The SOA, SGCC and SDC principles have reached an agreement on purchase of the Country Club land and water rights. This agreement has been posted on the association’s mysomersett.com website. In general, the proposed agreement does not deviate significantly from the previously issued letter of intent. For reader’s convenience, the Purchase Agreement document may be accessed via the following link.
Two homeowner information sessions on the Purchase Agreement have been scheduled as follows, no date has been set for a homeowner vote.
- The Club at Town Center, Wednesday, August 20 at 5:30 PM
- The Aspen Lodge, Tuesday, August 26 at 5:30 PM
In Summary, the proposed Purchase Agreement provides for the following:
- Purchase price is $2.75M, payable upfront
- Purchase includes approximately 220 acres of land and existing golf course maintenance building. Excluded from this purchase is the land and structures (approximately 6 acres) upon which the SGCC will build a clubhouse (reportedly with the $2.75M).
- Purchase includes certain water rights and water facilities consisting of water pump stations, water wells, related piping, irrigation system, etc.
- A new Water Facilities Agreement between the parties will replace what currently exists.
- The current Developer land & water reverter rights, should the property cease to operate as a golf course, will be terminated.
- Via a Lease Agreement, the SOA will lease back the land to the SGCC for continued use as a private golf course. Lease will be for $1000/year (subject to annual Consumer Price Index adjustment) for an initial term of 50 years with two twenty year SGCC renewal options. An additional rent of $1200/year (non-escalated) will also apply.
- If the SGCC fails to operate the property as a championship golf course, then the SOA has the right to terminate the Lease and assume full control and use of the property.
- The SGCC will pay for all utilities, taxes, insurance and maintenance costs as long as it occupies the property.
- During the Lease period, Somersett homeowners will have access to the following SGCC amenities:
- Use of dining room (excluding SGCC member lounge), pro shop, and bocce ball courts with no fee (i.e., use subject to same costs as for SGCC members).
- Ten dollar a day fee for use of SGCC member driving range, free use of back (synthetic surface) driving range.
- Four foursome rounds of golf a year at prevailing SGCC member guest rates.
Detailed legal descriptions for the Property, Easements, Water Rights, Water Facilities, Lease Agreement, Water Facilities Agreement, Property Deeds and Bill of Sale are all attached as Exhibits to the Purchase Agreement and accessible via the above referenced link.
The above represents a very important step for all Somersett homeowners and should not be taken lightly. Homeowners are encouraged to familiarize themselves with the details of the proposed Purchase Agreement, attend one of the information sessions and voice your opinions. Comments on this website are also encouraged.