AACC Update

Dear Neighbors:

 

It has been a couple weeks since we communicated with you about Ann Arbor Country Club, and there have been several developments.  Following this update is a message from AACC to its members and neighbors about the purchase of the mortgage by an entity called A2C2, which is represented by a resident of North Delhi Hills.  AACC President Karen Stevens’ message explains more.

 

In the past couple of weeks leading up to this development:

• Anthony Barclae withdrew his offer to purchase the club.  
• The AACC Board of Directors then issued Requests for Proposals to other inquiries that had surfaced. 
• Friends of Loch Alpine and Mag7 were continuing their efforts to raise funds to purchase the mortgage from Citizens Bank.
• The club board received five RFPs from potential buyers and was reviewing these to make recommendations to the AACC membership, when the mortgage was purchased.
• On Friday, March 5, Citizens Bank sold the note held on AACC to A2C2 represented by a North Delhi resident.  Mag7 Properties, Inc. was not successful in its effort to buy this note.  

 

This most recent development represents a transfer of mortgage, not a change in ownership of the club and its assets.  Ann Arbor Country Club continues as a member-owned organization, operating under its current by-laws with the leadership of its Board of Directors.  We will keep you apprised as we are informed of developments in this purchase of the mortgage.  

 

Board of Directors, Loch Alpine Improvement Association

 

[letter from AACC follows]

 

Financial Update

As of March 6, 2010

 

 

Dear Member and/or Neighbor,

 

Well, here we are, and it’s March 6th and we have had several new developments since our last communication.

 

As communicated in our last update to the Membership, the Board had set a pretty aggressive schedule to market Ann Arbor Country Club.  We received several interesting offers and were prepared to meet with two of those offers and prepare a recommendation to the membership.

 

Late in the afternoon on March 5th, I was contacted by Citizens Bank to advise us that our mortgage had been sold.

 

While this news provides AACC with some short-term breathing space, it does not solve our long-term issues.  At this time, your Board has a lot of work to do. 

 

Our next steps will be (and not necessarily in the order listed below):

 

• Meet with our new lender, A2C2, and negotiate the terms of the mortgage
• Review current membership dues structures
• Revise 2010 budget
• Put together an aggressive marketing strategy to grow the membership

 

I would like to take this opportunity to again thank our Members for supporting us during these “interesting” times.  In addition, I’d like to thank our neighbors for their support.  I believe we all agree it’s in everyone’s best interest that we overcome our current challenges and we won’t be able to do that without community support.  While we understand that many do not golf or swim, most of us go out to eat from time to time.  We hope you will choose Ann Arbor Country Club for that dinner out, or for carryouts.

 

By now, the surrounding communities will have received flyers announcing that we are opening on March 17th, a copy of our menu including March hours of operation and specials.  Our members should have also received this communication via email.  We will also reach out to our community associations to again publish this information (via email), as we get closer to March 17th.  I would again like to remind everyone that you do not need to be a Member to use the restaurant facilities.

 

I look forward to seeing you up at the Club,

 

Karen Stevens

President