The History of the Oak Hill Golf Club

Buying the Land

In April of 1972 Club Attorney Bill Stem reported that a Federal Paper Board representative suggested that a letter of intent be signed by May 30, 1972 and a closing date of July 31, 1972 be established for the sale of the land.   As a result of all of the activities related above, the Board of Trustees, on April 10, 1972 and the stockholders, on May 21, 1972 approved resolutions, which would allow the purchase of the land to take place.

 

In case it would be impossible to raise the full $237,500 solely by the sale of additional shares of stock, it was decided by the Board to contact the FHA to find out if an additional loan could be obtained from them.   A reply from the FHA in September of 1972 indicated that the FHA could possibly amend the contract provided necessary forms were filed.

 

On October 9, 1972 the Board authorized the Officers of the Club to sign a contract with Federal Paper Board for the purchase of the land upon the final approval of Attorney Bill Stem.   The formal signing of the contract to purchase the land took place in November 1972 with a proposed closing date of April 1, 1973.   On March 12, 1973 it was reported that the FHA had returned the club's request for amendment of the FHA loan and requested additional information, which was furnished immediately. However, since the information had to be sent to Washington before the FHA could approve amendment of the loan, and the closing date with Federal Paper Board was April 1, 1973, the Board felt that provision should be made for a temporary loan that would enable the club to meet its obligation of $137,500 at the closing.   At that time the club already had a special capital fund savings account of $70,588, so the Board empowered the secretary to borrow $70,000 on a temporary basis from a local bank to make up the difference.   Utilizing both the club's capital account and the temporary loan, Oak Hill closed on the land purchase from Federal Paper and the club finally owned the land upon which the course was built.

 

In the meantime, the Board also decided it was time for the old farm barn to be taken down. Bids for this project ranged from $4000 to $10,500 but the Board found someone who would take down the barn and salvage the good timber all for $400.   The barn was down by the end of November 1973 and a decision was made to erect our current cart storage building on the same location.

 

By mid April 1974 negotiations with the FHA had reach a point that the new loan was almost completed so the Board froze any further sale of the Club stock.   Finally on June 13, 1974 the $70,000 loan with the FHA was signed and this money was used to pay off the short-term local bank loan used for the land purchase from Federal Paper.

 

Page 14 of 15 All Pages