Woodholme Members, GREAT NEWS! After almost 14 months of negotiations, at least 15 revised contracts and 3 extensions to the Contract's Feasibility Study Period, Lennar, the Contract Purchaser, today informed Woodholme that it has successfully completed the Study Period and has agreed to go forward with the Woodholme development project. The deposit of a little more than $1.4 million dollars will shortly be made into an interest bearing escrow account in the name of Woodholme Country Club.
So far, the land has been rezoned; an agreement with Ner Israel and certain neighborhood associations has been reached and the next stage is that Lennar, working with Woodholme, will expeditiously move the development approval process through Baltimore County Planning and Zoning. We anticipate that the process will take between 10-14 months to complete. Closing will take place within 30 days of the completion of the Conditions for Closing, which we expect to occur within the 10-14 month period. We will keep the members of the Club up to date as we move through the process. While a hiccup during the process is always possible we feel very optimistic that we can move quickly and successfully to Closing. THE REAL ESTATE COMMITTEE Michael Brooks John Ginsburg Joe Schaller Richard Talkin Gary Talles Richard Kress Bob Pollokoff Alan Summerfield Arthur Adler and Bob Schulman, Co-Chairman | 
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