described in the documents you receive when you execute a Purchase Agreement.
Can I sublease my rack?
You sure can. All we ask is you use our lease form.
What will the ongoing annual Membership fees be?
The long-term objective of the Cooperative will likely be the reduction of operating costs to the lowest level possible. For Members, this translates to low-cost (ideally, no cost) boat storage.
There are a number of sources of revenue the Association could use to potentially offset operating costs: profit on gas sales, lease/revenue sharing on the convenience store and marine shop as well as winter boat storage (the aisle of the building will accommodate another 100 boats for seasonal storage). Naturally, these revenue streams may take 2 to 3 years to fully develop. As a general rule, for the first several years of operation, the annual fees are estimated to be 75% of comparable rental/lease rates. This figure will vary based on the budgeting of insurance, maintenance, staff, and various replacement accounts. The documents you receive after you execute a Reservation Agreement contain a pro forma budget.
Why would I spend this much money for a place to store my boat?
Peace of mind.
Lake Vermilion is an increasingly attractive destination. This translates to more people, more boats, higher prices, more shoreline development… and greater pressure to turn marinas into residential projects.
Would you like comfort that comes with knowing future residential or business development on Lake Vermilion won’t encroach on your marina space?
Would you like a voice in determining future boat storage costs and marina operation?
If you don’t have road access to your cabin, you may have done the math and discovered that buying a 100 foot piece of property and putting up your own boathouse will cost more than $200,000. (Did you remember the property taxes?)
For those of you who may be selling your cabin, your ability to convey your Membership in Shamrock Landing and permanent boat rack access may enhance your ability to sell at top price.
You can participate in the rising value of Lake Vermilion lakeshore without the headaches of direct real estate ownership.
Do you own a boat that you use as your “floating cabin” on Lake Vermilion? Wouldn’t you love the ability to take a long, hot shower at a clean marina? Or maybe have access to a clean toilet that actually flushes? Or a place to dry your hair? Or a place to respond to emails… or send/receive a fax?
For many people, the answer to these questions is – yes. The purchase price is reasonable; it makes good financial sense and provides a higher degree of control over the future.
Who controls the day-to-day operations and makes ongoing decisions about the facility?
Until accountability passes to the Association, Randy, Kathy and the other project investors will make decisions pertaining to the property. As noted above, Randy and Kathy have a significant, ongoing financial stake in the marina and will continue to manage the day-to-day operations.
When will control pass from the development company to the Cooperative?
No later than the point at which 75% of the Memberships are sold. Ideally, sooner.
Who will operate the marine shop and convenience store?
It is anticipated that in the future, both the marine shop and the convenience store will be operated through lease arrangements. At the time being, the convenience store is run by Randy, Kathy, TJ and Kimberly. As with gas sales, profits flowing from the leases will likely serve to offset ongoing operating costs for the Cooperative.
Does anyone else offer this type of arrangement on Lake Vermilion?
Not yet, but it’s coming. We are the first on Lake Vermilion and intend to be the premier marina on the lake. This approach is being used in many other locations around the country and is common on the eastern seaboard and Gulf Coast.
Can I access my rack in the wintertime if I have a ground level unit (think snowmobiles)?
The storage facility will have the capacity to generate additional revenue from winter boat storage. However, once capacity is reached, that storage could prevent access to the floor level racks. Ultimately, the Association, through its Board of Directors, will make a determination as to whether the storage revenue offsets the value of having wintertime access.
Is there an electronic security system? Is there a sprinkler system?
While the building will be under-lock-and-key, neither alarm nor sprinkler systems are scheduled to be installed during Phase I. The design of the building is such that these systems could be added at a later date should the Membership desire.
Who carries the liability and property insurance?
Shamrock Landing Development, LLC will carry both liability and property insurance on the storage building and all common areas. Boat owners will be responsible for carrying insurance on their own boats and contents. Decisions related to insurance matters will pass to the Association once control passes from SLD to SLC.
If I decide not to buy a Membership, can I still store my boat at Shamrock?
Of course! Until such time as all Memberships are sold and racks are occupied, we are delighted to continue to lease storage space for your boat at Shamrock. It is also possible that some Members may choose to sublet their racks. Naturally, there is no guarantee.
It is estimated that rental/lease fees will increase significantly based on supply and demand.
This all sounds good. So what’s the process to buy a Membership?
  1. Talk to Randy or Kathy and chose your desired rack position: top, middle or ground level. This choice determines your cost of Membership in the Cooperative.
  2. Execute a Reservation Agreement along with a refundable $5,000 deposit made payable to Shamrock Landing Development, LLC.
  3. Within 30 days of submitting a Reservation Agreement, you will receive a set Cooperative documents, including the Declaration, a Purchase Agreement and copies of the Proprietary Lease entitling the use of a boat rack.
  4. The earnest money deposit becomes non-refundable fourteen (14) days after the execution of the Purchase Agreement.
  5. The remainder of the purchase price will be due at a closing to be scheduled upon substantial completion of the improvements and formation of the Cooperative.
What if I decide not to sign the Purchase Agreement?
It’s simple. Your $5,000 is fully refundable.
What if I change my mind after signing the Purchase Agreement?
You receive a full refund if you let us know during the 14-day rescission period. After 14 days, the earnest money is non-refundable.

Looking for cabin and boat rentals on Lake Vermilion? Check out Shamrock Rentals.