Will be interesting to see if the membership approves this.
I wonder what the "increase in member dues" will amount to in order to fund the project.
My brother-in-law lives in a Detroit suburb and is a member of CC of Detroit.
I was there a few weeks ago and he has always said that OHCC "offers great deals to incentivize new members" as a combo of 1) auto industry slowdown and 2) global financial crisis truly had a negative impact on all private clubs in Detroit.
Detroit is doing MUCH better now, but is this the time to do such a drastic restoration? If headwinds return, then could this backfire?
Not sure if OFCC can command a $72K down stroke to join when competing clubs are no where near that. (Maybe $30K, but $72K would make sense if that includes the restoration assessment.)
Let's assume:
1. $11M cost
2. 300 full golf members
3. Paid over 5 years
4. 0% interest
Works out to be an increase in monthly dues of ~$610.
Don't know how they may assess loss of revenue or perhaps interest, but my number above is on low side.
Good thing they only need a majority, but I also wonder how many members they may lose over this.