February 23,2006 update from Paul Kim

Sent: Friday, February 23, 2007 4:27 PM


Dear Supporters of Eaglecrest Golf Club,
The golf season is nearly upon us and it is with great hope and optimism that I present the following membership rates for your consideration. (Please see attachment) Our fundamental objective was to create a win-win situation for both owner and community that would ensure a long, bright future for Eaglecrest Golf Club. The 2007 membership prices are very competitively priced and will become more valuable after the construction of our new clubhouse.
We are asking members to pay their dues up front so that the construction of the clubhouse can begin as soon as the development permits are issued. For those who are having difficulties with the “lump sum” payment of their membership fees, we have made special arrangements with the Bank of Montreal in Qualicum Beach for unsecured financing over a 3 year term. The interest rate will be less that half of what Eaglecrest Golf Club could have financed memberships for. There is no application fee and the loan may be paid back at anytime with no penalty. Please come into the clubhouse for details.
For those who do not golf but would like to support Eaglecrest, we are offering social memberships. Again, the purpose is to help finance the clubhouse construction. Social members will receive gift certificates for use on the golf course and/or restaurant. Please come into the clubhouse for details.
How does 50% off 2008 annual dues sound? How about no annual dues for 2008? Here’s the deal.
If we sign up 350 members before April 30, 2007, (excluding social and junior memberships) then every member signed up before then will receive a 50% discount on their 2008 annual dues. If we sign up 400 members before April 30, 2007, (excluding social and junior memberships) then every member signed up before then will receive a 100% discount on their 2008 annual dues!!! This is a fantastic “win-win” opportunity.
We will be in the clubhouse daily from 9am to 5pm (except Sundays) beginning March 3, 2007 to answer any questions and sell memberships. If you would like an appointment, please email me. The grand re-opening for the golf course will be on Saturday, March 31, 2007. Please help save Eaglecrest Golf Club by becoming a member.
Sincerely,Paul KimGeneral Managerpkim1977@yahoo.com

2007 Membership Rates
Annual Full Play Memberships

Before
April 30
Initiation Fee
Single $4,000
Couple $7,000

After
May 1
Initiation Fee
Single $4,500
Couple 8,000

After Clubhouse Opening
Single $5,000
Couple $9,000

Annual Dues
Single $1,850 Couple $3,500
Annual due will be pro-rated to April 1, 2008 for those joining after opening day
Every subsequent year, members will be required to pay annual dues in full before using the course.
Members 80+ years will receive a pro-rated refund of the initiation fee in the first 3 years of membership, if unable to play golf due to health. Refund schedule: Year 1 - 75%, Year 2 – 50%, Year 3 – 25%. Annual dues are non-refundable.



Transferable Memberships

Before
April 30
Initiation Fee
Single $8,000
Couple $14,000

After
May 1 Initiation Fee
Single $9,000
Couple $16,000

After Clubhouse Opening
Initiation Fee
Single $10,000
Couple $18,000

Annual Dues
Single $1,850 Couple $3,500
Transfer fee of $250

Annual Junior Memberships (ages 7-17)
$400 - Time restrictions on weekends

Lifetime Memberships
Single $35,000
Couple $60,000
No annual dues
Non-transferable

No Initiation Fee Memberships
Single $50,000
Couple $90,000
Money is 100% refunded after 2 calendar years
Regular annual dues apply

Social Memberships
$2,000 gives $150 Clubhouse credit
$3,500 gives $300 Clubhouse credit
Money is 100% refunded after 2 calendar years
Clubhouse credit may be used for golf or in restaurant
Clubhouse credit will be issued as $25 gift certificates. No cash value and no ‘change’ given for purchases less than $25.

Annual Cart and Trail Fees
Storage and Trail Fees
$750
Trail fees
$450
Annual cart storage and trail fees users must be members of the golf course.
Note: all prices are subject to GST.

Friends of Eaglecrest - From Paul Kim

Dear Friends of Eaglecrest,

First, please accept my apologies for not sending out an updated membership price list yet. We are still putting the final touches on the various membership options that will be available. One of the benefits of having family ownership of Eaglecrest Golf Club is that we will listen to our members and their concerns/suggestions. We do have regular board meetings to discuss such matters... they're called "dinner".
Unfortunately, we can not waive the membership initiation fees. Simply put, our family must have those fees in order for the improvements to occur. Having said that, I don't think the majority of the concerns are with the total dollar amount. Most of the feedback I've received is regarding the "lump sum" issues that people are having. We will have financing options with our memberships but we will also make it beneficial for those who do pay in a lump sum in March 2007.

In conclusion, please wait for the membership price list and financing options to come out before any 'decisions' are made. We will be sending the membership price list out via email to as many people as we can towards the end of February. Alternatively, they will be available for viewing and purchasing in the clubhouse starting March 1, 2007. The golf course is scheduled to open March 15.

We appreciate your continued support and look forward to seeing everyone golfing again at Eaglecrest Golf Club.

Sincerely,
Paul Kim