Roll Call: Minnesota Part 2 - SIM MEETUP post 9471

Community Center Roll Calls
2313

My plan as of now is to do fourball.

But maybe we could do 9 holes of each?

2314

I will accept no apologies in advance. Weā€™re gonna roll.

4 Likes
2315

Donā€™t change anything on my account. Last thing I want to do is start making demands

6 Likes
2316

https://www.bizjournals.com/twincities/news/2022/02/21/university-of-st-thomas-makes-bid-for-golf-course.html?ana=TRUEANTHEMFB_MN&csrc=6398&utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook&fbclid=IwAR3c3kfvss2IxAtVi98x9auXw71ojSGQN2B8RXanpmycrCou_I8OlkI79p8

Looks like weā€™ve a got a story :eyes:

2 Likes
2317

ā€œTown & Country had 570 members in late 2018, according to Business Journal research. Assuming 350 equity-owning memberships ā€” a number similar to other local country clubs ā€” the $61.4 million transaction could equal a gross payout of roughly $175,000 for each membership.ā€

What are the odds this doesnā€™t get sold?

2318

very high.

2319

Couple of things working in favor of this being voted down by the members:

  1. Most equity members are likely to be at the older end of the spectrum, meaning a lot of them would be retired and likely donā€™t need the cash
  2. Every course in town seems to be enjoying a full membership. Pretty tough going from having a private course at your disposal to sitting on a waitlist if you want to join somewhere else
  3. I obviously havenā€™t seen their bylaws but I would assume a sale would require a vote of the entire membership. If thatā€™s the case I have a hard time believing the non equity members say yes

Arguments in favor of selling:

  1. If youā€™re an equity member you get a 6 figure check
6 Likes
2320

A. The taxes on this will be 20-30% of total. Imagine the cost of the actual property acquired in 1890.
B. Iā€™m told the members are absolutely against any sale (obviously, this is a 3rd person reference, so grain of salt).
C. 100% believe #2 on your list makes every member younger than 70 not interested in this at all. Additionally, the average age at T&C has dropped dramatically in the last 10 years. Iā€™m not sure how the 200-250 social memberships affect buyout (minimally, or not at all?) but I believe there are over 400 golf members currently.
D. Agree on #3 also, and I think a major wrinkle will be if someone involves historic societies and/or protections by things like National Historic Registry, given this is one of the oldest, if not oldest continuous running golf clubs west of Ohio.
E. Your own ā€œsix figure checkā€ whatever the number comes, is also taxed at 20% gain.
F. I think given limited options, St Thomas will run this up north of $125M, and then it gets interesting. Might be worth trying to join ahead of it.
G. T&C should engage Stoneridge to try and acquire the property now.

2 Likes
2321

Since I think that number is closer to 400, my math has an after tax number of under $99,000 back to each member, and then you have to sit on a wait list to pay 25,000-50,000 to join someplace else in 2-5 years.

2322

Or $100,000 if you choose Interlachen

2323

yep, and the wait would be longer. Bananas out there right now.

2324

3 emails from Dellwood in the last month offering a spot and no dues until April (no idea how this is possible).

2325

I figured you would have some actual detail. Hereā€™s hoping that the membership just says ā€œunder no circumstancesā€. Last thing we need is all this green space being ruined by more UST buildings

3 Likes
2326

ALERT *** OFFENSIVE COMMENTARY TO FOLLOW *** ALERT

Can you imagine leaving a club with a storied past, and a freshly renewed golf course by one of the best supers in the area and be forced to play the fucking SWAMP that is Dellwood?

I love the people there, and the social scene is one to be envied by many clubs, but that course is a DUMP, and I would rather play Applewood.

11 Likes
2327

I had a feeling you might have an opinion on that course exchange lol

1 Like
2328

As a UST alum who is very happy with the education I received, I agree with this statement

2329

Are we sure that UST isnā€™t LinksDAO in disguise?

10 Likes
2330

Captain @freesypop

Please alert the team as to our scripting

The people (me) Want to know.

DMā€™s are open.

2 Likes
2331

Having never played there, and looking in from 1200 miles away, it seems pretty clear how it is possible: they donā€™t have enough members.

Are there any good courses in the metro right now that do not have a waiting list?

Are there any mediocre courses that donā€™t?

2332

As someone who seems familiar with Dellwood, I have to ask a question. I know a guy who is a member there, and claims he has reciprocity with WBYC because of the Dellwood membership. Heā€™s full of shit, right?