As many of you are aware, Ann Arbor Country Club is facing severe financial difficulties. For the past year, AACC has operated under a forbearance agreement with Citizens Bank, which holds the mortgage on the property. This agreement allowed AACC to pay a reduced interest rate and no principal. Unfortunately, Citizens Bank and AACC were unable to maintain that agreement. This means that Ann Arbor Country Club, and/or its mortgage, is essentially up for sale. While a group of members has formed a corporation known as Mag7 to raise funds to purchase the mortgage from Citizens, several offers by outside investors have also been received.
Though its effects on lot owners would certainly vary, the sale of the club to an outside entity could have significant consequences for property values within our community. Ann Arbor Country Club is an integral part of our community. Its fairways wind through our community and its recreational amenities add measurably to the value of our homes. Therefore, it is important that the residents of Loch Alpine be as informed as possible about the current situation.
To that end, the Loch Alpine Improve Association will be holding a Special Meeting at 2:00 p.m. this Sunday, February 7th at Webster Township Hall. The LAIA and AACC Boards, along with the officers of Mag7, will be there to provide additional information, answer questions, and explore our options as a community. Please note that Citizens Bank has imposed a very short timeframe for resolving this issue. This meeting may be the only opportunity residents get to provide input. Therefore, the LAIA Board strongly encourages you to attend.
On behalf of the LAIA Board,