Changes are afoot at The Refuge Golf Course and Country Club.
Information Solutions, the management company that oversees operation of The Refuge Golf Course and Country Club is in the process of selling the Arnold Palmer Signature Designed course. The course and facilities shut down in August and September.
According to Information Solution board member and investor Don Clark, the company is currently in escrow with a developer out of California to sell the facilities for an undisclosed amount.
“The buyer is an individual person, who is a developer out of California,” Clark said.
The official close date for escrow is April 8, however the developer has expressed interest in making an offer when their inspection is completed in November, Clark says.
According to Clark, the buyers are not The Refuge Property Owners Association, who had previously expressed interest in buying the course and club.
“We negotiated with them up until about July or early August,” Clark said. “About that time they sent us a letter ending the negotiation.”
However, The Refuge POA does still have an interest in the course, says POA Board President Francis Delach, as the Association has purchased the mortgage for the property from Horizon Bank.
“We were offered and purchased the bank note from Horizon Bank and so we actually are holders of the note and we know it is very much financially arrears,” Delach said. “We’re trying to save and protect the golf course pretty much anyway we can.”
Clark confirmed that the POA did take over responsibilities as lenders from Horizon Bank.
Delach says that a survey of Refuge homeowners showed that 86 percent of them preferred that the POA purchase the course rather than let it go under.
Delach confirmed that negotiations to purchase the course from Information Solutions broke down in August.
“We had made them our last best and final offer back then and they declined it,” Delach said. “There are five different board members and I think some of them liked our offer and the others didn’t.”
Since negotiations broke down, Delach says the goal is still to get the course and country club through other processes.
“At this point we are heading towards foreclosure so the ultimate goal is for us to have the property,” Delach said. “Since we couldn’t get through regular negotiations we will attempt to get through foreclosure.”
According to a newsletter sent out to all Refuge homeowners on Oct. 11 the POA acquired the 1.9 million dollar bank note. Part of the association’s responsibilities as the note holder, the newsletter says, is to pay for the water utilities and landscaping cost.