A Great Informational Meeting at SWC

Sent by Michael White (White, Michael) on 9/8/2014. This announcement was emailed to all users

Dear SWC Members,

It was really good to see so many members show up yesterday afternoon for the informational meeting. My best guess is that we had ~100 folks on hand.

A quick recap of the meeting…

  • Longtime member Harry Morgan reviewed how the unsolicited offer came to the attention of SWC’s board
  • We had our outside attorney (Damon Good) field questions about the letter of intent (LOI) and give assurance that expressing sincere interest in the LOI by no means obligates the club in any way
  • Our treasurer John McCulla gave a thorough overview of the club’s finances and fielded questions on where the money comes from and goes in this non-profit/debt-free corporation we are all a part of
  • Our social director/legal advisor Sandra Cayce fielded additional questions
  • Our membership director Dana Leshley took all kinds of notes which, once she has a chance to get them typed up, we will share with everyone  
  • Manny Suarez gave a status update on the club's tennis facilities and suggestions on next steps

The meeting fulfilled its objective of being an informative one – and civil! Thank you to all who took time out of their Sunday afternoon to join us.

Below is a copy of the email I sent this morning to Traton Home’s broker, Barry Major with MAJOR & ARROLL, LLC.

Hello…my name is Michael White, president of Spalding Woods Club.  I am cc’ing the rest of SWC’s Board as well.  Our understanding is that you are serving as the Broker for Traton Homes and are running point in terms of their interest in possibly purchasing the land currently owned by the members of SWC.  We the board of SWC wanted to let you know that on behalf of our members, we have agreed to convey to Traton Homes our sincere interest in your letter of intention to purchase the SWC property. Please let me know of any question/concerns/clarifications/next steps/etc.

We discussed yesterday at length the things we do not know or fully understand and need to do our homework on, including, but not limited to:

  • An independent appraisal of SWC’s property – and what the cost for such an appraisal is
  • Impact the club’s cell tower lease could have on the offer
  • Tax implications to the club and individual members
  • The club’s maintenance plans moving forward

Our objective is to perform the needed due diligence in a timely manner so that a vote on the potential sale of SWC can be held sooner as opposed to later. SWC cannot afford to allow this process to hi-jack our ability to recruit new memberships if in fact a viable offer is not made or members reject the sale of SWC.

We’ve received a number of excellent suggestions from members that we will be following up on over the coming days. One suggestion I liked in particular was the formation of committees to help with some of the due diligence….stay tuned.

On a sad note, yesterday was the last day of the 2014 swim season.

As always, please keep the communications flowing!

Thank you,

Michael White

SWC - President