FAQ
Not much, Since we are registered as an LLC… Membership units, also known as membership interests or capital interests, are a type of equity in a Limited Liability Company (LLC) that represent an owner’s stake in the company. Membership units are similar to shares of stock in a corporation, but offer more flexibility in terms of ownership structure and distribution of profits and losses.
We are currently selling 10% of the company which equals 1,500 memberships units, each 1 unit is currently priced at $1000.00 each. If you’d like to purchase more than 10 shares, please contact us directly, anything less you can purchase through the website.
The only required fee will be a $39 annual tax filing fee to issue your K1 after January of each year. You will be allowed to purchase additional equity, but there are no HOA fees or anything of that nature.
We have maintained liability insurance since we purchased the island and paid all property taxes. The company will continue to do so out of profits made on the island. This will not be an expense that shareholders will have to cover.
Owners club members will be entitled to profit sharing, have voting rights and be invited to special events on the island specifically for Owners Club and their guests only. We intend on holding these special events 2 to 3 times annually. You will also have access to the island and 20% off all food and beverage at the tiki bar.
You will have voting rights and standard equity holder rights, however the board of directors decides all of the rules on the property and has final say. Rules must be followed. For example, you cannot setup a business, build a structure or camp on the property without board approval.
Profit sharing checks will be sent out annually sometime after January of each calendar year. An exact ROI is difficult to determine as with any investment.
A total of 10% of the island is up for sale at $1000 per share , with 1500 shares “Units” in total being sold, funding goal is $1.5 Million to cover the costs zoning, engineers, architects, consultants and other island related expenses.
The island has always always been a gem of Tampa Bay and holds a special place in the hearts of the community. Our goal is to honor that sentiment and have more community involvement than ever before. By becoming an owner, you will be part of the BCI community and the future of the island!
We’ve contracted with the best of the best to create a site plan and renderings of what the island will look like in the future. The master plans should be released to the public mid to end of June 2024.
The public will see the upcoming plans sometime in June of 2024 and will include several things. 1) Reclaiming lost beach due to erosion, 2) installing breakwaters to prevent further erosion and secure the island permanently , 3) Docks, 4) Cabins, 5) a Lot of open recreational space, 6) Club house, 7) Tiki huts and several other amenities to be announced later.
As of May 2024 Beer Can Island remains un-zoned located in unincorporated Hillsborough County. Our team has met with several county officials “the powers that be” recently, what they are requesting from us is a site plan and PD. Sometime in June 2024 we will have that ready and presented to them, after that we can finally we can move forward. We are confident that our future plans with the island will be approved.
We don’t see that happening anytime soon, however, In the event of a 100% buyout, we would negotiate terms for those interested in maintaining their share of ownership in the property. If your equity was purchased, you would be entitled to your percentage of the profits based on your ownership percentage.
As of May 2024 we are putting a valuation of $1.5 million on the Beer Can Island Owners Club LLC which holds 10% ownership of the property. However, it’s like any other property, it’s all what someone else is willing to pay for it. Being the most famous privately owned island in all of Florida and the location between Tampa and St Pete also holds a huge value. There is literally no other island that anyone can compare Beer Can Island to. BCI is a staple of Tampa Bay and we want to continue that legacy and improve everything about it!
Currently the best contacts are going to be Russell Loomis or Cole Weaver, Russ@beercanisland.com or call/text 727-254-9153 or Cole Weaver at 303-506-1695