After several months of negotiations, the Letter of Agreement between the Desert Mountain Club members and the Developer has finally been presented. Items involved in the transaction are: Six golf courses, Clubhouses/Restaurants, Pools, Fitness center, Tennis courts, Options on Front Building/Real Estate office/Fairway office, Parcel 19, Parcel 1, Parcel 10, Northern properties (2,750 acres), 219 outstanding golf memberships, 261 outstanding Club memberships, & shares in water rights (4 RWDS/2 IWDS) and other items enumerated in the agreement. The total cost to be $77.37mm.
What does this mean for each member? For Equity Golf members, a one time assessment of $16,500 will be administered and monthly dues going from the present $850/month to around $1,200/month.
This is predicated upon closing by the end of 2010.
Wednesday, October 27, 2010
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