SWC Board Update

Sent by Wright, Roger (Wright, Roger) on 2/5/2015. This announcement was emailed to all users

SWC Members,

The Board of Directors of the SWC met February 2, 2015. The main topic was a review of the appraisals received from the appraisers of the property and the cell tower. The appraisals support the expected final sales price. The board accepted the appraisals as submitted and approved moving ahead with contract negotiations; the AD Hoc committee subsequently met with the buyers to begin work on a PSA-Purchase and Sales Agreement. Our attorney will review the PSA, provide his input and we expect to have a completed contract within 2 weeks. The Board then will review and decide whether to recommend the contract to the full membership.

If the Board acts to recommend approval to the full membership, the SWC Board will send out a notice for a membership meeting to vote on whether or not to proceed with the sale. The timeline for closing would be approximately 8 to 10 months if the sale goes through.

We have had an inquiry from Sandy Springs regarding a possible purchase of the property, we have asked them to submit a bid for consideration if they are sincerely interested. Unfortunately, at this late time, they are not sure if they are sincerely interested and that they can submit a bid in a timely manner.

There unfortunately has been vandalism at the club over the past month. Someone entered the club late in the evening and turned on the tennis court lights on numerous occasions to create a nuisance for our neighbors on Trowbridge. Thanks to our neighbors for bringing this to my attention and we took action to turn off the power to the lights until a timer could be installed. There was also vandalism to the pool resulting in damage to the pool fill pipe which caused a significant loss of water. Thanks again to our neighbors for giving me a call.

The Board is asking for anyone interested in volunteering to be Pool Director for the 2015 season to please send their name to Roger Wright, roger1947@comcast.net. We are preparing a three year capital plan that will include needed improvements and maintenance for club operations for the next three years. With our past two year history, it does not appear that the club is self sustaining with only cell tower and current member level revenue. This plan will provide a road map for maintenance/improvement expenses and the possible need for increased dues.

The Board will continue to keep you updated on club activities as the year progresses.

Regards,

Roger Wright

President - Spalding Woods Club