February 6, 2008 

Dear Glenmoor Members,

The Remodel

After over 60 days without Glenmoor golf I’m sure you all are staying in shape by shoveling snow.  In the meantime, construction is continuing on schedule.  Our construction team including Semple Brown Architects, Centerre Construction and Cresa Partners, are in control of the project.  Construction meetings occur every Tuesday morning at 7:30am.

All demolition now has been completed and healthy progress has been made on drywall, rough plumbing and rough electrical.  We will begin looking at furniture options this week.  The fitness facility has been laid out by Dan Palomino who has included state of the art workout machines.  The plan also includes all new audio visual equipment and sound system in the fitness room as well as the restaurants, bar, locker rooms, meeting rooms, and banquet room.

The space for the restaurant and bar is unbelievably open and light with the walls removed and the stairs filled in.  Steve Van Buren is able to conduct limited hard hat tours at this point so if you want to see the space – check with Steve.

We expect the locker room level and restaurant will be open by Memorial Day Weekend and the banquet level will be open by the 4^th of July weekend.

During demolition, certain existing problems came to light in the crawlspace and on the roof and gutter system.  Those unforeseen problems cost roughly $200,000.  Excluding those items we are slightly under budget at this point in time on the planned project.  However, the cost of the unforeseen problems caused us to put our plans for a more permanent pool-side snack shack structure on hold.  On the plus side, the recent decline in interest rates will reduce our cost of borrowed money by as much as 2% per year versus our plan.

Membership Marketing

The Board of Directors and the Membership Committee have set a goal to replace the golf and social members lost due to the assessment by this summer.  To help in that effort, we have hired Greene Advertising to organize a process to 1) re- establish our brand and 2) run a marketing campaign to find new members.  Marketing materials will be sent to all members in the next couple of weeks describing the offers and providing for incentives to existing members if a new member referral is made and closed.  Greene also will send a summary of the campaign to all members so that we all are aware of the specific steps to be taken.  We have acquired another trailer to be used to market the club so stop by and say hi to Teri.

Golf memberships will be offered for $35,000 with a $6,000 club credit to be used for non-dues purchases and social memberships will be offered at $15,000 with a $3,000 club credit.

Members will receive a $1,000 club credit for each golf referral and $500 for a social referral.  Members also will receive additional incentives for multiple referrals.

As part of this effort, we are issuing coupons to all existing and new social members that allow them to golf three times (in total – not per year), unaccompanied by a golf member but paying greens fees.  Guests also can be invited.  We hope this will entice social members to convert to golf memberships.

I’m looking forward to seeing you all when the snow melts.

Sincerely,

Jim Perry, Club President