DEAL FOR EAGLECREST CONFIRMED
It has been confirmed that Mr Paul Kim has resolved the issues that were impeding his purchase of Eaglecrest and now has a solid deal in place. We are expecting a full announcement of his plans in the next day or two but expect the purchase to close on Feb 28th and the golf course to reopen on March 15th. We are very pleased with the outcome and hope the community will provide the necessary support to make this a successful venture.
Jim Collie
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3 comments:
Subject: Re: Kim's Still Want Eaglecrest
I'm curious what is considered senior membership. My father purchased a full membership 3.5 years ago in hopes he would be able to golf when he retired. He was finally able to retire on December 14th 2006 and what does he face? Another bill for $4,000.00 My dad does not have a lot of money and he can't afford to cough up another $4,000.00 I know the Operating Engineers screwed the membership but they also stand to make millions on the sale of this asset. How much money would it take for Mr. Kim to be able to grandfather existing memberships? If he is really interested in this investment he will tell the union that there is no deal unless the sale price of this property is reduced to cover the cost of grandfathering these memberships. This is the same union which claims to be looking out for the little guy, while my dad is one of those little guys who isn't rich, doesn't live on the golf course or on the ocean. My father knows that the golf coarse needs to make money to survive and if that means higher dues he will deal with it. In all fairness both parties should put their money where their mouth is.
Regards,
Andy Porteous
With a number of other golf courses in the area I believe that Eaglecrest needs to have something different to offer the community so my suggestions are along the lines of a country club for residents that is operated as a private/public club. I have included some ideas to offer something to people that live here but don’t golf. The reason I have put this together is to get people brainstorming. I am sure there are some ideas out there that just might work and that people would like to see happen. I believe if the community is behind any proposal and prepared to invest in it, it will make it much easier to find the investors needed to see Eaglecrest thrive.
I realize that Mr Kim is still interested and not interested in selling debentures however maybe someone else might like the idea.
Membership:
Shareholder:
$10,000. - available to anyone wishing to invest in the new semi-private facility. 300 shares maximum. Can be traded privately. Shareholders will be entitled to purchase transferable golf memberships or social memberships at a 50% discount for initiation. Full annual dues will be payable.
Transferable Golf Membership:
$4,000. - initiation (can be sold and or transferred for 5%, minimum $200 payable to golf club. Maximum 350 memberships.
Annual Dues will be $2,400 per year. Rather than charging more for a transferable membership the annual dues have been raised to increase yearly revenue. Members will be able to use the tennis courts and receive 50% discount on the 18 hole putting green.
Social/Save Eaglecrest Membership
$500 - initiation - $50 per year
Entitles member to use tennis court and receive 50% discounts on the 18 hole putting green.
All members will receive a 10% discount at the restaurant and pro shop.
Clubhouse:
Replace the existing clubhouse with a two storey facility. On the main floor would be a restaurant which would be leased out to an operator with the expectation that it would be good quality food attracting customers year round. There would also be a bar and snack area for members to use when golfing which could be either part of the restaurant lease or run by the club.
On the second floor would be office space, a meeting room which could be leased out to the community for small events and three (?) 1,000 sq ft apartments which would either be rented or used as part remuneration for staff. This will ensure continuous cash flow.
A parking area for would be alongside the clubhouse. This would be paved once the club is up and running and looking profitable.
Driving Range:
Build an 18 hole putting course such as the Himalayas in St Andrews, Scotland. This would attract golfers and non golfers and would be a test to any golfer’s putting ability. Admission would be charged at approximately $5.00 pp. This would be an attraction that none of the other golf courses have
At the far end of the driving range would be where the equipment yard would be. There may also be a facility for golf cart storage depending upon cost and need.
Golf Course and Practice area:
The golf course and practice area would remain the same. The course would be open to the public after 2:00 pm.
Pro Shop and golfbag storage:
This would be a future improvement of the golf course once the memberships have been sold and the club has an income. In the meantime members would check in at the bar and snack area of the clubhouse.
Tennis Courts:
Two full size tennis courts would be built exclusively for members and guests. Times would be booked through the pro shop.
Land Development (necessary to raise funds for needed improvements to the golf course):
1) Subdivide and create 4 or 5 lots either on Club House Drive or Eaglecrest Drive. These lots would have the same frontage as the other lots in the adjacent area; or
2) Subdivide an area where 16 - 20 two storey condominiums similar to those in Qualicum town center could be built. The land, once approved for a condominium (with building stipulations on title) could be sold and developed privately. This would create an affordable solution for people who have lived in the area and would like to stay in the area once they no longer want to care for a house and garden; or
3) It could be a strata development of smaller homes overlooking the golf course, again developed by a third party after building stipulations are in place;
4) Any other suggestions acceptable to the public that would enable the owners to raise$500,000 - $1,000,000 for the improvements to the club and golf course.
No sense having ideas if you don’t share them!
Nancy Wilson
All good ideas, Nancy! Put as a cliche; "There's more than one way to skin a cat".
I have no idea of Mr. Kim's business savvy or track record as a golf course operator, and because I am writing this comment from the remote, deep south of China (southern Yunnan Province), I am not in a postition to do much research on the subject. I can only hope that Mr. Kim is both sincere and creative and will listen carefully to the large and varied amount of wisdom that is held by the former members of Eaglecrest Golf Course.
Please, Mr Kim, listen carefully to the residents and former golf course members ..... your success as a golf course operator will rest on how well you can do this!
Dennis Whyte
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