Jimmy Graganella, who is heading up a group seeking to purchase the Killearn Golf & Country Club, released the following statement today:
To all Killearn Members and interested parties: A major milestone has been achieved in the effort to acquire and renovate Killearn Country Club. Barton Tuck has signed a Purchase Agreement signifying that buyer and seller agree on all terms and conditions pertaining to the sale and purchase of the club. The closing date has been set for February 15, 2020.
There are several additional milestones that must be achieved prior to closing.
* Terms and conditions must be finalized with the United National Bank in Cairo.
* The Killearn Homes Association, Mr. Tuck and Killearn Golf Properties, LLC must execute the recently approved amendment to the original Settlement Agreement.
* Most importantly, we must successfully complete ongoing efforts to raise approximately $3,000,000.
This is a critical number as it represents the minimum amount necessary to operate and renovate the club over the next three years.
We expect that $2.5 million will be committed, by agreement, very soon. The plan is to raise the remaining $500,000 in January from qualified investors among Killearn members and other parties. If we fail to raise $3 million, it is unlikely that we’ll be able to close on February 15, and Mr. Tuck will retain ownership of Killearn. With your support, we can avoid this scenario.
Expect further notices very soon about dates, times and locations for 3-4 investor meetings in January. Attendees will be provided with documents that explain who can invest, the nature of the investment, how funds will be used and risk factors. It will be necessary to close the investment offering early in February, so time is of the essence.
As of now, the minimum investment is set at $10,000 which may be increased by $1,000 increments. In order to invest the minimum, some may want to consider forming an LLC with others to pool monies. Also, the United National Bank of Cairo has committed to making individual loans to anyone desiring to invest. Additional details will be provided at the meetings and time allotted for Q&A.
We look forward to meeting with you soon. Best wishes for a healthy and happy new year!