Update for 1/11/2021 on Taylorcraft

 Good Morning to Al

Attached is an outline of where we stand on the refurb of the Taylorcraft and a short video of our progress. Read through my explanation and if there are any questions please let me know. The further we get into the project the more issues we have to resolve.

Everyone have a good week and see you on Saturday.

Jerry Harkin
President
EAA 650

Good Morning to Everyone,

 

I wanted to give all the members an update on our progress with the restoration efforts on the Taylorcraft so that everyone is aware of what is going on with the project and the expenses associated with the restoration.

 

First of all, we received some bad news yesterday from Mike Wonder on the condition of the crank; it is bent beyond limits and must be scrapped. This increases the cost of the engine overhaul by roughly $3000.00 dollars. Mike is aware of another Continental 65-8 engine that could be purchased to replace the original engine at a cost of $3500.00. That engine has only 700 hours on it since overhaul and is in mint condition. It has been on display in a museum in Salem, IN for the last 3 years. The upside to using the new engine is that we can sell the usable parts off of the original engine and recoup some of the costs associated with the purchase of the Salem engine. We will take a look at the engine in the next week or two and decide what makes more sense, rebuilding the original engine or buying the Salem engine.

After a lot of discussion with the members attending the meeting last Saturday, it was decided we would consider  purchasing the Salem engine so that the restoration project could continue. The Salem engine does not have any magnetos or wiring harnesses so those also will have to be purchased at an estimated cost of $1800-$2500 dollars. Mike will be touching base with his contacts in the historic airplane industry to see if he can find the parts at a discounted cost. 

The other major area of cost concern is the interior replacement. Fortunately Air-Tex has a complete new interior package to fit the airplane at a cost of approximately $1500 dollars. We are fortunate to have an experienced upholstery member in Jim LeSeure that can guide us putting the new interior in the aircraft. 

The wings, which are stored in our clubhouse, are being patched and cleaned during the Saturday meetings. We could use a hand with the cleaning. The aircraft has spent most of it life in a storage hangar and the dirt has built up since it was last recovered in 1969 after an accident. Remember, this is an all hands on deck project to the Chapter and help is needed to get the aircraft in top shape and ready for resale.

And lastly, my plea for financial support. As you can see we need $7500-$8000 dollars to complete the project as it stands now and we all know when dealing with airplanes there is always unexpected expenses.  Steve Clark will be opening a separate Taylorcraft account at our bank for any donated funds that the members contribute to the restoration project. These funds will be considered loans to be repaid after the sale of the aircraft so no one will be out any money at the end of the project. Steve will be keeping track of all expenditures and deposits of funds during the project and only he and I will have access to the account.

If we spend $8000 dollars for the restoration and are able to sell the aircraft for $18,000.00+ (current market value), at the end of the project all the remaining funds, after everyone has been paid, will go into the Chapter account. There will be full financial visibility to everyone during the restoration and upon completion of the project. We would potentially have $10,000 dollars in our account when this is all over which will put us in an excellent financial position for years to come. I am asking everyone to chip in whatever you feel comfortable with as soon as possible so that we know where we stand financially and allow the project to move forward and at the same time give each member some ownership in the project. To date we have commitments for $3500 dollars so we have a ways to go.

 

Any donations can be given to Steve or myself or can be mailed in to Chapter mail box at the airport – EAA 650 972-1 S. Kirby Rd. Bloomington IN 47403.

Please let me know if you have any questions or comments. Thank you for taking the time to read this update and I look forward to working with all of you on this project.