All Current Members Pay: Total assessment in one of the proposed payment options below.

We would begin the assessment in March 2024.

 Payment Options:

·         Pay in full with a 4% discount - March 2024

·         Pay in two equal installments with no interest charge. First installment due March 2024 and second installment due 13 months after first installment.

·         Pay in four equal installments with market rate interest. First installment due March 2024, second installment due in month 7, third installment due month 13 and the final installment due in month 19.

·         Pay $50,000 down and the remainder in 120 monthly payments with market rate interest.

Incoming Members Pay:

·         $150,000 initiation fee plus $75,000 of assessment. This will remain for two (2) years or until substantial completion of construction.

·         At the end of construction, the Board will establish a new initiation fee that combines the above.  

Exiting Member Receives:

·         An exiting Member receives the $150,000 initiation fee less the applicable transfer fee (50 – 80%), PLUS all of the $75,000 assessment fee paid by the incoming Member if the exiting Member leaves within 1 – 24 months of start of construction.

·         The $75,000 paid by the incoming Member is first applied to any debt the exiting Member owes from the assessment with the balance going to the exiting Member.

·         Example: If the exiting Member paid $105,000 prior to departure, the exiting Member would receive $75,000 of the assessment back. The remaining $30,000 is the exiting Member’s contribution to the assessment.

·         Example: If the exiting Member paid $50,000 toward the assessment and chose to finance the remaining $55,000, the $75,000 paid by the incoming member is used to pay off the exiting Member’s remaining obligation. The exiting Member keeps the balance after the loan proceeds are paid off. 

Note: The Club will initiate the debt which based on the survey results is expected to be approximately $10M. We will ask the membership to approve debt not to exceed $15M. We will only borrow what is needed to fund the amount that those members who request the financing option require. The debt will be partitioned out only to those Members who select the financing option.

There will be no impact on monthly club dues for any other Club Members. Those who select financing will have a separate line item on their individual dues statement and be required to sign a note for the payment. As noted above, any remaining assessment debt owed at the time a membership is sold is required to be paid upon the sale of the membership.

** The examples above assume a $105,000 assessment. If a reduced amount is approved by the membership, then the numbers used in the examples will change accordingly.