Letter to Members

October 8, 2021 Dear Woodholme Members, It is my great pleasure to inform you that the closing on the Mount Wilson land with Lennar was completed today after many years of hard work. Our team was able to convince Lennar to close on the entire parcel in one transaction and the gross proceeds to Woodholme were $13,000,000. From these proceeds, we paid off the Club's entire debt with Howard Bank, paid expenses of the transaction including entitlement costs, closing costs, legal fees, and certain real estate tax recapture amounts and the $50,000 contribution to Woodholme Elementary School. We also will retire certain member loans to the Club which will leave the Club DEBT FREE for the first time in a generation. The remaining funds are in the Club's bank account. A full accounting will be provided to the membership at a later date. Future decisions on how to allocate remaining available funds will be made after we understand our final income tax consequences. Any decision to enter into new loans for the proposed Chase Bank parcel or the Club in general will be made by the Board of Directors based on advice from counsel. All decisions on uses of the sale proceed funds are being contemplated by a select committee of members with expertise in these areas who will advise the Board of Directors.  I would be remiss if, at this moment of success for Woodholme, I didn't single out two members who made this sale a reality. Former Presidents Bob Schulman and Arthur Adler took this land from a failed sale of single family home lots through a rezoning process and then through the development process to this closing. Their countless hours and personal funds helped the Club at a time when it had few other options. Without their unending service to our Club, the future of Woodholme would be in doubt. Now, due to their efforts, future generations will have the pleasure of enjoying Woodholme. If you see them at the Club, please thank them personally as I've done. If you have any questions concerning this great news, please contact Chris Murray at Woodholme Country Club. Very truly yours, Alan Summerfield President