The 2,000 property owners at Reynolds Plantation are gearing up for an April 29 vote on whether to buy six golf courses and other amenities such as swimming pools at their ritzy enclave near Lake Oconee, about a 70-minute drive east from Atlanta. The cost? $45 million.
Next week, they should receive a package from the Reynolds Plantation’s developers with financial and operational details of the courses, which are considered a key amenity for the community.
Information from the Property Owner Advisory Group’s Web site indicates the 2,000 owners are weighing many factors during the due diligence process. They appointed a group to analyze their options, including not buying the golf courses.
In the end, they will vote on whether to assess themselves $45 million to buy the lifestyle amenities from the development company, which needs the money to pay back a group of lenders.
The Web site does not indicate which way the property owners are leaning. If a purchase is approved, the deal would close May 30, the Web site says.
About the Author
