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Post Date: Tuesday, August 01, 2017
The Board of Directors has unanimously voted in favor of imposing a $2,000 assessment for all golfing members and a $250 assessment for all tennis and social members.
The assessment will be due March 1, 2018. There will be an option to pay it off in 24 monthly installments for a convenience fee of $500. We will use the funds to pay off approximately $1,550,000 in debt.
This debt is comprised of pre-existing debt and the acquisition of 218 acres to secure water rights for The Club. To clear up a common misconception around The Club, there was no debt used to fund the construction of Chilton’s. The construction of Chilton’s and the furniture, fixtures and equipment were all funded out of operations with cash.
The Board is confident this will put our club in the best position to make the necessary investment in our club and golf course over the next decade.
We will save a minimum of $222,000 in annual debt service over the expected life of the loan at current principal reduction levels. We anticipate producing over $800,000 in cash flow next year and in the following years. We will set up a separate reserve account into which we anticipate contributing at least $500,000 per year out of our free cash flow.
These funds will be used first as a reserve account to protect against a catastrophic event such as “losing our greens.” Once a minimum reserve has been met, excess funds will be used to fund improvements to The Club as voted on by future boards.
We will hold a Town Hall meeting Tuesday, August 15 at 6 p.m. where the Board of Directors will be available to discuss the assessment, need for a Master Plan and field any questions from the membership.