Flying Site Case Study #17
Jack LaFave, former president of the Space City RIC Club of Katy-Houston, Texas shares how he secured a flying field with little funds.
Space City RIC Club was organized about 1968. I became a member in 1969. For many years we moved from site to site in order to fly our models. Finally, in 1982 we found a fanner who was willing to lease us the far end of a 40-acre tract for $100 per month.
A few years later we approached the owner to see if he would sell us the land. The answer- yes! $10,000 per acre. Wow!
We incorporated Space City RIC Club then formed another corporation, Space City RIC Investments, Inc. Twelve of us pledged $500 per year for five years to purchase stock in the corporation. With seed money, we purchased our first acreage.
At the end of the first five-year period we found 14 more members who were willing to pledge $500 per year for five years to purchase stock in the corporation. With these additional funds we purchased more land for our flying field.
The investment corporation leases the field to the club. As rent, the stockholders do not pay dues to the club.
Dues are $150 per year and we have between 100 and 150 members per year, including all stockholders. In addition to rent, the club must pay all taxes, provide all maintenance, and pay for all improvements to the site.
The stockholders doubt if they will ever recover any money on their investment; however having a permanent field is worth it."