Ann Arbor Country Club Update

Dear Neighbors, On Tuesday, the Ann Arbor Country Club Board of Directors informed its members that AACC is in dire financial straits and is recommending an orderly transfer of its assets to the mortgagor, A2C2, represented by Mike Weikle. At a special meeting of the membership on Wednesday evening, the Board and Mr. Weikle fielded questions from members regarding the effects of a transfer of assets. The AACC board considered bankruptcy, foreclosure, a significant assessment of its membership combined with an infusion of cash from the mortgagor, to the orderly transfer of assets.  While the exact details of this potential transfer have not been finalized, the following representations were made.  Under the agreement: A2C2 would take ownership of the Club’s assets, and retain the name Ann Arbor Country Club. A2C2 would assume management responsibility for, and some liabilities of, the Club. The investor behind A2C2 would provide a needed cash infusion to allow Club operations to continue through 2010 and into 2011. The Club would operate as a semi-private club during this time. A2C2 would seek to increase the membership of the Club. The AACC board will decide by this weekend whether to accept this transfer of assets. An orderly transfer would take up to six months to complete, at which time the current legal entity AACC would cease to exist.  With a transfer of ownership, the lots composing the current facilities would still be bound by the Loch Alpine Restriction Agreement, including the specific limitations of the lots that compose the golf course. Anticipating a situation such as this, the Loch Alpine Improvement Association (LAIA) Board of Directors has been discussing how to engage the community input on the future of the assets/property known now as AACC.  Over the next few weeks, we will invite the community to participate in discussions about the future of the property and the community’s interest and commitments to various scenarios. As we learn of other decisions affecting AACC, we will let you know, immediately. Board of Directors Loch Alpine Improvement Association

Comments

[Jon Zeeff]

If a country club is not economically viable, then I am in favor of green space.