The ACHOA Communications Committee (ACCC for short) has been responding to individually asked questions and suggestions concerning “The Club At ArrowCreek” potential purchase and operations by the proposed Joint Venture.
The committee is feverishly working on a frequently asked questions (FAQ) list that will hopefully get posted soon. In the meantime, some of the individual questions will get separately answered here.
The comments and questions are restated with the response below.
“I am a resident of Arrowcreek who believes your current offer should include benefits for residents who are golfers. This should not simply be a bail-out for the few current members of Arrowcreek. I suggest the following: Access to the practice range (balls included); reduced rates for resident golfers and alternating the two courses to be private and public on a weekly or daily basis.
The offer of a social membership only is not a sufficient enticement, in my opinion. I’ve eaten at the fine dining restaurant, which struck me more as a casual restaurant with a few fine dining options. The food, menu and service was below average to be called fine dining. By adding these additional things, I believe you will be more successful in getting the votes required, including mine.”
The negotiations with Arnold Palmer Golf (APG) and the ArrowCreek Homeowners Association, Inc. (ACHOA) are moving forward with the finalization of a Letter of Intent. Once the Letter of Intent is completed, details concerning the potential operation of the “The Club At ArrowCreek” can be finalized. The ACHOA member benefits will be detailed for all ACHOA members to discern once finalized. Those benefits may include full dining access with no minimums but reservations may be required for certain events, before and after hour walks on the golf course, concerts on the green, social, tennis, golf, swimming, picnic areas, and other community sponsored activities. The ACHOA member golf benefits are still part of the negotiation and may include access to practice range balls, reduced rates for resident golfers, different golf packages, golf course access or reservation times, golf shop discounts, etc. The type of fine and casual dining remains a concern in the negotiations and that will be approached. Please note that all of these issues still need to be negotiated and finalized.
The Letter of Intent with FOA has been signed. The process of evaluating the “Purchase Price” of “The Club at ArrowCreek” has started. The evaluation will include an evaluation of your statement that “This should not simply be a bail-out for the few current members of ArrowCreek.” The ACHOA does know that the FOA current ownership structure is made up of 36 ACHOA homeowners. The ACHOA does know that none of the previous equity owners of the club have a stake since their contracts were voided by the Bankruptcy Court. The Purchase Price does not include any reimbursement of any original golf membership fees.
The ACHOA Letter of Intent to Purchase “The Club At ArrowCreek” states the following “The intended purchase price is the total of all acquisition costs incurred by Seller in originally purchasing the Subject Property for, plus any losses /expense incurred by Seller as of the date of the Parties’ execution of the Purchase Agreement (inclusive of major maintenance and equipment expense), plus twelve (12%) interest per annum. The final purchase price will be determined and agreed upon by the parties.” The Letter of Intent is now allowing the ACHOA to examine all of the components that will make up the Purchase Price. This is still pending. However, it should be noted that the ACCC estimated loan amount of $2.5 million includes approximately $900 thousand that will still be owed to the County for delinquent water payments as incurred by the former owners Aspen Sierra. This amount will be paid over to the County, not to the current owners of “The Club at ArrowCreek”.
As details become available, they will be provided to the ACHOA membership. Thank you for your question and comments.
ACHOA Communications Committee
ArrowCreek411 